Reply to Talk to me about why we should or should not use a financial advisor

Forum Index » Money and Finances

Reply to "Talk to me about why we should or should not use a financial advisor"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Let me play devils advocate here because I am in the same situation as the OP.

I am also an attorney with a HHI (single) of around 300k.   I understand some of the replies to this thread that people can just read some books and figure this stuff out on their own, but the bottom line is that I do not have any time to read books that I wang to read, let alone books about personal finance which is a subject that doesn't interest me at all.  I haven't read four books in the last seven years -- god knows it's not going to happen now.

So for people in this highly specific situation -- relatively high HHI but more money than time and interest -- does hiring a financial
Advisor make sense?  [b]I outsource just about everything else in life -- why not this too[/b]?   Tonthe debatw over managing a percentage of
Assets versus a few only planner, perhaps I had a very bad experience but I met with a few only planner once.   His entire professional presentation was lacking -- we met at some shared office space thing, it was obvious that he did no homework whatsoever on my situation even though I wrote him highly detailed (and time consuming) emails ahead of time.   But then again -- he was going to only charge me a couple
Hundred bucks.    I have been talking with another advisor at an investment house -- yes he will charge a percentage of assets and yes the percentage is high (which is why I am hesitant)  but on the flip side he comes across as very professional and knowledgeable, he is part of a team that has been in business for 30 years so obviously they are doing something right, -'d he has answered many questions I have had day and night and I haven't even paid him a penny yet.   It reminds me of some similarities to the law -- yes big firms (where I work) are overpriced, but we tend to have insane customer service for our clients.   We know that our clients are paying a lot of money for us and part of that is our professionalism and dedication.  How dedicated is someone going to be to you for $300?

I say all of this just to present a different view on this subject.    I think the conventional wisdom on these boards is "do it yourself" not taking into account that a lot of people simply don't have the time to do it themselves and then the second advice is "ONLY use a fee only planner" without taking into account some of the other benefits of other advisors.   But that being said, I am still on the fence.

[/quote]

I can't stand paying someone to do something I can do myself.  Especially since it's usually at a premium.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics