For those who use financial advisors (human ones like JP Morgan or Morgan Stanley, not Wealthfront or Titan etc.), how much assets do you have invested with them?
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Also, your poll is awful.
There are many different types of financial advisers: investment adviser, wealth manager, financial planner, personal banker. There are different certifications: CFPs, CPAs, CPA + PFS and (Series 7, 65 etc). Some attorneys are also in this line of work - estate planning.
Different entities & firms have different models of fees. Some are very hands off like robo advisors. There are the ones that are trying to sell you products and they earn commission and donโt necessarily care about your returns. Other advisers work with you on a plan that then you can self-direct or invest.
Writing all of them off would be - saying that a SWE who programs in Php is an idiot because he doesnโt also know Swift or canโt build an app and write off the entire tech industry based on that.
You should interview a few of them then decide what to do. If you have anything less than $750k to invest, I think you can do it on your own if you spend time learning. The ones who are exceptional investment advisers (CPA +PFS ) usually help you build wealth and minimize taxes.
I remain self directed for the same reason as everyone else states. The front line advisors don't provide enough value for the money
They'll just plug your $ into their roboadvisors and charge you 1.2% for the privilege. Not worth it
Only value add they can provide are 2 things: SMAs (e.g. I heard Fidelity has a good sma program) and securities-based lending (different from margin)
Compound it enough, and its a huge hunk of money they they siphon off