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I disagree on not hiring an adviser. The key is to know what kind of adviser they are. If they are a fee-only adviser with fiduciary responsibility, it is like
by zip1234 8y ago
I disagree on not hiring an adviser. The key is to know what kind of adviser they are. If they are a fee-only adviser with fiduciary responsibility, it is likely exceptionally worthwhile. It sounds like you have a good handle on how to manage your finances, but there is a LOT to know. Minimizing taxes, planning children's' college, etc. Also, the good ones don't charge a flat 1% all the way up. They will charge less the more money you have with them. Source: my wife is a CFP and works for a well-respected firm in that industry.
- mbesto 8y agoHear here! My personal friend does accounting and wealth management (mainly accounting) for high net worths. I generally disagree that people need wealth managers, but if given the description it might make sense. He doesn't usually do anything more complicated than helping you decide your asset mix and throws it in Vanguard indexes, and makes sure you don't spend it on private investments.
- ataturk 8y agoNot one single one I interviewed was worth anything. It's not their money so they don't do things efficiently for you and they give bad advice as often as good advice, leading me to believe it is mainly all guesswork on their part.
- aswanson 8y agoThe problem is that the industry is littered with con artists and the downside damage an unethical person can do to your finances is horrific. The best thing is to read, read, and read more before even looking for outside consultation on any of these matters.