When in one's life should they start using a financial advisor?
I've for the most part managed my finances myself (investments I just let a robo-investor choose index funds (betterment, wisebanyon, etc)). I've saved at least 20% of my take home every year. I rent a condo at $2000/mo (TC is $140k) For 401k, I chose half a higher risk mutual fund (fidelity contra fund k) and half total stock market index fund. (I'm still in early thirties and have no dependents) Do I need to use a financial advisor or just keep doing what I'm doing?
A good financial planner will look at your current situation, your current goals, future plans, potential concerns and risks and put a plan together for you. Putting all your money in the market is not normally recommended.
The point of a financial advisor is to : 1 take your money 2 tell you to invest You're already investing... No need. For the complex stuff, go to Reddit financial advice.
The reason why financial advisors/planners will continue to be very useful for many people is largely due to everyone being different and having different needs and goals. What I need today will be different in 5 years. A website or a forum like this cannot provide the service/personalized advice. Financial planning is more than investing in the market.
Financial advisor = never Financial planner = periodic checkup (5-10 yr) for ~$1-3k financial review and recommendations if you are on track
IMPORTANT: have them adhere to a “fiduciary standard.”
the only financial advisor that cares about your financial welbeing is you
Never use financial advisor, but get slowly educated. Start slow with index funds. You only need advisor once crossed 5mil.
A financial advisor may be able to make you some more money with strategic moves, but it can also add risk that will lose you money. Furthernore, they will skim money off the top for their payment, so it's harder to reliably come out ahead. Just keep your goals in mind and ensure you are set up in a way you're comfortable with in terms of your own risk and how your assets are growing to hit your own goals. I think you can just keep doing what you're doing.