Quote:
Originally Posted by Maxman
It takes very little effort to do it yourself. I think the only reason people use a financial advisor is to calm their fears and keep them from bailing in a bear market. I find the cost of this hand holding to be extreme. I've learned through mistakes over the years not to use an advisor.
We have free resources now that we did not have 10-20 years ago. Those resources make it very easy to put your investments on auto pilot.
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MAXMAN...For someone comfortable and has experience or wanting to learn, I cannot disagree....doing It yourself may be best from a monetary perspective.. But even the best of the experienced (non-professional) person can get spooked in rough markets for most lack discipline, patience, and foresight. In the community we live, you or I may be very comfortable in making investment decisions for the family BUT what will happen
when (Note not "IF" but "WHEN") the experienced person who handled all the investment is no longer with us or unable to make these decisions and now your spouse or other family member(s) are left with a pile of receipts and records of investments.
If we are now talking about the need for a Financial advisor, we must have done something right during our adult life. I believe it is crucial that we develop a relationship with a financial advisor who is more than simply a number you call and place orders or you stop by their office to make investment decisions. This relationship should include your spouse or other family members who they can get comfortable with and when the time does come , they can call and ask for help in guiding them. Over my career, I have or had accounts with many types of firms including Fidelity, T Rowe Price, some major brokerage houses etc. and although they offered advice and assistance on my holdings, the relationship, as I speak about, was just never developed.
Will you make a million bucks with these advisors that are discussed on TOTV, probably not but most likely your money will grow. It may take 6-12 months for them to really know your comfort level, and how aggressive or conservative you are, but you and your spouse will be meeting with them twice a year where your needs, goals, and desires are discussed. From the 3 big advisors discussed here (Fross, Baum, and Paraday) each brings something different to the table, deal with different type of clients, and what may be good for you, may not be for me, but in the big picture, its the relationship that matters most.
Here's to Good Investing!!