Vanguard, Local, or First Republic Wealth Management?
We are fortunate to have earned quite a bit of money this year, but now we are trying to figure out how to invest the funds. We will be consulting with a CPA we've found (this was all straight income and we were heavily taxed). We now have a few million $ to invest and don't have the expertise to figure it out ourselves. Our goal is to protect and grow the $ to ensure retirement (education and house basically covered). I know some people say just put it all into index / mutual funds or do robo-investing, but I wonder if it would be more worthwhile overall to pay for more specialized portfolio balancing than that, esp. given that this market can't continue forever, and we want to hedge against downturns. Vanguard would charge .3% and FRB 1.2%; has anyone found that FRB offers much better returns, service, or opportunities to justify the higher fee? At this time we don't need the business lending and other services that they offer, but don't know if using Vanguard wealth management will limit us to their products and strategy, whereas FRB advisors might consider a wider range of vehicles. Has anyone reading this used the personalized wealth management services of either of these and found them worthwhile, or is robo-investing the way to go, even when over $2M? I feel weird handing it all over to algorithms, but have to hope that the actual manager would help in some way beyond the robot. I have also spent too much time looking at real estate investment possibilities all over the country, but it's going down a rabbit-hole and not where I'd want to park the bulk of the $ either. I saw on BPN that a couple of Berkeley wealth managers have been recommended, but are they better in terms of overall returns and strategy than using Vanguard, FRB, or maybe Schwab, or ultimately just higher fees? Thank you very much in advance for any replies, and I wish everyone a healthy and happy New Year.