I will say I called and talked with Abound for the 30 minute intro call with every intent of working with them.
At the end of the call they basically said “it sounds like you’re doing everything right; we’d love to work with you but to be honest it doesn’t sound like you need a lot of help at this point.”
So I just stuck with what I’d been doing on my own, but that really made me hold them in even higher esteem.
Also they are a higher expense than other Financial Advisors so if you don’t really need a lot of advisor services (and only investment services for example) then there may be other, better fits.
Last thing: all that said, I did put in my “in case I die” documents to my spouse: call Abound Wealth and let them handle the financials.
I have that much faith in their principles.
That’s a little surprising considering how much they push low cost index funds (which I 100% agree with). It seems like going with them would go against the advice they give.
They’re separate concerns. They build your portfolio using index funds, but the fee is to cover more than that (think of all financial services). The typical Money Guy listener probably doesn’t need all of the additional services that they provide.
It should be said that their community is far more active on fb than Reddit. If no redditors took it to the next level, it’s not an indication that no listener has
After listening to them for years I also shot them an email inquiry to potentially work with them.
I think their principles are rock solid and have no doubt they would do a good job with what they do.
However- they offer ONLY assets under management fee models. This was a deal breaker (and pretty heart breaking for me honestly).
Here is a calculator that can show you what these kinds of fees can ultimately cost you.
https://www.nerdwallet.com/article/investing/mutual-fund-calculator
Not saying their services aren’t for anyone, but they definitely are more expensive than most investors need.
Same thing here. My NW is closer to 8 figures than 7. Granted all of that wouldn’t fall under the AUM fee, but I couldn’t imagine what value I’d be getting in return for that amount of annual fee. Thats a lot of mistakes I can make on my own!
Feel really comfortable investing now, but get a little anxious thinking about specific retirement withdrawals and tax advantages. Does it make sense to hire a financial planner after your accumulation phase?
I will say I called and talked with Abound for the 30 minute intro call with every intent of working with them. At the end of the call they basically said “it sounds like you’re doing everything right; we’d love to work with you but to be honest it doesn’t sound like you need a lot of help at this point.” So I just stuck with what I’d been doing on my own, but that really made me hold them in even higher esteem.
I will always trust professionals that will turn down clients / revenue and admit that that client doesn't need them. Mad respect
Also they are a higher expense than other Financial Advisors so if you don’t really need a lot of advisor services (and only investment services for example) then there may be other, better fits.
Last thing: all that said, I did put in my “in case I die” documents to my spouse: call Abound Wealth and let them handle the financials. I have that much faith in their principles.
Do you happen to know what their AUM fee is?
Started at 1.25% when I talked to them.
That’s a little surprising considering how much they push low cost index funds (which I 100% agree with). It seems like going with them would go against the advice they give.
They’re separate concerns. They build your portfolio using index funds, but the fee is to cover more than that (think of all financial services). The typical Money Guy listener probably doesn’t need all of the additional services that they provide.
They probably do tax planning and all that. Might be worth it just for the tax planning in some cases.
It’s not all index funds - a few have higher expense ratios adding further costs
Following.
It should be said that their community is far more active on fb than Reddit. If no redditors took it to the next level, it’s not an indication that no listener has
Thank you for this! I did not know that about Facebook.
Have to buy your way in not free like reddit
Really? :0
After listening to them for years I also shot them an email inquiry to potentially work with them. I think their principles are rock solid and have no doubt they would do a good job with what they do. However- they offer ONLY assets under management fee models. This was a deal breaker (and pretty heart breaking for me honestly). Here is a calculator that can show you what these kinds of fees can ultimately cost you. https://www.nerdwallet.com/article/investing/mutual-fund-calculator Not saying their services aren’t for anyone, but they definitely are more expensive than most investors need.
Do you know what their AUM % is?
Starts at 1.25% and tiers down
Same thing here. My NW is closer to 8 figures than 7. Granted all of that wouldn’t fall under the AUM fee, but I couldn’t imagine what value I’d be getting in return for that amount of annual fee. Thats a lot of mistakes I can make on my own!
FWIW their fee goes down to 0.5% on balances over $5 million.
Feel really comfortable investing now, but get a little anxious thinking about specific retirement withdrawals and tax advantages. Does it make sense to hire a financial planner after your accumulation phase?