What I don´t agree with is to hire some professional adviser at a cost of X% of portfolio assets so he/she can put your money into very costly managed mutual funds or worse, a fund of fund of very expensive managed mutual funds.tesmike,IF there is one item that is as close to consensus as you can get on this board - the above in totality is it!But this is really a compound proposition made up of:1) Hiring a professional manager2) Paying X% AUM3) Expenses, Expenses, ExpensesAs this is broken down, it appears the OP asked about #1 and #1 only. And for some IMHO, hiring a professional manager is absolutely the best move they could make. For some - absolute mistake! And that leaves a spectrum between.Number 2 - we all pay to be market participants. In varying forms and depending on the level paying based on portfolio size is a given. Buying individual stocks is about the only way to avoid paying a percent of position size. ETF's have expense ratio's and while must better than mutual funds they are still a %AUM. Some firms charge a percent and then provide free trading. In addition they can even provide specific equity baskets (think mini ETF) to replicate a strategy. Such as stocks that have favorable beta for coming out of a recession. Or precious metal plays but not fixating on miners! All of these are provided at no or low additional "cost" The point brings us to number three - and again this is an item I suggest is near consensus on this board. Watch the expenses but remember you get what you pay for. Expenses are not good- never have and never will be but you pay to be a particpant and you pay iof you chose to have some professional help. Just like when you own a car every now and then you have to put on new tires.. Doesn't mean you have to go to the most expensive tire shop in the city, but you do need to put them on and to be safe driving through retirement some folks don't mind paying to have some one else put the tires on!
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