Consultants’ Fees Seem Out of Whack
- Share via
I have watched in disbelief as the supervisors and others attempt to handle the county’s financial debacle. I am mystified by the advice being offered by the so-called experts and the amounts of money being charged for that advice.
As I understand it, CPAs specialize in tax advice, lawyers focus on legal advice and financial advisers or certified financial planners provide investment counsel. All one has to do is look at the hourly fees the county is paying its consultants to see whose input is “perceived” as most valuable:
Lawyers--$450 per hour
Accountants--$400 per hour
Public relations--$350 per hour
And yet, Tom Hayes, ex-treasurer for the state of California and the person who is providing actual investment advice, is being paid a mere $80 per hour. The inequity is startling.
Why don’t the supervisors get smart and fire all those high-paid consultants? Then they could afford to assemble a team of experienced financial advisers who share the county’s concerns and views.
That would be one way to ensure a debacle of this sort would not happen again.
MARTIN A. KLEIN III, Newport Beach
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
