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Never have had one and I never will. If I were to win the lottery for millions of dollars, I still won’t. My parents have never had one either and they’re net worth is over $37M. My family and some of their friends discuss money/investments openly to get ideas and thoughts.
If you’ve done well managing your money so far and have been happy with the amount of effort it takes and your returns, then continue doing it yourself. If you have no idea how to start and where to start, then you could get one to try out temporarily.
EY1 how did they accumulate 37M? I’ve been on the fence to get a financial planner. Doing well but no where near that figure. About 36M behind.
If you or your spouse owns a business a financial advisor + CPA can work wonders on not only your investments, but structuring of your corporation and underlying commercial real estate for
maximum tax efficiency and legal liability. My spouse owns a medical practice and our financial advisor/CPA firm save us more on taxes alone than their fees. They are very focused on long term wealth building and maximizing tax sheltered investment vehicles (401k max contributions $55k/yr, then putting additional funds into a defined benefit plan/pension in addition - you can put in more than 401k limits), estate planning, management of overall investments (they manage theirs and I manage mine), tax planning, insurance you’ve never thought about... We pay a fixed fee for financial advisory & tax planning and 0.5% - 1% for investment management. We started in our late 20s (both making around $100k) and are now in our early 40s.
From what I've seen it's necessarily a net worth / cash flow issue it's more of a complexity / time constraint that will cause people to seek financial advice. Www.letsmakeaplan.org is a good resource to find CFPs in your area
No, this isn't really my target market (I'm mostly in the pre - retiree / retiree demographic).
Most of you are probably less financially lazy, but I got one (paid, fiduciary) when i had an upcoming deadline for an old 401k, knew i needed to shuffle some things around and needed a better plan, and was failing at doing it myself. Really kicked me into gear and removed one source of stress.
Got one just before I started this job with a combined 100k household income but knew it would climb quickly. Wanted to aggressively plan for retirement by 50. Our FA runs scenarios every time we change our cash flow materially ... which happens almost every year for us with kids and new home purchases and renovations and job changes. More like an insurance policy for busy people to not forget to do stuff. We also do a lot of real estate investing so our cash flows are complex.
I run my own scenarios. There are so many FIRE calculators out there and I am far enough along in my journey that I am comfortable projecting my retirement expenses. I know my “number” to be able to retire comfortably based on projected expenses. I have calculated my planned withdrawal rate for the years when I control it (before RMD’s take effect). It’s good to stay on top of it whether you hire someone to help you or you do it yourself. You just need to keep evaluating whether the cost of an advisor is worth what they charge you.
I never hired one for years. Occasionally I'd get a free check up and they all said I was good. But in 2019 I signed up with Personal Capital because I had multiple jobs and accounts and just needed a reset. Used them for a year so far and have been happy, but plan to do it all myself again.
Sorry, I'm 44M.
Me too
I don’t know that I’ll ever need one unless I start looking beyond index funds for tax advantages for real-estate, etc?
I got one this year (25) and split it with my girlfriend ($600/yr each). I still don’t feel like I need one but I appreciate being able to bounce ideas off of him and having someone who can easily provide resources for accountants, attorneys, etc. when I need them.
I’ve had one since I was 26, had 140k NW at the time, it’s considerably higher now. I appreciate the extra financially savvy person looking out for my financials and the check ins and would definitely recommend.
Terminated mines after joining this bowl. Like bouncing ideas off this group. Get more energy and thoughtful challenges to scenarios I put out there.
Thanks all 🙏🏾!