Is 1% fee justifiable for a financial advisor?
Hello,
Me and my partner have inherited around $250k that we would like to invest. Since we aren't financially literate we have been looking around and would like to hire a financial advisor.
We had a a Zoom call with a financial manager yesterday and he asked us how risk tolerant are we. In fact we just want this money to grow so that when we retire (in about 20 years) we have a decent chunk but on the other side we don't wanna risk it and lose it all.
He also mentioned his fees to manage the portfolio which is 1%. Is this justifiable for a portfolio that would basically be index funds? We are not going to contribute monthly or anytime soon, we just want that $250k to grow in 20-25 years.
Thanks a lot