Fisher Investments--again

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old-galoot
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Fisher Investments--again

Post by old-galoot » Wed May 08, 2019 2:08 pm

Hi,

New member of the forum here. I've been managing my and my spouse's investments since the 90s except for a stint with Edward Jones in 2008-2013 (now, no more commissions, ever!). Now with Vanguard, although I have a couple of individual equities, some muni bonds, and my spouse is in a couple of TR Price funds. I'm 62 and working very part time and my spouse is 55 and may be able to retire at 60. I didn't take my Soc Sec and I'll get a pittance of a pension (~$375/mo) from some years I spent in the public sector, once the paperwork is complete. All the "calculators" I work up show we have a lot salted away.

I had a sit down with Fisher Investments last week and I'm guessing (based on a search on the this and other forums) that no one here will have anything good to say about them, but I thought I'd give it another chance.

The reason I sat down with them is that I'm feeling a bit overwhelmed, not on what to invest in (I did OK the last couple years) but more about asset allocation (too conservative, perhaps, is the way I'm feeling right now) and whether my spouse might be able to retire earlier, and what moves to make once as we get closer to that. Ex: I have both a traditional IRA and a Roth. My spouse has a big 401(k) type account and a Roth. I think that we need more Roth and less pre-tax retirement. I ran a "what-if" scenario on Turbo Tax and I could convert a bit this year and not get dinged on taxes if we file separately. But it would be more than staying the course and filing jointly (of course). Is it worth it?

What I really need is advice from a "fee-per-hour" fiduciary--or do I? How does one go finding such a beast?

Thanks, b-heads.

Old Galoot

John Z
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Re: Fisher Investments--again

Post by John Z » Wed May 08, 2019 2:19 pm

Are you aware of Vanguard's Personal Adivsor Services? You could use them to get your financials in shape and then discontinue.

"Vanguard is known for keeping costs low, the cost for Vanguard Personal Advisor Services is affordable as well. In fact, the annual cost is only 0.30% of the assets we manage for you. That's $3 for every $1,000 in your portfolio."

https://investor.vanguard.com/advice/personal-advisor

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Mel Lindauer
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Re: Fisher Investments--again

Post by Mel Lindauer » Wed May 08, 2019 2:21 pm

Try Boglehead Advisor Allan Roth, CFP, CPA, MBA. He's a fee-only advisor, author, and columnist. He charges by the hour and doesn't sell anything. His company is Wealth Logic.
Best Regards - Mel | | Semper Fi

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friar1610
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Re: Fisher Investments--again

Post by friar1610 » Wed May 08, 2019 2:30 pm

old-galoot wrote:
Wed May 08, 2019 2:08 pm


What I really need is advice from a "fee-per-hour" fiduciary--or do I? How does one go finding such a beast?

Thanks, b-heads.

Old Galoot
There is a guy who posts on this site occasionally who offers, for a fee, to find a fee-only advisor for you in your area. There is also a respected poster with an extensive background who has just started an hourly fee service. (I have actually contacted the latter person but haven't heard back yet). As I suspect BH rules prohibit advertising, PM me if you are interested and I will prove you the names. I have no dog in this fight.
Friar1610

MotoTrojan
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Re: Fisher Investments--again

Post by MotoTrojan » Wed May 08, 2019 2:42 pm

John Z wrote:
Wed May 08, 2019 2:19 pm
Are you aware of Vanguard's Personal Adivsor Services? You could use them to get your financials in shape and then discontinue.

"Vanguard is known for keeping costs low, the cost for Vanguard Personal Advisor Services is affordable as well. In fact, the annual cost is only 0.30% of the assets we manage for you. That's $3 for every $1,000 in your portfolio."

https://investor.vanguard.com/advice/personal-advisor
I may be wrong but I don’t think Vanguard PAS is going to provide the type of planning the OP needs. I agree a fee-only advisor/planner would be best.

