Related Posts
PwC parental leave benefits?
Anyone gone from PA to CBRE ? Do you like it ?
Easiest jobs to get that make 100-115k?
Rising Star
Additional Posts in Big Law
Any news from DPW? 🤔🤔
Subject Expert
Enthusiast
Coach
Coach
Enthusiast
Coach
Mentor
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Subject Expert
I’ve never understood why associates think they need a financial advisor. For most biglaw associates, a financial advisor adds little value and often negative value after fees. Unless you’re sitting on massive family wealth/large inheritance, you can manage your finances yourself, it’s really not that hard. But if you must use a financial advisor, go for one that charges on a project/flat fee basis rather than as a percentage of AUM.
Perhaps that’s your experience A8, but not mine. The ones I met with and didn’t feel comfortable were definitely salesmen. The person/company I work with now usually advises VHNW individuals, but I’m included under a friends and family situation.
Very carefully. I spent several years carefully evaluating every aspect of his character and habits before deciding to entrust my finances to him. (My husband is in HNW wealth management and I delegate my investments to him lol)
Don’t
Subject Expert
Check if you’re managing several million / complex assets, and if not, stop seeking a financial advisor
Subject Expert
Why do you think you need one?
Just buy VT and be done with it. (Or some other all-in-one ETF)
I met with several but never felt fully comfortable. Finally got a recommendation from a dear friend whose judgment I trust.
Subject Expert
Ask partners you’re close to for recommendations. I hired a wealth adviser when I was a first year partner and have been with the group for the 27 years since. Their advice has been invaluable in everything from investments and 401k elections to life insurance, disability insurance, tax and estate planning, and even educating my kids about finances and investing.
As others have said you may not need one yet but you probably will at some point and there’s no downside to interviewing people and finding someone you’re comfortable with. DM me if you want to talk offline about the different types of advisers and how to interview them.
Subject Expert
The “right” timing is such an individualized thing. For me my timing pretty good. With the benefit of hindsight I would have done a lot better in the 2000-2001 crash had I had the advisers then that I have now. I was insanely busy, had a 4 year old and a 2 month old, and drank too much of the kool aid so was over concentrated in tech and domestic growth equity. But I was making a lot of money, learned my lesson, and recovered. I’m not sure it’s wise to get specific online about what prompted your question but I’m happy to discuss your particulars here or offline if you want to DM me.
Mentor
you do not need one. put your money in diversified index ETFs via vanguard or ishares (the S&P mostly, maybe some bond ones). there’s not much more to it. wealth advisors only make sense if you make like $10m+ a year
Subject Expert
Agreed.
Don’t take their calls. Stick it in S&P 500 or a retirement date fund and let that puppy ride. The key is max it out in your 20s-30s and you’ll be a multimillionaire easy. That’s it - don’t pay them fees for nothing.
Take the guy (or gal) who calls you
I have established my relationship about three decades ago, and have been supported by my investment advisor. I have informed him when he retires, what is the succession for me.
Fortunately this guy called who just happened to be meeting with some of my colleagues in my building …
My brother had great success with his guy, so I finally followed suit. I should have done it sooner. So I can't tell you how he was selected originally, but I can recommend my guy who got me 18% last year and has already got me 5% in the short bit of 2026 we've lived.
So he invested you in an S&P 500 index fund?
The ones paid by the hour, with a good track record, are the best. Other than that, if you have a 401K, some of them have retirement by age group funds where they take care of the risk management. If you want to go it alone, Rick Edelman's books are great for demystifying it all and written in plain language. "The Truth About Money" is pretty comprehensive.
I interviewed 3 candidates and listened to their philosophies on investing and retirement planning. I asked questions about their software tools (for me I like to do my own scenario planning).
I like to have an advisor because they understand advanced tax mechanics and can forecast how my situation will change over time based on different factors such as retirement age, contributions, returns, inflation, and more. I'm sure I could figure all of that out on my own with some time, but I don't want to use my time that way. Happy to pay an expert. I liken this to painting my house... sure I could do it, but do I want to? Not really.
I developed a better way to invest that provides limited downside and unlimited upside. To see how we think visit VisualizeMyFinances and reach out to me through Support if you would like to set up a time to talk.