One area that retirees sometimes get over charged on is fees to Financial Advisors for managing investments. For reference, I am not opposed to fees. I am opposed to what I consider exorbitant fees for little or no additional service.
IMHO, a maximum all in fee, mutual fund/ETF expense, commissions and advisor charge, should not exceed 1% for basic investment effort. I seen cases where the all in fee exceeds 2.5% and sometimes even has a front end load.
Maybe 10-20 years ago, when brokerage commission were $50 to $100 a trade, a fee over 1% may have been justified. However, with $0 trading commission and market index ETF expenses of less than 0.15%, it is hard for me to justify and investment advisor all in fee over 1%.
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This is not financial advice. Please consult a professional advisor.
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