Money/Investment Managers Questions

[Sigmapolis]

What would you say as the threshold as “serious net worth”?

1s, 10s, 100s of millions?

I think the issue is less the raw amount than the complexity of your assets.

If you just have a bunch of money... investing it on your own is still easy and cheap.

The complications come in when you have a complex set of assets (e.g., real estate, equity stakes in privately-held businesses, etc.) and income sources (salaries, proprietor's income, etc.).

 

[Sigmapolis]

Something that I haven't seen mentioned is that as you get to be older, say late 60 to 70's and older, your mental abilities may not be as sharp as they once were. In your younger years you managed your own retirement portfolio and did an acceptable to good job. But, then you start down the path of dementia and Alzheimer's. From what I've seen, those that start down that path rarely seek out help in a timely fashion. By the time your spouse or family intervene serious damage may have been done to your retirement. If you can find a financial advisor that charges 1% of the assets, it might be worth it to protect your savings from yourself.

This situation is (hopefully) decades out for me.

But...

I'm already planning to set things up such that my financial "car keys" are taken away from me and given to my daughter and nephew and any future younger family members at 70ish.

That is going to be in the 2050s, so I've got some time, but financial management isn't an old man's game.