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LinkedIn has become an effective site for communicating between advisors, prospects and centers of influence. My recent experience illustrated how advisors should respond to inquiries from a LinkedIn contact.

I recently posted this inquiry on LinkedIn:

A reader with $5M in assets made this inquiry. He has a financial planner, a C.P.A and a trusts and estates lawyer. He wants to invest all his assets in a Dimensional core fund. He doesn't want any other services. He asks: "What's a reasonable fee to pay solely for access to Dimensional funds?" What would you tell him and what firm, if any, would you recommend to him?

I was stunned at the amount of interest this post generated. When I last checked, it had more than 5,470 views. My typical post has fewer than 100.

I subsequently clarified my requirements to indicate the advisor and the planner would work jointly to determine asset allocation, rebalancing, fund selection and tax-efficient investing and withdrawals.

Let’s review some of the more negative responses. There are valuable lessons to be learned from them.