In my pursuit for financial planing i reached out to a fee only financial advisor who also manages money. Initially i signed up for the financial advising service with a fee of $3,000. I am now considering having my assets managed by the financial advisor.
Here are the services which are included in the financial planning.
- Retirement Planning and Plans
Investment Planning and Asset Allocation
Insurance Planning and Risk Management
Debt Management & Reduction
Household & Family Budgeting
Cash Flow Projections & Analysis
Lease vs. Buy Analysis
Large Purchase Negotiation and Goal Planning
Debt Refinancing & Prepayment Analysis
Stock Option Planning
Executive Benefit Plans
Business & Real Estate Acquisition & Planning
Traditional to Roth IRA Conversion Planning
Breakdown of my assets, i am 30 years old. 90% of assets accumulated in last 3 years from my business.
960k - cash in a money market and other accounts.
100K - in SEP ira + Roth IRA with Vanguard 2050 fund.
350K - house.
The financial adviser i chose has the below credentials. I did shop around and i chose this one out of the others.
Manages about 60M for over 60 families. Small firm, only him as principal consultant along with his wife as a helping hand.
CERTIFIED FINANCIAL PLANNER
CERTIFIED PUBLIC ACCOUNTANT
MEMBER OF NAPFA,FPA, AICPA
ACTIVE SINCE 1980.
Managing fee is 1% of assets.
The reason why i'm considering having someone manage my assets is because in the last few months i have been trying to figure out how to invest this money according to bogleheads way of investing but i feel very overwhelmed by all the information and am very indecisive about investing a million dollars, especially in the current environment. I feel compelled to have someone with experience manage it rather then having myself go through mental gymnastics trying to make a decision.
I have a meeting to discuss further next week, what kind of questions should i ask?
Do you recommend having someone actively manage your money as supposed to slowly investing in ETFs? Pros and Cons ?
Thank you for reading and sharing your thoughts. I am trying to make the best educated decision.