Need Advisor, but not AUM

[berglust]

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!

[uksho]

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 .

[jfoxcpacfp]

Consider the following fee-only advisor membership-only groups:

• XYPN (XY Planning Network) - founded by Michael Kitces
• Garrett Planning Network - all hourly planners, which I think may be ideal for you

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.

[StateOfMyHead]

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

https://www.fiphysician.com/about-fiphysician-and-financial-planning-for-montana-physicians/

[Fullhouse11]

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 $.

[jfoxcpacfp]

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.

[StateOfMyHead]

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.

[Kennyt7]

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

[Molecularblonde]

I think Scott Salaske from First Metric is great.

[Gutdoc]

Consider the following fee-only advisor membership-only groups:

• XYPN (XY Planning Network) - founded by Michael Kitces
• Garrett Planning Network - all hourly planners, which I think may be ideal for you

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.

I found the Garrett Planning network very helpful in finding flat-fee only advisors in my area. I am also impressed by Bradley Clark's (can find link on WCI site) series of 10 videos outlining his approach to pre/retirement planning and flat fee of $9,500. His approach seems very logical and his credentials appear solid. Again, obviously a bargain if you are more towards the latter part of your career but still reasonable for a portfolio >$1M.

[The White Coat Investor]

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!

You're right that an AUM charging full service advisor is not for you. You want someone that works on an hourly basis. There are a fair number on our list that will do what you would like done. Probably close to half of them.

[Nysoz]

You can always anonymize/generalize your plan and numbers then post them in the forums here or bogleheads and get a crowd sourced answer for free too.

Take any information with a grain of salt but for the most part, most things are generally straightforward and can at least point you in the right direction and narrow the questions you’ll have for any planner if needed.

[Tim]

You can always anonymize/generalize your plan and numbers then post them in the forums here or bogleheads and get a crowd sourced answer for free too.

Take any information with a grain of salt but for the most part, most things are generally straightforward and can at least point you in the right direction and narrow the questions you’ll have for any planner if needed.

Your goals are well defined.
The big unknown is the house purchase.
With more details, you can get feedback pretty easily on the tax and where it impacts your wealth allocations. Buying a home is more of an expense and a budgeting item. Tax wise property tax has $10k limit and interest is deductible.
Rule of thumb- mortgage not to exceed 2x gross.

David Graham at FIPhyscian dot com does the type of review you seem to be looking for. He is a speaker at WCICON2022. Hourly basis as well.

You can send details to a moderator and they can post for feedback. The advantage of this is you will get a broad portfolio input interpreting your risk profile.

It would be beneficial for you to include the following:
Gross - taxes - retirement savings = spending
marginal tax rate
retirement savings rate + additional savings rate
(wealth accumulation rate).

You might get more feedback breaking it into pieces:
Portfolio
House
Retirment savings.
Budget reaching goals.

Just options that probably need to be addressed in reverse order. You digest any feedback and make choices. It will be difficult to get comprehensive input in one post. A lot to unpack.

Welcome to the Forum.

[Kennyt7]

HOURLY BASED is the way to go. 5k/yr at a max Who in their right mind would pay 1%AUM fees????

[Kennyt7]

Lots do unfortunately
ric ferri thinks it will be obsolete