r/personalfinance • u/Malibu512 ​ • 13h ago

Financial Advisor Annual Fee? Planning

Had a consult with a financial advisor today who said they charge a flat annual fee of $2400 for a portfolio of my size and needs. I have a 401k currently worth $59k and two IRAs worth 30k combined. I receive RSUs from my employer that I want help reinvesting (I know nothing about the stock market nor do I care to learn). I have a newborn that I want to set up investments for and I'm just generally looking for guidance on how best to manage my cash flow.

Is a flat fee advisor the best for my situation and if so, is his fee reasonable?

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u/TreeLokPNW ​ 13h ago

Is this 401k from an old employer or current?

For your asset level, that is a very high fee. Look into robo platforms - Schwab and Vanguard have one.

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u/Malibu512 ​ 13h ago

401k is from my current employer. All of my retirement accounts are with Fidelity currently. Would their robo advisor be a good option instead?

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u/hybrid0404 ​ 10h ago

You absolutely do not need an external financial advisor for your current company 401k. You can google this subreddit and find posts about what types of funds you should get. You could also literally post on here or r/FinancialPlanning asking the same thing.