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Electron
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Re: Fisher Investments--again

Post by Electron » Wed May 08, 2019 5:21 pm

old-galoot wrote:
Wed May 08, 2019 2:08 pm
What I really need is advice from a "fee-per-hour" fiduciary--or do I?
You should be able to get a lot of help in this forum with your Asset Allocation and Roth Conversion questions.

I'd suggest starting a new topic on the Roth Conversions and perhaps follow it up a bit later with another topic on Asset Allocation. One advantage in working through the forum is that you will get information and recommendations from a number of different people.
Electron

aristotelian
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Re: Fisher Investments--again

Post by aristotelian » Wed May 08, 2019 5:28 pm

Why don't you post your details and see what kind of advice you get here?

The prospect of RMDs can be daunting, but unless your marginal tax rate in retirement is going to be higher than your current one, traditional/pre-tax is likely still as good or better than Roth.

inbox788
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Re: Fisher Investments--again

Post by inbox788 » Wed May 08, 2019 7:04 pm

old-galoot wrote:
Wed May 08, 2019 2:08 pm
I had a sit down with Fisher Investments last week and I'm guessing (based on a search on the this and other forums) that no one here will have anything good to say about them, but I thought I'd give it another chance.
What was the recommendation? It's in the title, the least you could do is provide and ending to the story. And what's the backstory? (why "again"?)
What I really need is advice from a "fee-per-hour" fiduciary--or do I? How does one go finding such a beast?
This has nothing to do with the title, so some folks that might help you aren't even looking. You might as suggested post your situation specifics in a new thread or change the title and ask the relevant questions.

From the sounds of it, congrats on avoiding some pitfalls and doing well on your retirement plan. You just need a little guidance and reinforcement that you're doing the right thing as you transition. Paying for a little handholding is fine, but just don't get fleeced. Most likely you don't need more than a little tweaking/optimization, and small mistakes are less costly than what a bad advisor will cost you.
Last edited by inbox788 on Wed May 08, 2019 7:05 pm, edited 1 time in total.

noraz123
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Re: Fisher Investments--again

Post by noraz123 » Wed May 08, 2019 7:05 pm

aristotelian wrote:
Wed May 08, 2019 5:28 pm
Why don't you post your details and see what kind of advice you get here?
^^THIS.

Bogleheads.org is the best no-fee advisor. Period. Hands down. And better than many (most?) advisors who charge fees.

Post details, and solicit feedback. You can still vet with a fee-only advisor before making any decisions.

bradinsky
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Re: Fisher Investments--again

Post by bradinsky » Wed May 08, 2019 7:13 pm

You could try Rick Ferri. Financial advise by the hour.

Topic Author
old-galoot
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Re: Fisher Investments--again

Post by old-galoot » Wed May 08, 2019 7:32 pm

inbox788 wrote:
Wed May 08, 2019 7:04 pm

What was the recommendation? It's in the title, the least you could do is provide and ending to the story. And what's the backstory? (why "again"?)
What I really need is advice from a "fee-per-hour" fiduciary--or do I? How does one go finding such a beast?
This has nothing to do with the title, so some folks that might help you aren't even looking. You might as suggested post your situation specifics in a new thread or change the title and ask the relevant questions.

From the sounds of it, congrats on avoiding some pitfalls and doing well on your retirement plan. You just need a little guidance and reinforcement that you're doing the right thing as you transition. Paying for a little handholding is fine, but just don't get fleeced. Most likely you don't need more than a little tweaking/optimization, and small mistakes are less costly than what a bad advisor will cost you.
I apologize for the vague title. The "again" refers to the number of times Fisher has been discussed in this forum (based on my searching online for feedback on Fisher), not the number of times I've dealt with them. They asked me to dance and I went and talked and listened for 1.5 hours. I haven't gotten back to them and they haven't contacted me as when we parted I said I needed a few weeks.

