@innova2019 Yes, there are quite a few financial planners that do exactly that. Look for smaller, independent firms that operate as a team/ensemble (minimum 5+ people) - generally they will have support and infrastructure to take that approach. Target firms with CFPs and then interview them to see if their primary focus is planning/implementation vs investment management. A few things to note though:
What level of fee are you willing to pay for that service? If you're looking for a "minimalist" rate, that likely won't happen. It'll probably still be the industry standard of 1% on the first $500k-$1m, but hopefully declines rapidly after that. It doesn't matter if you're just in the S&P500 or a more broadly allocated portfolio, either way I've got the same level of liability (actually, more risk if you're just in the S&P), and we're still doing essentially the same level of work (including planning, implementing, etc.) which is what the majority of a typical advisory fee goes to (at least it should... avoid any planner/advisor who pitches investment management as their primary value add.)
While the main pitch isn't portfolio management, it does come into play whether we like it or not and generally means we can't use a S&P500 only approach. If you want us to handle free up funds, moving money, etc., it requires us to use a managed account so that we have discretion. From there, if you're a proponent of low-cost broad indexing, then a global market cap portfolio is more arguably appropriate. Similarly, if you're drawing income, there are clear benefits to breaking out the exposure using separate index funds (better when rebalancing for cash generation, etc.) If drawing income, having some fixed income exposure is also appropriate so you have options next time the market drops 50%+. I have to provide that advice/direction and if you opt to stick with only the S&P500, I've got to document that. Next time the SEC stops by, they're going to see that your accounts are not actively managed (as evidenced by the documentation and single holding) and that the investment decisions are made by you. They are going to argue that an advisory/managed account is not appropriate, which creates legal/compliance issues for me. The various admin/planning/implementation services should matter, but seem secondary to regulators. All that to say, we essentially have to incorporate some level of portfolio management into the equation.
This is the type of service that still requires manual work; running tax estimates, setting appropriate withholdings, modifying as a result of changes to distributions, tax bracket shifts, IRMAA tiers, tax law updates, etc. I wish there was a way to automate it, but none of the major firms have come out with anything yet. Within the industry, we have some tools that help, but still requires manual work to optimize and implement.
