Reply to Am I overpaying my financial advisor?

Forum Index » Money and Finances

Reply to "Am I overpaying my financial advisor?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][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]

Nope, most anti-financial advisor people here know exactly how stupid we are. And how stupid financial advisors/salespeople are. Which is why we buy and hold the market, and rebalance once a year. If you need to pay someone $25 k to stop you being emotional with money, [b]that might be money better spent on therapists[/b].[/quote]

A bit harsh!

I guess I am anti-advisor for myself, but some people are quite allergic to dealing with personal finance.  I work around financial economists. One told me she sold all the stocks in her 401k in March 2020, and I don't think she needs a therapist.

I also monitor Bogleheads, the ultimate in DIY investors, and notice many of the older ones get advisors in case they die to provide an off ramp to their nonfinancially-interested spouse.

I  have a sister who couldn't even tell me if she had a pension.  When her ultra-frugal DH had a recent cancer scare, I learned that he had an FA and has told my sister to do whatever the FA advises should he die.

[/quote]

The FA to protect/guide a spouse who has zero interest or willingness to engage in money management makes a lot of sense.

Also if you are the one in charge of everything money related, you should make a document that guides your spouse to all the accounts info in case you are killed/incapacitated.[/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