At What Age Should I Work with a Financial Advisor?
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- Опубликовано: 11 июн 2024
- Deciding to work with a financial advisor is about more than how much you've stashed away. It's also about determining whether an advisor's benefits outweigh the costs.
In your higher earning years, finances become more complex. More money means more decisions and more chances to make mistakes or miss out on opportunities. That's where a quality advisor can come in handy. They help you steer clear of bad investments, seize the right opportunities, and keep financial stress at bay.
Having more than one perspective to draw from is the key to well-informed financial decisions. Teaming up and talking it out, whether with your partner or a financial advisor, is always beneficial.
Questions answered:
How can I determine whether working with a financial advisor is worth it for me?
What factors should I consider when deciding if I need a financial advisor beyond just my age or income level?
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⏱Timestamps:⏱
0:00 - Not an age-related decision
2:43 - Value and pricing structure
4:12 - Natural conflicts
7:24 - When benefit exceeds cost
10:02 - Cost of mistakes
12:18 - Cost of missed opportunities
14:16 - Cost of anxiety
16:02 - Thought partnership
21:36 - Summary
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Probably the only financial channel actually worth watching on RUclips. No bunch of sales pitches, no courses to sell, no 10x BS. Kudos to you sir. Wish you get a million subs soon
This channel is great, I also like the money guy show if you haven’t seen that. Both CFPs that put out lots of free info.
Wow!!! Most advisors doesn’t have the candor to say what you just said. Much respect
And this video is such a great example of why this channel is the best in the space. Flat out "This is my threshold, but even if most/many of you don't meet it I don't care, here's the information you need to make a good decision on this question."
James,
I am new to your channel but have watched dozens of your videos. I want to say thank you for the effort, sharing, and clarity.
You make a connection between the finance and human aspect. I’ve learned a lot even at a basic level to understand where to go moving forward.
I hope you continue sharing.
Thank you
I love that you're honest and not trying to sell something to people who don't need it.
My tax planning and a couple other money type decisions nearly 20 years ago could have been better, but I can't go back. In the meantime I learned a lot from YT videos and now I am on track. I do mostly 12% tax bracket work. Portfolio is fine. I've never panic sold. I'm doing well now because of that. Thank you James.
Thanks James for another video with a lot of great information!
Excellent content James i would recommend Root Financials channels to any of my younger friends who just starting out the Rat Race and learn from you and Ari.
Thanks for the video, James. This subject is one that I grapple with myself. I have a great deal of difficultly getting my head around the value that an advisor would have to bring to rationalize the %AUM model so commonplace in the industry. I ask myself if I need an advisor "$30,000 worth". I haven't yet answered 'yes' to that question, which is why I'm looking for a fee for service advisor as a second pair of eyes. But I appreciate that you appreciate the difficulty this presents some prospective clients.
Good insight
My experience along with what I have seen from my friends - we hired financial advisors when either we got a few yrs from retirement 55-60 OR their portfolios got to be over $1mm and they dont have the time or knowledge to run the money late in work life close to retirement
I'm 4 months from turning 65. Retired at 63 and like to control my own finances. Just have to read and ask peers questions.
Ever heard of “being weather aware”. Well, people should be “financially aware” as a minimum, like schools teaching basics including truth in lending and future planning.
Thanks for posting this one. I think it is an important topic! I don't think you "need" someone. I think it makes sense to at least once hire someone that charges by the hour and doesn't sell anything to look over your entire portfolio and provide feedback on any recommendations that someone might not be thinking about. And I agree not an age thing. To me its net worth. Once your net worth is over 150k or so I would recommend seeing one. Again I personally recommend FEE only. And not someone that sells things that might alter otherwise unbiased opinion. The Net Worth for me should be looking at how much the net worth is compared to the cost and use a divisor around 5 or 10 years as the advice should be good for that long. And figure out your Expense Ratio for the CFP. If your net worth is too low the E/R would be WAY too high.
What are your rates for retirement analysis and guidance?
Everybody makes mistakes, an advisor could be used to make less mistakes.
Always work with a financial advisor who has a fiduciary duty. Otherwise, you are a victim of a complex game of rationalizing the value of paying a % of your AUM over a long period of time, which sure if they prevent “one mistake” it MIGHT be worthwhile. However, the math has been proven time and time again that depending on the % of the fee you’re giving up hundreds of thousands to millions.
I feel like I'm on track to do really well, but i do wonder what feedback a financial advisor would give me if they reviewed my investment strategy.
How can there not be a business model that works for this?
I laughed too hard at the pain part since my mind went to thinking of retirement hired goons showing up to your house. 😂