This is your best video to date. Folks, this is why some of the best low cost investing proponents say "investing is one of the only products where you pay more and get less" The AUM fee model was designed to slowly transfer ones money from thier pocket to the financial advisors pockets. Remember the famous question to the advisor who is show off his yacht: Where are your customers yachts? Fiduciary standard is also flawed. Remember folks: "Money Doesn't grow on fees", "Trust by verify", "only you will take care of you".

Taxes, rising Medicare premiums, fees to get your own money…citizens are lucky to have anything left.

I have all ways done my own trades with Fidelity.... No scam fees...

I learned my lesson over 30 years ago. Never trust a broker working on commission and watch the fees.

I use Vanguard which charges a measly .3 %. In 2023 my account made 15% returns so I'm happy for now.

Sad thing is that the smaller your retirement portfolio is, the better it needs to be managed.

I probably already mentioned this on one of your videos but the AUM percentage fee charging"financial guy" has a motivation to keep you in "traditional" rather than Roth or Roth conversions. After you pay the tax toll for contributing or converting to Roth you have less in account totals but those totals are worth as much or more to you since you and not the "tax man" own your account balance. Also "aunt IRMAA" might be less apt to visit you in the future. Also remember the psychological lift of knowing your account belongs to you and not to the U.S. Treasury. I guess one of the main strikes against Roth (conversion) is the fear that your account will do poorly,lose money,in which case the "toll" you paid to convert to Roth becomes a sort of spillage.

A great plan if you want to pay a financial advisor, however after 13 years in the industry, I do my own. Additionally, I would encourage anyone needing an advisor or planner, seek a "Certified Financial Planner". It is important that person would also be a fiduciary. In my opinion it is important to have a credible designation and that is one of the most trusted designations in the industry.

People won’t like having to write a check for the fee even if it’s financially sensible

Most CPA’s are well versed in finical advice as they see so many successful people, and companies cross their desk.

Hi Devin, Good advice as usual Thanks, Bob Brooks

This fee model makes sense if your current broker is charging 1%. However, if you pay .05% or less you will probably be better off with the traditional fee model

Yeah, I just decided a couple weeks ago. I’m going on my own 1.78% is far too much.

I have a financial advisor its called……..wife.

Thanks Big Devin

I want a financial advisor that is well versed in taxation.

Well, I only had 370,000 and the bank was taking 1.78% yearly far too much!!!

Not only do you pay these advisors a percentage, YOU PAY REGARDLESS OF WHETHER YOU MAKE MONEY OR NOT! Beware the FIDUCIARY title. The intentions were there when that came out however, advisors got around that pretty quickly.

Who needs a free list of grants to get their business off the ground must have an EIN or LLC and active bank to receive funds!!

Will these new fee-based advisors work with retirees with little to no money set aside?

Thanks, but no thanks I will do it myself!

keep the vampires out of retirement plans is a step in the right direction and further mitigates the fiduciary paradox. Self-directed is the way to go...there is no advisor that can do what you can do for yourself is you are motivated by self-interest. Do not expect someone else to put your interests above their own(temptation is not your friend). No different than a lawyer introducing extra litigation to drive up costs.

I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

Most advisors that I know and have used have a graded advisor fee. They charge 1% for accounts less then $1million, .75% for accounts $1million to $2million, .65% for accounts over $2million, etc. Your blanket 1% advisor fee is not accurate in those situations.

Everyone should read the story "Meet the Gotrocks".

I don’t understand why you never mentioned using only a fee only financial advisor who is a fiduciary. I wouldn’t trust any financial advisor who isn’t a fiduciary. Unless it is assumed all fee only financial advisors are fiduciaries?

So people do have lots of money, we are not in that financial bracket, how about people who only get twenty thousand a year ... 🤔

Interesting that in the given example, you use a 7% compounded return as "an average rate" yet when I received my plan from your firm, a very conservative 3.5% return rate was used. (I did ask for, and receive, an additional plan using a 5.5% rate, so no complaints). My point is that It may not be as flashy to use a lower rate to advertise your flat fee services, but it would at least reflect reality for the returns that don't achieve the "average rate" of 7%.

Doesn't your firm receive additional fees/kickbacks from LPL and the third-party managers you refer to? That's what your ADV says. That's not really flat fee, right? Your example in the video of advisors not wanting their clients to spend money is a conflict you face, right?

These youtube investment advisors are a slick group! Create another revenue stream giving advice and also fishing for new clients. Be very careful with so called "advice" since its always self serving on tha tube!

Your firm is a flat advisor. But what is a good fee to pay?

I am happy that my only retirement income is S.S. I don't need to pay anybody for financial advice. It's your money, learn to take care of it. If you swim with the $sharks$ you get eaten.

Stop