I'm wondering if it's worth having someone manage savings, or trying to do it yourself?
Generally I've been asked for a one-off payment of $2k just to review my assets and create a plan. Management fees vary but generally take a significant portion.
If you recommend doing it yourself, what are some good resources for learning about the process?
This would be for something ranging 100k+
ETA first post :) following a long time
Hey mate. Good to hear you have a decent amount of cash going on!
I would say before you spend $2k… spend a few hours and do some reading, maybe even spend $20 bucks on a few books. Some places I go for finance info are on Reddit. If you're not familiar, it's a pretty easy to use forum site, and you don't have to sign up to view anything for the most part.
Some good communities or subreddits on there for this stuff are:
reddit.com/r/financialindependence
reddit.com/r/ausfinance
reddit.com/r/fiaustralia
I wouldn't take anything on there as 100% true or just follow someone's advice without questioning it, but for the most part, the things I read on there and subsequent research form the basis of my thoughts on this matter.
Now, to answer your question, I sort of would need to know what you are trying to save FOR… if this is just for retirement or another long-term (5yr+) investment, I'd honestly just say through it all in an ETF (exchange-traded fund), which is essentially a snapshot of a given stock market (say, the ASX) where you get a ratio of shares that represent the entire exchange. When it comes to long periods of time, most stock exchanges are trending up, at least in developed nations. I don't have sources handy but it's generally accepted in these communities that it's pretty hard and expensive to get a better interest rate than what the average of the exchange gets, over a long period of time, and you will have to pay big fees if you get someone to manage a share portfolio vs an EFT.
Anyway, just my two cents. Go do some reading and congrats on having a big chunk o cash! :)