Investment advisors are a pet peeve of mine. I know only one investment advisor who beats the S&P 500 index after fees. Recall Warren Buffet's 10-year bet with a fund manager. The fund manager chose five funds of hedge funds, and Warren took an S&P 500 index fund. After ten years not only did the S&P index fund outperform the funds of funds after fees: it outperformed the funds before fees. When I donate money to charities I always look at their investment management fees, shown in the Form 990. Most charities spend or give away give 5% of net assets each year, but 1% of net assets or more goes to an investment manager. I try to specify that the money that I donate to charity be spent in the year in which I donate it so that investment managers don't get too much of it. After I die, though, I'll have to have another plan.

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