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If you do use a financial advisor, use one that charges hourly. The ones that charge a percentage win regardless of your outcome. I have been very unimpressed
by projektfu 6y ago
If you do use a financial advisor, use one that charges hourly. The ones that charge a percentage win regardless of your outcome. I have been very unimpressed with their work when I have seen it in action. The flat fee ones are incentivized to give you less than what they would do in the same number of hours. Probably you can set up an initial allocation and learn about rebalancing, and you’ll only occasionally need advice in the future.
Another good book to read is “A Random Walk Down Wall Street”.
- lowercased 6y ago"use one that charges hourly" - that's what I'd meant by "meeting with a fee-only advisor", but perhaps my term isn't the best phrase to keep in mind. yes, keep a fixed fee (hourly, whatever) - just don't tie a % of your portfolio as a fee for someone to 'manage' your money. Or... don't do it without careful consideration.
- 135792468 6y agoWhere do you find them? I’ve been looking in my area and there are a few I’ve spoken with that don’t seem to be in tune with 2020 or my personal philosophies.