I agree with Patrick's top point, but I think many people mistake the role of the financial advisor. (I used to work at FutureAdvisor, which was bought by Black

I agree with Patrick's top point, but I think many people mistake the role of the financial advisor. (I used to work at FutureAdvisor, which was bought by BlackRock last year and is now providing robo-advice through institutions, so I know a little about the space, and have learned from others who know more.) One of the main roles of a financial advisor, for people with $50MM or more, is to act as a relationship broker. They put very wealthy people in touch with other very wealthy people; e.g. "If you're going to be in Hawaii, you might want to look up X, who's doing some really interesting things in this sector..." Brokering relationships is more than facilitating interesting conversations. It helps the FAs' clients build their businesses. For example, if you happen to be a venture capitalist who already made your first fortune, and you're looking to raise from LPs, then a financial advisor might introduce you to their other clients, such as Family Y, which lives off the rents created by their 19th-century match-book empire. A lot of people don't realize that FAs are doing a lot more than running your numbers, and insofar as that's all they do, they will be replaced by robo-advisors.