Learn about the industry average and what to consider

  • A 1% fee for an IRA account with a balance of $800,000 is around industry average
  • Consider what type of value you’re receiving for that fee
  • Shop around and compare with other wealth managers
  • Ask for a description of services, meeting schedule, and cost or expense ratios
  • Assess whether the services and benefits provided justify the costs
  • Look for complimentary services such as tax planning and holistic view of finances

A reader wants to know if a 1% fee is reasonable to pay for an IRA account with a balance of $800,000. While this fee is around the industry average, it’s important to consider the value you’re receiving for that fee. Make sure to shop around and compare with other wealth managers to find the best option for you. When hiring a financial adviser, ask for a description of the services included in the fee, an estimate of when and how often those services will be performed, and a proposed meeting schedule for the year. Additionally, be aware that there may be other costs associated with investments. Pay attention to the adviser’s approach to managing investments and get an estimate of the cost or expense ratios associated with the funds used. It’s crucial to assess whether the services and benefits provided by the adviser justify the costs. Look for advisers who offer complimentary services such as tax planning and a holistic view of your finances. Use websites like CFP, NAPFA, and FeeOnlyNetwork to compare various options and their prices.

Factuality Level: 7
Factuality Justification: The article provides information about the industry average fee for an IRA account and suggests that a 1% fee is reasonable. It also advises readers to consider the value they are receiving for the fee and to shop around for other wealth managers. The article includes quotes from certified financial planners who provide additional insights and considerations. Overall, the information provided is factual and offers practical advice for individuals with IRA accounts.
Noise Level: 7
Noise Justification: The article provides some relevant information about the industry average fee for an IRA account and suggests that it is possible to pay less. It also offers advice on what to consider when evaluating the value of the fee. However, the article contains some repetitive information and does not provide a thorough analysis of long-term trends or antifragility. It also does not hold powerful people accountable or explore the consequences of decisions on those who bear the risks. The article lacks scientific rigor and intellectual honesty as it does not provide evidence or data to support its claims. Overall, while the article provides some useful insights, it falls short in several criteria, resulting in a higher noise level rating.
Financial Relevance: Yes
Financial Markets Impacted: No
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the reasonable fee for an IRA account, providing information and suggestions for investors. There is no mention of any extreme events or financial market impacts.
Private Companies: The Advisory Firm,Practical Financial Planning,One Up Financial,Flynn Zito Capital Management,Advise Financial
Key People: James Daniel (Certified Financial Planner at The Advisory Firm), Kenneth Robinson (Certified Financial Planner at Practical Financial Planning), Eric Presogna (Certified Financial Planner at One Up Financial), Ryan Haiss (Certified Financial Planner at Flynn Zito Capital Management), Alonso Rodriguez Segarra (Certified Financial Planner at Advise Financial)

Reported publicly: www.marketwatch.com