We learned early on not to hire financial advisors that make a profit off of what they sell to you as they are biased. We went with fee-only advisors.
From napfa dot org:
People also ask
What is a fee-only financial planner?
A fee-only financial planner is someone who earns a fee for their services from their clients and does not receive commissions on the sale of financial products as additional compensation. The fee may be paid as an hourly rate, a flat fee or as a percentage of assets under management (typically around one percent).
We tried the assets under management and did not like that. The hourly rate was fine when we were young without many assets, but found the flat fee for advice works best to biannually review our finances. They act as a fiduciary where the customer's individuall optimal financial situation is considered.
What worked well for us was being very diversified in our investments and staying in long-term and not panicking. Our average risk level was high to moderate but lowered as we aged. With diversification some of our stuff was way up and some down but we were always balanced. Individual stocks never worked for us. The mutual funds and the like are professionally managed and diversified themselves. At our ages, it's changing to focus on creative tax planning and taking out cash as we have no pensions.
Every person has his own characteristics so what works for one may not work for another. If you don't like the way it is now, change it. Good luck!
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