AUM = what?AltaRed wrote: ↑04 Apr 2017 10:20 Indeed, the tougher question is who to go to later, and it is tougher because the 'hands on' DIY types here would loathe/cannot comprehend/cannot imagine anyone else who charges fees taking over stewardship of one's 'baby'. Similar to the thought of someone taking over that '65 Mustang one re-built with their own hands.
But one has to accept that most everyone's hand built (take pride in) DIY portfolio will end up in a 'paid' advisor's hands and the best one can do is provide some guidance (1-3 options) on where to go and why. Because if one does not do that, it will likely end up with the local 'brick and mortar' bank advisor..... or the full service arm of the bank in which the surviving spouse does his/her banking.
What do you prefer? A % or AUM advisor? A full service broker? A 22 yr old mutual fund salesperson at the bank? Do some homework, discuss with spouse, potentially interview a few options, and prepare a short 1-1.5 page 'Who to go to for portfolio management' guidance to executor/surviving spouse on that subject. Reference it in your 'Letter to Executor' that you should have already given him/her along with copy of Will.
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