Fee only advisors
Hi Terry,
I know you are an advocate for fee only fiduciary advisors. My wife and I currently have about $2,700,000 in assets under management with Vanguard. We pay .3% for all assets under management. We are both 66, and are waiting until age 70 to collect SS (per your, and our Vanguard advisors recommendation). We have used Vanguard for help with our retirement accounts for about a dozen years. We are happy with them overall, but I have always wondered if we would be better off with a fee only advisor. Do you have any advice or recommendations? Thank you!
Terry Says
It’s not about the fee only, it’s also about the context. Did you advisor ask about your estate plan? Your desire to leave assets to your children? Does he/she know about your tax situation? Did he/she ask if you have a healthcare power of attorney or a living will?
Or is this just “money management” — which sounds like they are doing a good job at for you.
A fee-only Fiduciary wills review your entire financial situation. That’s the whole point — not just money management. It might be worth a meeting or two to review — even if you don’t want to change money managers.
