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Lane
Lane, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3123
Experience:  Providing Financial & Tax advice since 1986
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My divorce is going to be final in a few months. I am not working

Resolved Question:

My divorce is going to be final in a few months. I am not working but I will get a settlement of about 1,150,000, most of it will be retirement money, some taxable, liquid funds. I will be 59 1/2 May 12, 2014 so I know I can take it out without penalty as of that date. I am having trouble figuring out whether it's worth it to continue with my financial planner. They have been doing well for us as a couple with 2.5 million in assets but they charge 10K a year flat fee plus 1.5% of invested assets. And the investment firms they work with to invest our money also charge 1.5% of invested assets. So that's 10K a year plus 3%. This is a lot of money. That said, they have been getting returns for us between 7-9%. They're good. I am in a quandary about whether to stay with them or not. I could skip the the 10K a year plan (which is for unlimited help with any financial related matters in the universe including refinancing, insurance, will advice, etc) and just use them on an hourly basis when I have questions @ $750 an hour.

What are some other options I should be looking into?
Submitted: 9 months ago.
Category: Finance
Expert:  Lane replied 9 months ago.

NPVAdvisor :

They really are pricey. There are lots of CFP/Investment Advisers that will do what they're doing for 1% and two or three thousand for the plan. And even in NY 750 and hour is really pricey. I would shop them by going here: http://napfa.org/ .... I'm guessing that the folks you are using ARE fee-only (a MUST) and I would hope that they have CFP's CPA/PFS and estate and tax attorneys on board or then you'rem REALLY paying too much

NPVAdvisor :

If you'll let me switch to Q&A mode I'l do a little homework on some advisers in your area based on ((1) track record/disciplinary history (2) fees (3) credentials .... The 1.5% PLUS 1.5% is ridiculous ... that tells you that they're just providing a gateway and not willing (able) to do the management themselves ... a MUCH better alternative would be to go with a good planning firm and then a good investment advisory firm for something more like 1 to 1.5% ... keeping those two pieces separate (removes a conflict of interest and makes both more accountable for the task they are providing)

NPVAdvisor :

If you don't mind. Check back in an hour or so.

NPVAdvisor :

Lane

Expert:  Lane replied 9 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 9 months ago.

Hi Anna Marie....don't rate yet ... give me a chance to do a little homework for you.

Lane
Customer: replied 9 months ago.
Are we done?
Expert:  Lane replied 9 months ago.


I'm so sorry ... ran into family stuff las night and this one fell through on me.



Give me just a few,,,,BUT 1.5 from them and another 1/5 from the asset manager?


YOu can do better, certainly given the returns you quoted

Just a sec
Customer: replied 9 months ago.
I made a mistake, 1% to them and 1.5% to asset mgrs.
Expert:  Lane replied 9 months ago.
Lane, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 3123
Experience: Providing Financial & Tax advice since 1986
Lane and other Finance Specialists are ready to help you
Expert:  Lane replied 9 months ago.






CFA's are smart people and don't BS (In my experience, it;s just not in their NAture) ... relatively new as a business but again... a CFA

http://www.financialfilosophy.com/pages/f_firm.htm




Like the credentials here

http://www.piermontwealth.com/financial-advisor-new-york




Like BOTH Garret's model AND again, a CFA here (that's really the pinnacle ... and again never known one to BS)

http://www.kuligfinancial.com/



I can do more OR drill down and call any of these for ya

Let me know

Lane
Expert:  Lane replied 9 months ago.


Thank you...

Sorry this took so long...

Lots of good folks out there (but, even in the fee-only arena, lots of fast talkers)

Its a new time for you. I'd "invest" the time to meet and interview several.

Also, if you'd like to narrow it down to a short list ... I can make a few calls for you... reviewing advisers is something I do and enjoy doing.

Thanks again,

Lane


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