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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I agree with PP about fee-only. You'll get a lot of people telling you you don't need an adviser, they're stupid, don't know what they're doing, but my spouse and I find it worth the cost to hire one (fee-only) because we just don't feel like dealing with it. They help us maximize our investments (things like how to use our HSA as a super-advantaged retirement account and doing the math on why it makes sense), ensure we're protected financially in a very holistic way (estate plan, insurance coverage, benefit elections at work, etc.), and also just give us peace that we're on track for our goals.

Before we hired them, it was one of those things where every few months we'd say "Yeahhhh, we really need to reassess our portfolio and make sure everything looks good" or I'd spend 4 hours on a Saturday researching how much insurance I should be carrying because I was switching from employer provided to open-market, etc. It was something we constantly procrastinated on, hated spending the time on, and even after we did it felt no confidence that we'd done it optimally.

I hire a financial adviser for the same reason I hire a cleaning lady - I am sure I could do it myself if I wanted to, but I don't and having someone else do it makes my life better. It's worth it to me based on how I want to spend my time/mental energy.

We did meet with/interview 4 different advisers (3 fee-only and one commission based), which was a painstaking process, but totally worth it - just like hiring someone to do a big home improvement. We ended up going with the middle-of-the-road person based on experience and where we're headed, but meeting with all of them helped clarify our needs and what was and was not worth hiring them for. [/quote]

I agree with this.  It is worth getting a fee-based advisor.  Just sorting out your insurance alone is worth it.  I also agree that Vanguard index funds are the way to go.  You could figure this all out yourself but if you can afford the fee it is great to have someone to advise and guide.[/quote]

This was us. Before getting one, it was always low on the to-do list to look over our portfolio, read up, adjust allocations, etc.

Now the advisor does it all for us, without even asking. If I compare our portfolio before and after using an advisor, we're doing much better now, mainly because now someone is managing it -- way better than the fees we pay to them.

Yes, we could do what they do, but past history shows we simply didn't have time for it. Other family items took higher priority.[/quote]

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