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No. of Recommendations: 5

45% of those who don’t have a paid financial advisor—and 50% of all consumers—think they typically cost much more than they do. Fee-only advisors typically charge between 0.5% and 1.25% of the assets they manage, but these respondents believe the typical cost is between 5% and 15% or more of assets.


The respondents are right. Saving for retirement and spending money in retirement is hopefully a 50 or 60 year project. An advisor skimming 1% per annum from you over a 60-year time frame will take almost half of your net worth -- that's the miracle of compounding working against you.

Vanguard's new "low-cost" financial advice service.


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