How much do you work with financial advisor?

Google
G31

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G31
Dec 27, 2019 31 Comments

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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TOP 31 Comments
  • Zero. If they really knew what they were doing, they wouldn't be financial advisors making peanuts.

    Also, your poll is awful.
    Dec 27, 2019 8
  • New
    1+1+1 ๐Ÿ’‹

    New

    1+1+1 ๐Ÿ’‹
    Iโ€™m not sure why some people on Blind are so full of sh*t.

    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 donโ€™t 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 doesnโ€™t also know Swift or canโ€™t 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.
    Dec 27, 2019 1
    • Google
      G31

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      G31
      OP
      Thanks! I am surprised about the commonality of such views on this forum and authoritarian way of dictating them to others. Techies with high TC constitute a small percentage of wealthy people, and they talk in a way like they found the bug in life and smarter than anyone else...
      Dec 28, 2019
  • Indeed
    gyij

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    gyij
    Buy 50% VTI, 20% QQQ, 20% ITA, 9% TFI. And 1% will be my fees. Thank you.
    Dec 27, 2019 4
  • Apple
    dbXp62

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    dbXp62
    Try bogleheads.org and the three fund portfolio via vanguard fidelity etc...
    Dec 27, 2019 7
    • Google
      G31

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      G31
      OP
      When most stocks are highly correlated with the indices, sure. But in the long term it is not the case - 2019 was a unique year where the moves were dominated by politics. In my opinion, the next few years will be dominated by individual success stories rather than broad index moves. Thus spending hours to pick the right companies/industries/countries will highly pay off.
      Dec 28, 2019
    • Apple
      dbXp62

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      dbXp62
      What makes you think you can pick better than the best out there?
      Dec 28, 2019
  • GoDaddy
    Good Daddy

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    Good Daddy
    I qualify for both Chase Private Client and Merrill Lynch Wealth Management (i.e. $ > 2x$250k)

    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)
    Dec 27, 2019 2
    • Google
      G31

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      G31
      OP
      Have you looked at the past performance of their SMAs and ETFs etc. for portfolios focusing on global/local equities/fixed income at ratios you do, and still claim that you outperform them in relevant metrics like return, sharpe ratio, max drawdown etc., after the fees?
      Dec 27, 2019
    • GoDaddy
      Good Daddy

      Go to company page GoDaddy

      Good Daddy
      Indeed I have. JPM is especially egregious, as you not only pay the 1.2% per year for the "privilege" ๐Ÿ™„๐Ÿ™„๐Ÿ™„ of being managed, but you also have to pay the expense ratios of the mutual funds they recommend, bringing your annual fee up to 2% per year, easily

      Compound it enough, and its a huge hunk of money they they siphon off
      Dec 27, 2019