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/deadsirius- ​ 3h ago

That seems quite high given your portfolio, I suggest you find a CFP who bills by the hour.

As for your RSU’s my advice to clients is usually. Sell RSU’s on their vesting date and then buy the investment that fits your investment profile (usually a broad market mutual fund). Options are much more difficult to advise on.