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Geekboy
LSU Fan
Member since Jan 2004
2259 posts

Do you really need a financial advisor once you've retired?
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?


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
14235 posts

re: Do you really need a financial advisor once you've retired?
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.


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26
castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
75589 posts

re: Do you really need a financial advisor once you've retired?
Taxes more than anything


Paul Allen
Notre Dame Fan
Montauk, NY
Member since Nov 2007
67762 posts

re: Do you really need a financial advisor once you've retired?
Of course. That’s when you need a financial advisor the most.


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510
slackster
Stanford Fan
Houston
Member since Mar 2009
73388 posts

re: Do you really need a financial advisor once you've retired?
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.


jfw3535
Bradley Fan
South of Bunkie
Member since Mar 2008
1821 posts

re: Do you really need a financial advisor once you've retired?
quote:

behavioral coaching

Que?


FinleyStreet
Georgia Fan
Member since Aug 2011
6854 posts

re: Do you really need a financial advisor once you've retired?
For the average person, probably not.


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21
slackster
Stanford Fan
Houston
Member since Mar 2009
73388 posts

re: Do you really need a financial advisor once you've retired?
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.


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70
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Member since 2001
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Thecoz
Member since Dec 2018
1273 posts

re: Do you really need a financial advisor once you've retired?
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…




Auburn80
Auburn Fan
Member since Nov 2017
3540 posts

re: Do you really need a financial advisor once you've retired?
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.


TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
11149 posts

re: Do you really need a financial advisor once you've retired?
quote:

Taxes more than anything




Yeah, this probably more so than anything.


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slackster
Stanford Fan
Houston
Member since Mar 2009
73388 posts

re: Do you really need a financial advisor once you've retired?
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 at 6:53 am


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20
natsoundup
Member since May 2013
284 posts

re: Do you really need a financial advisor once you've retired?
Same….have some real estate for diversification.. 20% or so.. other is primarily income producing securities


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rocket31
Toledo Fan
Member since Jan 2008
38170 posts

re: Do you really need a financial advisor once you've retired?
if you need a financial advisor in 2021 you're ngmi

everything you could ever need is on YouTube for free


slackster
Stanford Fan
Houston
Member since Mar 2009
73388 posts

re: Do you really need a financial advisor once you've retired?
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.”


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Abstract Queso Dip
Member since Mar 2021
259 posts

re: Do you really need a financial advisor once you've retired?
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


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