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Lane
Lane , JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9231
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, 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: 3 years ago.
Category: Finance
Expert:  Lane replied 3 years 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 3 years ago.

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

Lane
Customer: replied 3 years ago.
Are we done?
Expert:  Lane replied 3 years 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 3 years ago.
I made a mistake, 1% to them and 1.5% to asset mgrs.
Expert:  Lane replied 3 years ago.
Lane and other Finance Specialists are ready to help you
Expert:  Lane replied 3 years 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 3 years 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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