Investment advisors charging one percent of the investments they manage for you is the industry norm. Many charge more than that.
Not sure how fees may affect your wealth over time, then check out this report.
In an effort keep more of your money in your pocket, I've created this list of low cost financial advisors. It includes both flat-fee advisors as well as those who charge 50 basis points (1/2%) or less.
Please understand that I am not recommending these advisors. You'll need to do your own due diligence to determine whether they are a good fit for your financial needs and goals.
Fees: $239 the first year, then $8/month
Services: Financial planning, investment management
Services: Hourly advice for DIY investors
Jon Luskin, CFP
Fees: For a one-time financial review, you pay a one-time fee: $1,725. Additional in-depth work (many clients don’t need this) and returning clients are billed at $350 an hour.
Services: Hourly advice for DIY investors.
Andrew Dressel, CFP®, APMA®, CRPC®
Fees: $375-$450 start-up fee, then $89-$139/month
Services: Financial planning
Michael T. Powers, CPA, PFS, CFP®
Fees: $950 initial fee + an ongoing flat fee of $1,250 – $6,250 per quarter
Services: Retirement planning, investment management, tax preparation
Lorne Abramson, CFA, CFP®, EA
Fees: Flat fee based on services provided
Services: Financial review, Comprehensive retirement plan, hourly consultation
Chris Urban, CFP®, RICP®
Fees: First year: $9,000 to $12,000; subsequent years: $7,500 to $9,000
Services: All aspects of our ongoing financial planning, health care planning, tax planning and investment management services.
Here's a list of flat-fee planners put together by Cody Garrett, CFP.
Here's a list of flat-fee and advisors put together by Sara Grillo.
If you know of other advisors who should make this list, please let me know.