My thinking generally gets clearer as time goes on and as I physically write the words describing what decision I have to make. In some ways, I think I've already made up my mind to not go with Fisher and my soliciting reviews/feedback from this forum is actually an instance of "confirmation bias," that is, I'm coming here for confirmation that Fisher isn't a good option.

Yes, I'll repost with more a more specific request on finding an hourly advisor. I think your last paragraph pretty much sums up what I'm after. Thanks for helping me process!

elainet7
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Re: Fisher Investments--again

Post by elainet7 » Wed May 15, 2019 11:36 am

Spoke to a rep from Fisher yesterday. They only do individual stocks. NO INDEX FUNDS NO annuities
They love to call and send papmhlets

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Stinky
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Re: Fisher Investments--again

Post by Stinky » Wed May 15, 2019 11:50 am

elainet7 wrote:
Wed May 15, 2019 11:36 am
Spoke to a rep from Fisher yesterday. They only do individual stocks. NO INDEX FUNDS NO annuities
They love to call and send papmhlets
I hope you resisted the urge to send Fisher ALL of your money ..... :happy
It's a GREAT day to be alive - Travis Tritt

Alan S.
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Re: Fisher Investments--again

Post by Alan S. » Wed May 15, 2019 6:20 pm

So how does Fisher get paid to manage this all stock portfolio? What custodian and trading platform do they use?

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unclescrooge
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Re: Fisher Investments--again

Post by unclescrooge » Wed May 15, 2019 6:50 pm

Alan S. wrote:
Wed May 15, 2019 6:20 pm
So how does Fisher get paid to manage this all stock portfolio? What custodian and trading platform do they use?
They charge 1.5%

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One Ping
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Re: Fisher Investments--again

Post by One Ping » Wed May 15, 2019 6:50 pm

Alan S. wrote:
Wed May 15, 2019 6:20 pm
So how does Fisher get paid to manage this all stock portfolio? What custodian and trading platform do they use?
From their ADV filing (http://fisherfinancialadvisors.com/comp ... 356726.pdf):
Fisher Investments said wrote:
Wed May 15, 2019 6:20 pm
A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly in advance pursuant to the terms of the investment advisory agreement. Investment advisory fees are based on the market value of assets under management at the end of the prior calendar quarter. Investment advisory fees are based on the following schedule

Code: Select all

Assets Under Management ($)	Annual Rate (%)		
Up to $250,000			1.50%
$250,001 to $500,000		1.25%	
$500,001 to $2,500,000		1.00%	
$2,500,001 to $5,000,000	0.75%		
The investment advisory fee in the first quarter of service is prorated from the inception date of the account(s) to the end of the first quarter. Fees may be negotiable at the discretion of the Advisor.The Client’s fees will take into consideration the aggregate assets under management with Advisor. All securities held in accounts managed by Fisher Financial will be independently valued by the designated Custodian.Fisher Financial will not have the authority or responsibility to value portfolio securities. The Advisor’s fee is exclusive of, and in addition to, brokerage fees, transaction fees, and other related costs and expenses, which may be incurred by the Client. However, the Advisor shall not receive any portion of these commissions, fees, and costs.Financial Planning Services Fisher Financial offers financial planning services either on an hourly basis or a fixed engagement fee. Hourly engagements range up to $250 per hour. Fixed fee engagement fee range from .5% to 2%. Fees may be negotiable based on the nature and complexity of the services to be provided and the overall relationship with the Advisor. An estimate for total hours and total costs will be provided to the Client prior to engaging for these services.Use of Independent Managers For Clients referred by the Advisor to an Independent Manager, the Client’s fee may be separately billed or deducted from the Client’s account(s) by the Independent Manager.Fisher Financial is responsible for negotiating the fees with the Independent Manager on behalf of the Client. Fisher Financial does not receive any compensation or fees from the Independent Manager.
Emphasis added.
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miket29
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Re: Fisher Investments--again

Post by miket29 » Wed May 15, 2019 7:05 pm

see a similar discussion about finding an advisor in viewtopic.php?f=1&t=281099

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