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No it doesn't. The only funds that I would consider to be this way are the DFA funds

Agreed for except institutional (or admiral) class shares.

There isn't. It is not possible that the company will let their FAs just go off and do their own thing. The company won't let any of their FAs deviate from the company guidelines. And for sure one of those required guidelines is "the formula".

Not quite.

They should have access to "the formula" options, as well as completely tailored options that they can create on their own - as long as they maintain suitability guidelines. For example, if someone wanted nothing but index funds in an actively managed account, or if they want to exlude all businesses that deal in firearms, or if they wanted to exlude a specific company, like Phillip Morris, that is something that can be accomplished. An investor cannot do that be telling the managers of Wellington to not buy Phillip Morris.

Really, think about it. You are paying maybe 1.5%-2.0% annual fee. On a $1,000,000 account, that's $15,000 to $20,000. How much detailed personalized advice do you think you can get for what amounts to a starvation wage?

Why is that a starvation wage? It is fair to assume that if that FA has 100 clients with $1 mil each, $150k to $200k in income (I think it would be less than that but still) is not starvation. It is very reasonable to expect the OP can find the total package for much less than that. That being stated, I don't believe someone would be making 2% on a $1 mil account - that is crazy expensive. 1% (or much less) would be more realistic.

Have you considered paying some FA $1000 for an hour or two of his time, and then tell him exactly what to say when you and DH go into a meeting with him?
That would be cheaper than paying him $15,000 per year to get the same cookie-cutter investment advice that you could get for free from Money Magazine, or the WSJ or the NYTimes or Vanguard.


Did I miss somewhere that the OP stated they were paying $15,000 a year in fees?

If that is indeed the case, find a much cheaper FA. Don't wait for another meeting.
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