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My financial advisor wants to fire me

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  • #16
    Originally posted by Heartsmart View Post
    Thanks for the advice. I looked on Fidelity site- their wealth management charges .05-1.05 for services while vanguard charges .3. Still seems like a lot for a 2 million portfolio.
    As you pointed out even a "small" assets under management (AUM) charge can be a lot of money. Same is true for mutual fund expenses.

    That American target fund has an expense ratio of 0.69:

    https://www.morningstar.com/funds/xnas/aadtx/quote

    VG charges 0.13:

    https://www.morningstar.com/funds/xnas/vttvx/quote

    On $2 million that 0.56 expense difference is costing you $11k every year. That's not counting the 5% front load your "adviser" charged you upfront for this sage advice.

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    • #17
      this thread is consistent with my limited interaction with most FA types.

      you start asking about fees, loads, etc and the conversation can turn south pretty fast.

      i honestly think some of these folks are specifically trained to recognize signs that a client is not going to be an easy mark. i'm not sure there's a seminar at NW Mutual where they tell the advisers to start looking elsewhere if loads are questioned but there could be. Actually, there probably is, something like "this is a sign that your client is not going to be a good fit with our 'services.'"

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