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hi all, any feedback on wealth management services from personal capital, vanguard or other firms? considering hiring a financial advisor but not sure what to look for ( other than finding a fee based vs commission based). currently managing myself but I dun do much other than buy and hold. similar threads on blind are pretty old so thought I'd create a new thread. thanks for any advice!
What do you buy? Funds or individual stocks? If you're buying funds, you're already paying a management fee.
ETF mostly.
Not sure about working with an actual human advisor but, for what it's worth, I did look at robo performance numbers for Personal Capital, Wealthfront and Betterment. None of them were that great vs. S&P500. It would be cheaper and better to buy a market tracking ETF. Vanguard and Schwab have them with like 0.04% expense ratio. Super cheap. Personal Capital is one of the more expensive options at the moment.
Oh, and Schwab doesn't charge you commissions to get in/out of their market tracking ETFs. So, if you decide to be a bit more active than just buy&hold, you won't have to worry about cost of trading.
thanks. I use Merrill Lynch and they give me free trades. so cost of trading doesn't apply here. mainly concerned about minimizing capital gains and balancing my portfolio
I use an advisor and I feel he's worth every penny. It's not even about the investments but it's more about ensuring plans are on track, tax strategies, we have the right insurance coverage, and if need something I just call him up and get it taken care. No worry.
Yes am in Bay Area
If you have assets, it's very easy to find someone willing to manage your money. That being said... general consensus among people I know is that it's a convenience not a way to actually make or save more money.
Manage it yourself. Seriously. So far no one here has mentioned having enough money worth paying someone else to manage.
what should that threshold be? 1 MM ? more?
Personally, I would start considering it above 10M. But depends on how risky/diversified you want to be with your money, or if you are ok with just letting it sit in various index funds and use/revest dividends. I'd be interested to see what other people think.
I parked 200k in Wealthfront with a risk of 6.5/10 and plan to ignore it for 30 years. Not sure if this counts as a strategy or is maximally efficient, but I am lazy.