Matthew Lane

Comments:

• 1% of your assets for investment management only? Nah, not likely. For real-life financial planning? To me, yep! For context, I'm 39 and have paid the 1% percentage point for the services my planner, a CFP(R) professional, provides since 2006. She has been my rock for soooo many things over the years for things that have nothing to do with asset management. She and her firm have saved me and my family likely more than I've paid her, particularly tax planning and insurance (she does not sell). We have a real relationship with her that evolves so paying her on a continued basis is warranted because we don't just "turn her on and off." Using the 1% as a proxy to charge for the complexity of your situation and how much planning you need seems appropriate to me (insert Behavior Gap here). Others not so much I guess. Humble Dollar readers likely are skewed toward "no" in my opinion. We cannot lose sight that many many people do not like this stuff like we do, and they'll gladly pay a fee we view as silly. It's when the fee is silly and mired in conflict of interest that gets my hackles up. The flat-fee or fee-only argument is certainly a good one. Kitces and his folks have some stats out there about how most folks prefer their payment to an advisor comes out in the assets under management form (and never really seeing it come out) and not paying as an auto-draft or individual transaction. I dunno. All of em have their flaws. An advisor working on commission by selling me things has too much conflict of interest to me. So how about % of net worth, % of income using Line 9 of your 1040, a % of your NFT portfolio? Honestly if you've set a fair fee for fair work and it's reciprocal, isn't that what's best for you? I am a veterinarian and I view myself as a guide to helping people with their furry loved ones achieve the greatest return on emotional investment in the form of happy, pain-free, disease-free years with their pets. Achieving this is the pinnacle of what success looks like to me. I just recently completed the CFP(R) coursework and plan to sit for the exam in March; not so I can do a career change (but hey who knows), but so I can better understand the awesome things planning can do and so I can be a better guide and advisor for my patients. I cost more. I provide more. What Steve or Danielle or Filbert down the road charge should be irrelevant. *I wish everyone could take the coursework. The breadth is amazing. The industry just hangs on managing assets and it's hard for them to scale real financial planning. My opinions of course.

  Post: Is a good financial advisor worth 1% of assets per year?

  Link to comment from January 1, 2022

• I'll echo everyone else's sentiments Mr. McGlynn. Very well thought out. I remember your article last year (June-ish 2020, I believe) where you laid out how you've laddered your QLACs and such. Opened up a world I didn't know about at the time. Kind of like building a fortress around your latter years. Highly recommend giving it a read. Thanks

  Post: Lump It or Leave It?

  Link to comment from January 1, 2022

• Mr. Quinn I need to work on my ability to make those reports funny to my wife. She doesn't see the humor yet...

  Post: Withdrawal Pains

  Link to comment from December 9, 2021

• I'm still impressed Dr. Lim. I feel so lucky so have been late to the game age-wise that all I've ever known is an ethical CFP, Bogle, Ellis, Clements, Seawright, Housel, plus all of you all to steer me straight from the jump. I can't imagine trying to make that change. I tell myself that my late start isn't a bad thing b/c I woulda just screwed it all up stock picking in my 20's.

  Post: Withdrawal Pains

  Link to comment from December 9, 2021

• Great insight! Thank you Dr. Ellis. Correct me if I'm wrong here, but this is a real life description of risk "capacity," a term I was unfamiliar with until recently. Question: What to do if your capacity changes like, say, you start a business from scratch and funds are dramatically less for the short term? I'd think you'd have no choice but to invest less (whatever the stock/bond ratio), but should you consider changing the allocation of what you have already invested?

  Post: Tailor Made

  Link to comment from November 10, 2021