Are you still paying 1% to your financial adviser? Here’s what might make a lot more sense — and save you tens of thousands of dollars

Many financial advisers charge based on how much money they manage on your behalf, and 1% of your total assets under management is a pretty standard fee. “Under $1 million dollars of investable assets, the flat fee may consume a very large percentage of their account and that would not be smart or advisable for the client,” says Paddock. In general, clients would do well to understand that percentage fees work well on smaller balances while flat fees are best for larger asset balances — and using the $1 million dollar threshold can be an easy way to draw a line in the sand for a client, says Kaleb Paddock, certified financial planner at Ten Talents Financial Planning.
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