| What's a reasonable retainer for fee-only adviser? |
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JoeyNoBucks
New Poster
Cash: $ 0.50
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Joined: 20 Apr 2006
Location: Shawnee, Kansas
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| What's a reasonable retainer for fee-only adviser? |
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I am looking at hiring a new financial adviser/planner. I want to move away from advisers affiliated with particular financial products companies. I have found one who comes highly-recommnended; but I am a bit surprised by the proposed fees. Based on my annual income (which is around 150k/year) and net worth (not huge), the planner proposes a first-year fee of between $4k-$5k, with an annual retainer thereafter of $1,500-$2k. 
For that, he will do a comprehensive review of everything from budget, savings, investments, insurance, estate plans, etc. and a full plan for everything, as well as my taxes. He proposed to meet 8-12 times in the first year and a minimum of 3 times each year thereafter.
Do those sound like a reasonable fees? They were about 1/3 or so higher than I anticipated; but then, I really don't know. 
Any comments/opinions are welcomed. Thanks!
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Thu Apr 20, 2006 4:14 pm |
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MattL
Senior Member
Cash: $ 46.85
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Joined: 25 Jun 2005
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That also sounds like to many meetings and reviews. You should be fine with 2 times a year max.
Debt Elimination
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Fri Apr 21, 2006 3:10 pm |
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