| But an etf these days are less than 1/10th of one percent
I am also a CPA studying for the PFS credential ( will be a fiduciary too if I go thru with all 4 parts)
Not against a planner at all, but really only fee only
It takes 5 minutes to pick 3-4 good funds
Vanguard Wellington and fidelity contra fund
A solid mid cap and small cap etf
Throw in a reit and 25 % international/ emerging market
Bonds are in the Wellington fund (1/3). Can’t really go wrong there
Paying for a financial plan makes sense. 1% hand holding assets?
Can’t do it
| you really know what financial planners do.
Mine doesn't hold my hand, he's constantly transacting, not churning since he doesn't get paid by the transaction, making moves based on the research they do.
It's not for everyone, some people think "I can pick ETF funds, why do I need a financial planner"
if that's all that is in your estate sure, but if you have children, assets, multiple investment vehicles, and other retirement goals you may decide it is for you.
Maybe if you're considering using one you should meet with a few and hear what they say and then decide.
I didn't use one for a long time and looking back I wish I did.
Some of you may not need one, I did (and do)
Personally, we used a planner to get life insurance, disability insurance, and will/trust/health care proxy in order, at no additional cost to us other than the premiums. I would have never gotten these things in order on my own. Our guy even reviewed and recommended a disability plan outside of his network, one that I found from my State Farm agent, even though he'd make no commission on that product.
| I work with a guy at Goldman. In 2020 we had a 12% return on our public equity (75/25 US/Global) and 3.5% on Fixed Income. This during a world pandemic...
I don't know an ETF from a mutual fund, etc., etc.
I am a year from retirement and in a nice position.
I could kiss my guy I'm so pleased with his work and advice. Plus, if I email him on a Friday night at 10:00 pm, I hear back from him that night...seriously. Zoom meetings for as many dumb assed questions as my wife and I can come up with, usually a day after I email him.
For me, anyway, worth every penny.
| I just don’t believe that forking over 1% for money management for a solid middle class retirement portfolio of 1-2 million is worth it
Most planners aren’t agile enough to get ahead of the market to minimize risk
I can get myself 5-6 funds to diversify enough. Being either low cost funds or etf
U do have to be somewhat well versed to do it yourself.
What’s the point of paying 15k to a planner on a 1.5 million portfolio hen I am only grabbing 60k a yr
25% to you guys? You aren’t that agile and u sure ain’t minim8zing my risk enough to fork over a couple of Italy trips each yr
Maybe it’s because I am comfortable handling my own money
| 2 earners, for 20 yrs
Plus huge bull market. No too difficult to get over 1 million in retirement
I live like i am middle class, spend less than we earn
Think like we are middle class. Hence we are
The day i start thinking we are more than that is the day shit starts falling apart
So yes, maybe the numbers say more but mindset stays the course
| a financial planner can provide, and others believe it is a waste of money. It may also depend on the size of your assets and your overall knowledge of the financial markets and how much time you have to dedicate to portfolio management and financial planning. I strongly disagree with the posts that say a planner is a waste of money.
Truth be told, I am a Certified Financial Planner, and what I do know is my clients appreciate the value I deliver to them and the services I provide on top of the management of assets. Some may argue that a low cost ETF or mutual fund gets the job done, but if you are sophisticated enough you will realize this is a false sense of security or justification. It comes down to managing risk, and aligning goals and risk tolerance with an overall financial plan. Good luck getting this analysis from an ETF or mutual fund provider.
To the original poster, and anyone else considering the services of a financial planner, do your due diligence and interview a few different planners. I would recommend you speak with independent firms who are fiduciaries, and you take into consideration the individual advisor's track record and experience.