Hi folks, As I build my wealth, I want to see if there invested avenues I haven’t explored yet. I have investments in ETFs, stocks, crypto, 401k (traditional and Roth), and currently paying a 400k mortgage. I am always open to find better ways to invest my money and I feel I am open to talk to a financial advisor as I make more money and find ways to better invest and save in taxes when possible. Please, kindly answer the poll and these questions in the comment area: - How much does is cost to have a financial advisor on average? And how do you pay them? - Is it really worth paying for one? Do you see good returns? - Are there free ones that are worth exploring first (via a bank or investment company)? TC: 350k (with spouse: 415k) Yoe: 10 #personalfinance #investments
Yes. I highly recommend finding a good financial advisor. Look for an independent fiduciary who does wealth planning. They have access to better tools (you can too, if you want to pay the fees yourself), they can invest you in different investments (because they have access to bigger pools of money…including yours), it’s their job to watch the market and trends so they are more up-to-date and are more knowledgeable and they can move faster with your money than you can while you work your own job with its own demands, they can work with you and your accountant for your tax strategies every year and as you’re closer to whatever big financial events you have in your life (house buying, college, work transition/retirement), etc.
Do this math, for how many years you will be investing? I believe for rest of the life you will continue to invest, recycle, shuffle… If that span is more than 10-15 years, is it worth to give that control to someone else and keep paying for it? Why not to learn and do it yourself? Investing doesn’t need lot of smartness and huge IQ, it just needs patience and long term perspective.
It depends on what you want to do with your money. My husband was a stock broker. He knows what to do. We still employ an FA because we have full time tech jobs and our FA can and has been more agile than we can be. You’re not paying a good FA. They’re paying themselves. They’ll make you more money than you can yourself in both bull and bear markets. I’m not talking about the one offs “I made thousands on crypto” crap. You do that in your own play account.
It is not about paying a good FA but it is about finding a good FA which is rare though not impossible. I can’t completely disagree with your opinion but managing financial decisions is most important life long activity, outsourcing it completely to someone is certainly debatable if we talking about long term plan. People could take hybrid approach and eventually can learn to manage by themselves . It is like will I dine out everyday or learn the cooking to minimize the dependence on dining outside.
I’d like to just get a consultation and pay hourly fee for feedback on my current approach. But not have them manage my money (which of course is what they want so they can earn their percentage).
There are different levels. You can absolutely have one do this for you.
There are a lot of bad financial advisors. It takes some education to determine who is bad and good. By the time you're able to determine bad from good financial advice, you're ready to do it yourself.
I hire a cpa and follow the wiki on Reddit personal finance.
I've used one in the past and did not feel like I got much value out of the engagement. If you spend a few hours reading boggleheads you'll likely beat most of the 'pro' investors. If you do decide to use one, make sure they have a feduciary duty to you and do not EVER buy whole life insurance.
The ones I used didn’t provide what I was looking for. I already knew what they were telling me. I am open if someone here has a suggestion for a good one.
If your financial situation is complex or if you have goals you want help planning for, an advisor can be very helpful. If it's pretty simple, you might be unimpressed.
Try Vanguard for a financial advisor, it’s ones of the best and cheapest options in the market. If you have special circumstances which you would like to get help with, it’s a good idea to get one. Once you’re comfortable moving your money from a managed account to a self managed, it should be pretty simple process.
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Most of them are scammers. It’s not complex and you don’t need one.
Thanks for the comment. I have heard this before and some folks recommended not getting one
Just buy BRKB, you’ll beat 90% of finically advisers