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Avoid Supporting Your Fund Manager's Lavish Lifestyle
I am surprised he didn't also say - avoid supporting the lavish lifestyle of your RIA by paying an AUM based fee, find one who will charge a service based fee based on your service needs. I wonder why.
Amen, cman. While there might be a break point at which advice changes, I presume it varies based on number of children and AUM. Since I am paid a standard fee more or less by the hour (for advice and management that probably is in the upper 2 percentile, if test results mean anything), I resent someone claiming that their value abruptly increased by the results of my frugality. Hourly rates can be padded, but they make more sense.
While this might be regarded as an "elitist" POV, I really wish there was a site that rated advisors on thier performance or their test scores (not ideal, perhaps; but it means something).
Comments
Suspect he reads MFO.
(Hit browser "refresh" to re-watch clip)
While there might be a break point at which advice changes, I presume it varies based on number of children and AUM.
Since I am paid a standard fee more or less by the hour (for advice and management that probably is in the upper 2 percentile, if test results mean anything), I resent someone claiming that their value abruptly increased by the results of my frugality. Hourly rates can be padded, but they make more sense.
While this might be regarded as an "elitist" POV, I really wish there was a site that rated advisors on thier performance or their test scores (not ideal, perhaps; but it means something).