Quote:
Originally Posted by phoenix
I agree one first needs to know what you are looking for. Many just charge transaction fees which I don't like but good planners will charge 1% of assets or more depending on balances. But they will have access to trust attorneys, long term care etc. so once you know then it is easier to figure out. Edward Jones from people that I know that use them charge transaction fees.
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Yes, one needs to know what he's looking for. But the 1% per year that you advocate is breathtakingly expensive over time. Paying 1% per year for 20 years will cost you approximately 25% of your total portfolio. It's as if you've decided to give a quarter of your life savings to the planner. As a number of us have noted above, it's best to start with free advice, then be really careful before you give away a quarter of your savings.