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Earnings for this week.!!
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Rising Star
In 2018, when I was 40, I paid a fee-only fiduciary a flat rate fee of $2400 for financial advice. My spouse & I had $1.5M in invested assets at the time (excluding home equity). We spent two 1-hr sessions with the fiduciary to review joint assets, and a week later he spent another hour walking us through a thick summary of asset allocation suggestions, various retirement scenarios, etc. I thought it was worthwhile to get a pro’s opinion, and there were no assets transferred to his firm since we just did the $2400 flat rate fee - I made tweaks to asset allocation on my own. I would consider going back to a fee-only fiduciary in another 2-3 yrs. Fortunately our investment accts (including contributions) have grown to over $2.2M since then 👍
I’ve looked into it as well and when i went to see one that was a pretty good one (and family friend) he basically told me i was doing everything they would do.
My conclusion is if you’re active in this bowl, do your research, i don’t think you really need one. So much free information is available these days.
I think it’s for people that perhaps need some hand holding. I’m assuming you’re not one of those as you work at PwC? Just depends, i guess..
I moved to one at 37. I didn’t have much— less than half a mil. But I was finding that between the work and a young family I didn’t have enough time to do sufficient market research and make sound investment decisions. That was 18 months ago.
I didn’t move everything. Kept about 10% as my play money. This week I moved that 10% to him as well (as it was only 6% by now). I did okay. He did a lot better, and some of my highest returns were from mimicking him.
Community Builder
At what point can boil down to want vs. need. This can vary (some of these mentioned above)—your level of financial acumen, looking for a sounding board, lack of time (now and in the future) to focus/invest in learning/doing, lack of a plan and guidance for coming up with one, someone to ask you questions you may not have thought of, help guide conversations b/t you and a spouse, etc.