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Don’t Make Me Say I Told You So 233

a trusted advisor who has worked with your family for years,
knows your goals, risk tolerance, and income needs?

It Doesn’t Cost As Much As You Think

Can you achieve your optimum weight, cardiovascular
efficiency, and body-fat quotient using only the advice in a
$19.95 diet-and-exercise book? Possibly, but isn’t it much more

probable that you’ll stick to your diet, remain faithful to your

exercise regimen, and gain the desired outcome by working
with a personal trainer? Clearly it is. The only questions are:
What does the help cost? What is it worth to you?

These days, a professional investment advisor probably costs

around 1% per year of the assets you have invested. Maybe it’s a
few tenths of a percent more in smaller portfolios of, say, under

$100,000, and maybe it’s a few tenths of a percent less in larger
portfolios that are north of $1 million.

So it’s essential to consider whether working with an advisor
will add at least 1% annually to your total annual lifetime return.

Does it not seem probable that the advisor’s counsel will: (a)
increase your return by more than 1% a year; and/or (b) save

you more than 1% a year in mistakes he or she helps you avoid;

Chapter 5: Things That Can Wreck Your Retirement