A close relative has asked me to manage her 1.2 mil portfolio. She's 65 and unhappy with the 1.25% fees her current advisor is charging. (Ouch!)
I'm a bit torn. On the one hand I'm sure I could build a diversified low cost portfolio that meets her moderate income needs, on the other hand, she's family and if ever she was unhappy, I'd be dismayed.
I'm currently planning on taking her to interview a few other financial advisors to see if we can find a fee only planner that is more reasonable, but even still, having a local advisor costs $$$.
What would you do?