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Why You Should Hire A Financial Planner Even If You Are Not Rich

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Unfortunately, even the fiduciary fee-only financial advisers can be expensive too, IF they charge 1.0% or more AUM, or an outrageous 5.0% retainer on small portfolios in the $100,000 range. Back in the days, it used to be fee-only and hourly, but in order for the financial advisers manage a business, they embraced the AUM which is actually more profitable than the commissions. I wonder why the insurance industry fights those new fiduciary standards when they could make more money, in my opinion.

I wish for the days, if there was such a thing, that fiduciary financial advisers charge $300 - $500 per hour when you need them, like any other profession. I just paid $485 to file my state and federal taxes. Why can the personal finance advice industry offer a similar service? It seemed to start out that way but now has evolved to the AUM. I know its more complicated than a CPA's job with taxes or accounting. FA have to use an external custodian such as Ameritrade to place their clients' money in order to manage portfolios under their care.  BTW I think .50 or .75% AUM is reasonable and 1.25% is outrageous, again, in my opinion. 

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