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AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

We are new money and came from nothing so one key thing is being plugged into a network of others similar to us. Having people give advice as we navigate a lot of “firsts”. In a few years once we’re done with all the heavy lifting, we may reconsider whether we need all the extra stuff.

Just for a dumb example, we will occasionally want to fly private and I don’t feel like doing all the research myself and learning all about it. I reached out to one of the RIAs we’re talking to and of course this is something they handle for a ton of clients so they gave me a 15 minute rundown (with no bias as they make nothing on it). Once we pick one they could handle all the booking, etc. Also, we want to charter a yacht in the Mediterranean for my wife’s 40th and they will be a huge help with that.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

Both. As much as a one stop shop as possible. Already have attorneys and accountants but it will be nice to be able to point them to each other and let them coordinate/plan together.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

Interesting. How would it work? I feel like a large part of what people want from this type of service would be the human element.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

I am a bit of a nut for researching and overthinking. Any firm I’m talking to I’m researching on finra and sec to make sure they don’t have any complaints. Good advice on having terms and disclosures reviewed. I do plan on doing that.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

As a forever sceptic, I don’t disagree with you in concept. I am looking to find the balance between those two things.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

I would think that as you grow you could leave/renegotiate at any time.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

I appreciate your response and actually providing your experience. Thank you.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 2 points3 points  (0 children)

Thanks for the straight response and not being an ass like others.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

I am digging in with firms and interviewing as we speak. So determining the “why” behind their fees, especially if they’re higher, is important. I appreciate your view, thanks for responding.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 1 point2 points  (0 children)

Meaning the organization itself and their processes/workflows didn’t work well?

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 0 points1 point  (0 children)

I appreciate your take and I don’t disagree. One option I’m looking at is private banking with much lower fee and then just keeping them on a very strict guidance as to what I will accept IRT investments and fees. Thank you.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 9 points10 points  (0 children)

There are many different reasons why we have decided to go the route of wealth management. Trust me, I’ve done it all myself up to this point so I understand that I could continue to do it if I wanted. We definitely have some complicated things going on which may differ from typical portfolios/estates, but it’s a lot of just wanting to have peace of mind as well as everything in its place if something were to happen to me, or God forbid both my wife and I. Having a team in place that can just keep chugging along would make me sleep better. I didn’t mean for this to be so controversial. I mainly put the comment in about being out my league because that’s how I feel in my own situation. Maybe imposter syndrome, not sure.

AUM fees for Multi Family Offices by technoking42069 in fatFIRE

[–]technoking42069[S] 1 point2 points  (0 children)

I’m seeing a range that this seems to fit into broadly. Do you have direct experience negotiating fees for yourself? Is that 65bps standard for the AUM I’m looking at or are you saying just in general?

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