So, I have some of my investments with a certified financial planner. It is all in different mutual funds, not trading specific stocks.
I'm getting charged 1.5% by the financial planner. Is that in the norm, or am I paying over market. BTW, performance in general has not been beating indexes funds per my company plan.
1.5% to planner then another .5-1% for mutual funds management AND load fees (either front or back end....could be up to 5%). They add up fast! I quit that game many years ago and self direct my portfolio buying ETFs and/or growth/dividend stocks. Transfer 50K or better into Fidelity and you get 300 free trades for 3 years so your cost to trade is nada. Got over 20% return last year and this year is doing about the same so far.
If it is a fee based account, they are no load funds and usually institutional shares that carry lower expenses. There won’t be a commission and a fee charged.
1.5 is a little high. Should be closer to 1% with a cfp. You can do it yourself for a lot less, takes a lot of time and knowledge. You could always go to a passive investor, look at Personal Capitol or Bettermint. Both good outfits and are less than 1%.
Good luck.
I'm getting charged 1.5% by the financial planner. Is that in the norm, or am I paying over market. BTW, performance in general has not been beating indexes funds per my company plan.
1.5% is pretty steep, other are significantly lower. Even if the financial planner is the best in the industry, the charges should not be that high.
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