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[quote=Anonymous]People on focus too much on the performance. performance isn’t everything and a good, honest, advisor will tell you that. I am a FA and will be the first person to admit that most people can’t outperform “the market” or whatever you all use as a gauge.

The main reason people hire us is because they have absolutely no idea how personal finance works. I am SHOCKED by the lack of knowledge. It’s so much more than throwing money in an index fund.

Long Tax planning strategies, estate planning, eldercare, lending solutions/strategies, how to generate retirement income, what accounts to generate it from and when, legacy planning. Laws are constantly changing. I see many DIYers come into our office and think they are all smart then when we discuss basic planning strategies or ask them why they did X,Y or Z, they get really quiet.

An advisor could pay for their fee for 5-10 years by counseling you not to make an emotional decision when the markets are tanking, or providing a long term Roth conversion strategy so your heirs will inherit money tax free. If you don’t work with an advisor that has all the appropriate professionals on staff and inclusive in their fee schedule then it’s a waste of money.

I would NEVER hire an FA who only manages my money (like most at WF, ML, MS, UBS, etc) they are glorified, highly paid, babysitters. [/quote]

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