Advisory fees...the good, the bad, the ugly (AUDIO ONLY)
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- เผยแพร่เมื่อ 28 ก.ย. 2024
- Audio of the Retirement Planning Education podcast episode #93; Advisory Fees...The good, the bad, the ugly
For anyone interested in learning more about the ways in which financial advisors can charge fees, the pros and cons of each method, and why the long-standing percent of assets fee method is illogical and unfair, you'll definitely want to give this one a listen!
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DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Andy Panko EMC LLC make any representations to its accuracy.
Thanks, Andy Panko. When value is added, it is money worth spending; if value is not added, then compounding subtraction occurs.
Indeed!
Re: At 1:03:10, advisors outperforming benchmarks. In my opinion, it's not really possible to make more than the market without taking additional risk with one or two notable exceptions. But even fairly novice investors can take additional risk fairly easily. Is reasonable to incentivize an advisor to take more by taking more risk with your money? Because that's about the only reliable way to outperform over the long-term.
Personally I'm opposed to paying any advisor during the accumulation phase. Most people will never get enough value from it to justify the cost. Sure, an advisor can hold your hand to keep you from making stupid mistakes jumping in and out of the market, but in my experience those same people are the ones that will fire the advisor for underperforming the S&P 500 ... so there's just no winning there.
FWIW, I love what you do Andy!
Pregnant pause
Ah ha...thanks!
Thank you for the good advise Sir.
If I downsize my home once I have begun medicare, will I be kicked off or permanently have an IRMAA because the appreciation bumps me over the income limit or will it just be for that year I sell? I am single and with three beds and baths I feel like my retirememt will be permantly as the maintenance guy.
IRMAA is reassessed every year, based on your reported MAGI from your tax return two year priors. Therefore, even if you have a large bump in your income for one year, IRMAA charges won’t be forever; they’d only be for one year, all else equal
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