I have consulted with a wealth manager (no, I am not wealthy) and he is suggesting a fee of 1-1.5 percent per annum. Is this a reasonable cost?
Cheers,
Goldenhair
I have consulted with a wealth manager (no, I am not wealthy) and he is suggesting a fee of 1-1.5 percent per annum. Is this a reasonable cost?
Cheers,
Goldenhair
How much does he charge if you lose half of your savings? I guess it is more, like 1.5% of your $100 but now since you have $50 it's $1.5 of $50 which is 3%.
I'm just talking rubbish. Normal is 1% or less. I wouldn't recommend it personally. Plus they only let you buy products that have big commissions already built into them. Then buy sell buy sell each time collecting a commission.
I agree with DeletedUser - 1-1.5% is ridiculously high for advice. Quite often the advice will include investing in high load, long commitment funds which will suck another 1-5% out from you as fees (and a large portion of that will be handed to the advisor as commissions).
There are some that are worth their weight in gold, but they would not be talking to someone who is "not wealthy".
Sounds like you met one of HK's "independent financial advisors"
you earn profit = you pay fee
you don't earn profit = you still pay fee
you lost money = you still effin pay fee
What sort of wealth planning are we talking about?
Your investments, drawing up a will, setting a up a trust?
Bit hard to say, but based on the fact you are being charged a percentage, seems to be making investments for you.
Do you have to use their platform? Is he selling you a product? Is he choosing investments for you and you making the trades?
Need to be a bit more specific about what he is offering. Feel free to PM me if need be.