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I think the idea with 1% is that they no longer charge for trades
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Maybe, but no one charges for trades anymore. A flat fee every year or so to legit 3rd party is a solid plan if you want the advice. Different strokes. But, paying someone 1% to tell me what funds I should be in? No thanks.
If you havent checkout the 3,5,10 yr return on t rowe price and vanguard target funds. Ask your guy to see his #s, including fees, over the same time periods. Simple math, is he worth the $$?