Hello,
New member to the forums, have known about WCI for a while, however just started to read more on investing.
Just wondering, what are the typical rates for financial advisor fees that everyone is paying.
I am currently working with someone and I pay 1% + 50/mo ($600/yr) for fees. He has about $60K of wife's IRA contributions he is managing. He also sold us a term life insurance as well.
I do see a difference if the account's returns as prior to signing with him, her account was sitting in a fidelity retirement fund and there was minimal growth. Am I paying too much with that monthly fee in addition to the 1%? I brought this up to him in the past, he stated once I have more funds invested then he can waive the fee.
What are your thoughts? Am i getting ripped off?
thanks
New member to the forums, have known about WCI for a while, however just started to read more on investing.
Just wondering, what are the typical rates for financial advisor fees that everyone is paying.
I am currently working with someone and I pay 1% + 50/mo ($600/yr) for fees. He has about $60K of wife's IRA contributions he is managing. He also sold us a term life insurance as well.
I do see a difference if the account's returns as prior to signing with him, her account was sitting in a fidelity retirement fund and there was minimal growth. Am I paying too much with that monthly fee in addition to the 1%? I brought this up to him in the past, he stated once I have more funds invested then he can waive the fee.
What are your thoughts? Am i getting ripped off?
thanks
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