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Do you really need a financial advisor once you've retired?
Posted on 6/9/21 at 3:45 pm
Posted on 6/9/21 at 3:45 pm
If you wanted to just invest fairly conservatively couldn't you do just as well putting your money in some pretty good Vanguard and or Fidelity mutual funds and avoid the fees and salemanship?
7
Posted on 6/9/21 at 3:59 pm to Geekboy
I dont think anyone "needs" an advisor but having someone that is actively balancing your portfolio as you are draining it isn't a terrible idea. Unless you are living off dividends only, it is hard to set-it-and-forget-it in retirement.
Posted on 6/9/21 at 4:02 pm to Geekboy
Taxes more than anything
Posted on 6/9/21 at 4:27 pm to Geekboy
Of course. That’s when you need a financial advisor the most.
Posted on 6/9/21 at 4:36 pm to castorinho
quote:
Taxes more than anything
Yep. Taxes/estate planning/behavioral coaching are what you should pay for. You can pick any number of robo programs to do the rebalancing part.
Posted on 6/9/21 at 4:40 pm to slackster
quote:
behavioral coaching
Que?
Posted on 6/9/21 at 5:06 pm to Geekboy
For the average person, probably not.
Posted on 6/9/21 at 5:18 pm to jfw3535
quote:
behavioral coaching
Que?
Going from the accumulation phase of your life to the withdrawal phase is tough. Those 20-30% pullbacks don’t feel the same when you’re not adding money anymore. Spending plans and other habits are important.
Posted on 6/9/21 at 10:07 pm to Geekboy
Had one until I retired…..
Switched from aggressive growth to income and growth…
Even with very low fees was not worth ..
Picked two low cost index funds
Bunch of Corp bonds and bond index
Cash
Bunch of dividend stocks I got at beginning of covid…
They applied their handling charge to bonds etc…that is a big bite when so much conservative investment…
I only need 3.5 percent from my investments to supplement my other fixed income from annuities..real estate etc…
Switched from aggressive growth to income and growth…
Even with very low fees was not worth ..
Picked two low cost index funds
Bunch of Corp bonds and bond index
Cash
Bunch of dividend stocks I got at beginning of covid…
They applied their handling charge to bonds etc…that is a big bite when so much conservative investment…
I only need 3.5 percent from my investments to supplement my other fixed income from annuities..real estate etc…
Posted on 6/9/21 at 10:16 pm to Geekboy
Not really. I’m retired and do it myself. 1% is way too steep a price for their advice. I get just as good advice on YouTube and Boglehead forums.
My only exception to this is if you just pay a one time fee for a review.
My only exception to this is if you just pay a one time fee for a review.
Posted on 6/10/21 at 6:05 am to castorinho
quote:
Taxes more than anything
Yeah, this probably more so than anything.
Posted on 6/10/21 at 6:52 am to Auburn80
quote:
Not really. I’m retired and do it myself. 1% is way too steep a price for their advice. I get just as good advice on YouTube and Boglehead forums.
Yeah, I can’t stress this enough to folks - if you’re only getting allocation advice you’re paying too much.
This post was edited on 6/10/21 at 6:53 am
Posted on 6/10/21 at 11:28 am to Thecoz
Same….have some real estate for diversification.. 20% or so.. other is primarily income producing securities
Posted on 6/10/21 at 1:22 pm to Geekboy
if you need a financial advisor in 2021 you're ngmi
everything you could ever need is on YouTube for free
everything you could ever need is on YouTube for free
Posted on 6/10/21 at 3:08 pm to rocket31
quote:
if you need a financial advisor in 2021 you're ngmi
everything you could ever need is on YouTube for free
All the information is out there, but most folks don’t know enough about their current situation to even know where they should start looking. They don’t know the questions they often should be asking. Even for the ones that do, many don’t want to do it themselves.
It’s like filing your taxes or changing your oil - you can do it all yourself or pay someone to do it.
That being said, there are shitty FAs just like there are shitty people at any profession. Ask around for referrals and whatnot if you’re interested. Make sure you’re getting more than just “buy ABC fund and XYZ ETF.”
Posted on 6/10/21 at 3:48 pm to jfw3535
Yeah. Have you ever been around a woman? Crazy emotional and they need someone to coach them into riding out storms, elections, hormones, and also not blowing money on Prada bags.
They are also a source of trust. Elder fraud is huge. When you get old you forget shite or have dementia and people will try to take advantage of that they have a fiduciary responsibility to look out for your best interests financially. This includes making sure shady kids and neighbors don't have their ear telling them to withdraw money for some crazy reason
They are also a source of trust. Elder fraud is huge. When you get old you forget shite or have dementia and people will try to take advantage of that they have a fiduciary responsibility to look out for your best interests financially. This includes making sure shady kids and neighbors don't have their ear telling them to withdraw money for some crazy reason
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