Are you paying too much for your financial adviser?

  • Investor has $1.7 million invested with a financial adviser
  • Paying $1,300 in fees for January alone
  • Adviser explains that the fee is 1% of assets under management
  • Adviser’s fee is below industry average
  • Options for finding a new adviser or reducing fees
  • Consider other fee structures and types of advisers
  • Check adviser’s form ADV II for fee information
  • Determine if adviser is fee-only or fee-based
  • Consider additional fees associated with mutual funds or ETFs
  • Evaluate the value received from current adviser

Investor with $1.7 million invested is questioning the high fees being paid to their financial adviser. The adviser explains that the fee is 1% of assets under management, which is below the industry average. However, the investor is still concerned about the amount being paid. There are options for finding a new adviser or reducing fees, such as seeking out a flat-fee adviser or a robo-adviser. It is important to check the adviser’s form ADV II for fee information and determine if they are fee-only or fee-based. Additional fees associated with mutual funds or ETFs should also be considered. Ultimately, the investor should evaluate the value received from their current adviser and decide if it is worth the fees being paid.

Factuality Level: 3
Factuality Justification: The article provides a mix of relevant information about financial adviser fees and suggestions for alternatives, but it lacks depth and objectivity. It includes some biased opinions and does not thoroughly explore all aspects of the topic.
Noise Level: 3
Noise Justification: The article provides a detailed analysis of the fees charged by a financial adviser and offers various options and considerations for the reader to explore. It includes expert opinions and advice on how to handle the situation, which adds value to the reader. The information is relevant and focused on the topic of financial advisory fees, providing actionable insights for the reader.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses fees associated with financial advisers and investment accounts, which may be of interest to individuals and investors in the financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article does not mention any extreme events or their impacts.
Private Companies: E-Trade,Vanguard
Key People: Robert Persichitte (Certified Financial Planner (CFP) at Delagify), David Maurice (Certified Financial Planner (CFP) at WorthWhile Wealth Council), Matt Bacon (Certified Financial Planner (CFP) at Carmichael Hill & Associations), Marguerita Cheng (Certified Financial Planner (CFP) at Blue Ocean Global Wealth), Mark Struthers (Certified Financial Planner (CFP) at Sona Wealth Advisors), Ted Halpern (Accredited Investment Fiduciary (AIF) at Halpern Financial), Elyse Foster (Certified Financial Planner at Harbor Wealth Management)

Reported publicly: www.marketwatch.com