If one has $25M to invest and a "traditional" financial advisor charges a combined AUM plus expense ratio fees of 2%, then the annual cost to the client is 500k. For half a million dollars a year, I'd want the advisor's more prominent role to include much more than having a lot of in-person meetings with me. How about doing all of my cooking, cleaning, shopping, errands, chauffering, etc.?I can understand it if you're talking about a "traditional" financial advisor like the type at Merrill Lynch or Morgan Stanley where these people play a more prominent role and usually have a lot of in person meetings. But not a Vanguard PAS rep that's more like a number at a call center. At least my understanding is these people never even get to meet the clients in person.
I cannot see why one would move to follow an adviser. All the adviser does is represent the firm. Our Vanguard rep is perfectly nice but I would not consider switching firms if they were to leave.
Statistics: Posted by Rocinante Rider — Thu Jul 18, 2024 11:28 am — Replies 87 — Views 17337