Full service brokerage fees
I have met with an advisor and she has provided the. Cost to purchase A shares on a graduating school. I do trust this agency and they came recommended by family who has used their services for years. She provided a cost schedule, with decreasing % based on investment over the course of a year; at $500K 2.0% and $750K 1.5%. At $1M there are no fees. Is this a common practice?
Terry Says
It’s common — and I think it’s a ripoff. Please meet with a fee-only FIDUCIARY advisor.
Read this: https://www.terrysavage.com/pam-krueger-wealthramp/
I don’t know about your age, stage of life, and risk tolerance. Or whether you are still working and want to put this money inside an IRA. But I DO know that you could get very inexpensive (think less than a quarter of one percent) exposure to a broad investment in stocks just by going to Fidelity.com or Vanguard.com and opening an account (maybe inside an IRA) and just buying the S&P 500 stock index fund.
All those fees you are paying for this “advice” are setting that “advisor” up for her retirement — not yours!
