Dr. Jim Dahle of White Coat Investor maintains a list of recommended financial advisors. As part of maintaining that list, he makes sure that they’re not too expensive (even if they are giving good advice and service).
The end result is that we can get a better sense of how much a financial advisor should cost in 2024 and the data is fascinating.
The takeaways are even better.
What Do Good Financial Advisors Cost in 2024 [White Coat Investor] – “However, we’re faced with the task of maintaining a recommended list of financial advisors on the website. This task is important to meet our mission to connect WCIers with the good people in the industry and to maintain profitability. We actually have to decide when someone is charging too much to be on the list, even if we think they give good advice and service. That was the subject we were discussing in the meeting, and in preparation for it, Cindy (who’s been with us for 10 years and is currently the director of advertising) put together a list of the financial advisory firms who were on our recommended list and the maximum amount they could be charging to somebody with various amounts of money under management.”
I love this line at the end – “Even if you don’t like mowing your own lawn, you’d still do it if it cost you $36,000 to get someone else to do it. “