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  • Need Advisor, but not AUM

    Hello WCI community. I've been searching for an advisor and am struggling a bit...perhaps I'm going about this wrong.

    Throughout my life I have been self-directed; learning from sites and podcasts such as WCI...as well as talking to trusted friends, colleagues, and family. I have learned a tremendous amount and feel confident in my financial and investing knowledge. While I have accumulated wealthy, I also recognize I don't know it all! In the near future I will be purchasing a home and generally would like to get some advice from a financial professional. I've reached out to two financial professionals listed on the WCI "recommended financial advisors" and they have come back to me stating that they do not take on clients whom do not desire an AUM setup. I do appreciate their prompt response, however I really don't want any sort of AUM arrangement. I believe knowledge is power....and I love learning about this stuff, as well as pass along my knowledge to people that are interested.

    From my current perspective I want:
    1. A review and discussion, with any recommended improvements, about my investment plan. I have it written down.
    2. A review and discussion, with any recommended improvements, of my portfolio of assets
    3. A look at what I want to do with a home purchase: Determine how I can best manage the purchase and evaluate any tax advantages (short term and long term)
    4. Regular checkups in the future

    Maybe I'm going about this all wrong....but it seems like there are trusted services out there like this. I'm pretty certain I've heard/read this on WCI platforms. Any advice would be greatly appreciated! Thanks!

  • #2
    I really don’t understand why anyone should pay for AUM
    if you have a 5 million portfolio , and paying 1%, you are paying 50 K/ year

    even if the advisor spends 100 hrs on you ( which I doubt ), you are paying $500/ hour .

    I wonder how much fees based advisors charge and how many hours they will take manage your portfolio or to answer specific questions you have

    I don’t get paid that much ! Or half of that !

    OP, I didn’t answer your question , but this AUM model always bothers me .

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    • #3
      Consider the following fee-only advisor membership-only groups:You will find AUM advisors intermingled in the fee-only community, as fee-only does not exclude the AUM model. However, you will also find a lot of hourly and flat fee advisory billing models, too. I would recommend you find an advisor who is a member of NAPFA. You might also find this guest post I wrote on how to read an ADV helpful, too.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #4
        David Graham? He's a physician and financial advisor who does fee for service.

        https://www.fiphysician.com/about-fi...na-physicians/

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        • #5
          I second David Graham. I’ve paid for his services twice and will probably meet with him again. He is perfect for a DIY person who wants to anticipate pitfalls that could arise after accumulating ‘almost FI.’ He has great software, he’s really easy to talk to. Well worth the cost of a couple hundred $.

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          • #6
            Originally posted by StateOfMyHead View Post
            David Graham? He's a physician and financial advisor who does fee for service.

            https://www.fiphysician.com/about-fi...na-physicians/
            I am not familiar with Dr. Graham but I’ve been impressed by the comments several of you have posted about him. Sounds like he fills a much-needed niche.
            Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment


            • #7
              Originally posted by jfoxcpacfp View Post

              I am not familiar with Dr. Graham but I’ve been impressed by the comments several of you have posted about him. Sounds like he fills a much-needed niche.
              Yes, I found him pleasant to talk to, efficient and knowledgeable.

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              • #8
                I had David Graham do a portfolio review. Very knowledgeable
                I like J Fox Wealth Mgmt-very much so when I chatted with them

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                • #9
                  I think Scott Salaske from First Metric is great.

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