- Joined
- Jul 27, 2011
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I'm curious if others are utilizing a financial adviser. Do you guys feel they are worth whatever cost you pay? And out of curiosity, what cost are you guys paying?
I personally think a good tax accountant is definitely worth it, but I haven't quite understood what a financial adviser adds to the equation that I myself cannot do as well, if not better. Having said that, I like to think of myself as financially savvy as I self manage several personal broker accounts, and have done so since college. I don't feel I need a person to tell me that I need to open up a Sep-IRA account and max it at 55k once my 1099 contract kicks in, or that I need to start putting money in a 529 plan once I have children.
If you're going to argue that a financial adviser regularly checks up on your portfolio and redistributes and manages asset allocations based on age and long term goals which is cumbersome to do yourself, then I'll argue that some of the latest trading platforms can perform this function in a couple of clicks.
So...What am I missing? Why do we need someone to manage our money?
I personally think a good tax accountant is definitely worth it, but I haven't quite understood what a financial adviser adds to the equation that I myself cannot do as well, if not better. Having said that, I like to think of myself as financially savvy as I self manage several personal broker accounts, and have done so since college. I don't feel I need a person to tell me that I need to open up a Sep-IRA account and max it at 55k once my 1099 contract kicks in, or that I need to start putting money in a 529 plan once I have children.
If you're going to argue that a financial adviser regularly checks up on your portfolio and redistributes and manages asset allocations based on age and long term goals which is cumbersome to do yourself, then I'll argue that some of the latest trading platforms can perform this function in a couple of clicks.
So...What am I missing? Why do we need someone to manage our money?