3 Types of Investors Who Should Avoid A Flat Fee Financial Advisor
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 25 March 2024
⏱️ 24 minutes
🧾️ Download transcript
Summary
Flat-fee financial advisors aren't for everyone. In fact, there are three types of investors who should steer clear of flat-fee financial advisors. In today's episode, we'll talk about who should avoid hiring a flat fee advisor and either do it on their own or hire a traditional % of AUM advisor.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:11.0 | Hey, everyone. |
| 0:11.9 | Welcome to The Big Picture Retirement Show. |
| 0:13.8 | I'm your host, Devin, joined by my co-host. |
| 0:17.0 | John Ross. |
| 0:17.6 | How did. |
| 0:26.5 | Yeah. John Ross. Howdy. All right, John. |
| 0:30.6 | We talk a lot on here about how different industries change. |
| 0:36.2 | In fact, just last week, we talked about some of the shifts that's going on in the real estate business. |
| 0:36.5 | Correct. |
| 0:39.6 | And how the compensation model there is going to change. And in that episode, we talked about how we think the compensation model in the financial |
| 0:44.5 | advisory space is going to change as well. And this is a shift that I can tell you from having |
| 0:50.9 | put this into practice myself in my own firm, where we now charging flat fees that it has a lot of interest. |
| 0:58.4 | There's a lot of people who have been looking at the fees and they're kind of finished just saying, well, it's 1%. |
| 1:04.7 | Now they're adding up the dollars that those fees are costing and they're wanting to talk to someone who can deliver a similar |
| 1:11.1 | experience for a flat fee, because that makes sense to them. You know, I mean, as you were speaking |
| 1:16.9 | about in the last podcast, where we were talking about the fee difference between the guy who has |
| 1:22.8 | $2 million and the person who has $5 million in their portfolio. Right. Right. Is it really worth |
| 1:28.2 | that much more? Right. Yeah. And again, the person is not doing that much more work. |
| 1:36.3 | Right. Yeah. That justifies the increased fee for that service. For sure. And now we went into |
| 1:41.7 | more depth on this when we talked about the flat fee financial |
... |
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