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I agree. Most private money managers are not worth the cost: 75bps per year (or more) on managers balance. I recommend: Half your age in percent (30yrs old -> 15%) invested in 2yr US Treasury notes, plus remaining in low cost S&P 500 ETF. You will beat 99% of "wealth managers" after a decade, and 99.9% after two decades.
Do you have any data to support this?
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>"Real" wealth management has a lot more legal work behind it This is just me, but if I had legal work and deep pockets, I'd hire a lawyer. >a majority of people think that when it comes to finance they can compete on an equal level with experts who do this every day >But if your skilled you surely save a ton of fees. If you are "focused on wealth preservation" rather than "generating high returns", what is the need…
> If I won the lottery, and I just sent, say, a $500M check to a regular discount broker and bought an index fund, is someone going to take it away from me? Not from you, but the IRS will take 40% of everything when you die.* Only 60%, at best, goes to your heirs depending on state law. Unless you proactively plan. * Yes, yes the $13M federal exemption but that's a rounding error at the $500M+returns scale.
No more aristocracies.