Reply to Am I overpaying my financial advisor?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]most anti financial advisor people on here probably think they are smarter than they are.

"Markets are going to crash this year."

"We are due for the big one."

"Biden or Trump will end the world."

They probably sell and buy at the worst times. A FAs job is not to try and get you on the cover of Forbes, it's too prevent YOU from making stupid mistakes. That cost is intangible and not necessarily quantifiable.

We happily pay our advisor because they keep up from being emotional with money. The $25k we pay them is a lot but I don't know how I would have reacted without them. For all I care, my assets are at all time highs. Win win.

A good advisor will admit this and provide a ton of other value add service offerings. A bad advisor tries to sell their "outperformance"[/quote]

What an odd straw man argument.  Most of the people here giving detailed info on how to move away from the FA are specifically saying "put your money into 1-3 index funds and then don't touch it".

But I do agree with you that the best function of an[b] FA fo[/b]r anyone with under say $5 million in assets is exactly what you say- to prevent dumb mistakes.  But in this case, as in many, the FA is mostly putting the OPs money in funds that are suboptimal and charge ridiculously high fees, most likely to earn kickbacks from the funds, on top of their onerous 1.25% management fee.[/quote]

To be clear, these people should be referred to as FS, financial salespeople.[/quote]

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