I have been struggling with the decision to get a financial advisor for almost 6 months to a year now. I don’t really know if I really need a financial advisor or not but overtime I would expect that I would want some kind of tax strategy or general advice on market conditions and investments in the long run. Just based on that do you guys think it is worth getting an advisor? My TC is not super high (150K) at the moment, but I’m hoping it will go up a lot more in the future and I was wondering if there are specific reasons or cases when folks with high pay really found financial advisors useful? For those who are using financial advisors, is there any specific company or institution that you found more useful than others? Also, if I already have long term automatic investments setup with Vanguard / Fidelity target funds, is it worth paying fees in the long run? Any thoughts on this would be very helpful, thanks!
I’ll advice you if interested the reality is 95% can be learned in 15 minutes
They’re frauds. You can get the same advice from books and youtube lol.
You're too poor to need one. Put all your money in SPY. Ill happily take 1% of all earnings yearly for that advice.
What is SPY? And, if there a specific range of income that you would hint needing a financial advisor?
If you have a W2 job you by definition are too poor for a financial guy Put it all in SPY, done If you derive all of your income from investments and not a W2, then a financial guy can help as there are loads more tax loopholes for investors vs W2 slaves
Do you have a 401k? If you do and it’s at Fidelity you can do both paid and unpaid advisors. My husband and I started with unpaid and were so pleased that we moved our non-Fidelity accounts into Fidelity to have them managed by one advisor. Can’t remember what we pay but it’s not a lot and they are on call for us whenever we need them. They have performed very well for us.
You don't need one until they pay you for their service. This is probably around 7m+ net worth at min.
It's not worth it. As long as you're living below your means, saving for retirement, and investing the difference into a brokerage account and your investments track some s&p index, you are doing just fine and on track for wealth building.
Thanks! Very practical advice, appreciate it!
i think fidelity advisors are fiduciaries, so they generally act in your financial interest rather than trying to sell you things. always good to get opinions and get educated financially *i m not a financial advisor and haven’t tried their services yet but i’ve heard good things about them
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You don’t need it