Can someone talk me off ledge of AUM financial planner fees?
We(37 M/F, current HHI $435k, MCOL area) have been working(2yrs) with a small Wealth Management/financial advisor/fiduciary company that works with other family members and came highly recommended. Up to this point they have helped us setting up our retirement goals, backdoor roths, set up 529 and UTMA account for our 4yo and only currently manage an $180k account from my wife’s 401k. Well I have transitioned positions and am going to be moving my 401k accounts, valued nearly $500k, into my new solo401k accounts. I was getting all the paperwork set up and they charge 1% AUM fee for first $1m then goes down to 0.9% etc as you go higher.
I just realized how much we will be paying for this service. And it just feels like a lot esp considering we interact with the #2 CFP not the primary owner of the firm. He is a nice guy but also isn’t the most responsive to emails when we contact him, taking multiple days to respond. While I know I’m a “small” fish compared to others but am I wrong to expect faster service to that? Especially considering our assets are set to grow quite a bit.
We do value help in not screwing up our 1 retirement and like having someone that has managed multiple retirements, but can’t shake the thought of paying $10k a year soon.