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No. of Recommendations: 5
You stated you handle your portfolio - I am taking that as a statement of your confidence and skill. My suggestion is do not seek outside help in portfolio management for your father.

Generally speaking portfolio management arrangements cost 25% of the typical growth/return of a portfolio. As you know some years are up and others are down - but the roughly 1% fee happens every year. On the long term average taking inflation into account, stocks return about 4%

My wife and I handled a friends affairs for 18 years after she had a nasty stroke. We are now handling my mother in-laws finances. So we have some experience with what you face.

In our experience, there are a few distinct tasks in the financial area.

Paying bills.
Asset Allocation.
Getting funds from portfolio to an operating account.
Taxes.
Other - things like choosing Drug Insurance Plans, hiring healthcare, RMDs, etc.

Investment advisors benefit from this process appearing a lot more complex than it is. As with any task getting from the 85th percentile to 99% of perfect will take at least twice the effort as getting to 85% of perfect. So if 85% is not good enough, hiring somebody will only make your financial situation worse. If the pile of funds is big enough that is not an issue, the decision of purchasing financial advise is not different than hiring someone to mow the lawn -- a convenience choice.

Your father will not live decades. Unless his annual distributions exceed his expenses, there is no reason to worry about reinvesting distributions - let them be deposited into a settlement account. When funds are needed move them from the settlement to your father's bill paying account.

I suggest your investments be in mutual funds. If you want a really simple approach, purchase something like Vanguard's Wellington Fund. Wellington is has among the lowest fees. That single fund will get you close to in not beyond that 85% of perfection mentioned above.

If you still feel the need for financial advise, hire a fee for service person and buy a few hours of their time.

As previously suggested, consult an eldercare attorney for dotting the letter I and crossing the letter T.
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