{ "media_type": "text", "post_content": "I manage my wife and I’s retirement accounts. Everything is in Vanguard. She’s having our first child soon and will not be returning to work. My wife wants to hire a financial advisor. I do not. Should I? I feel good about our finances in general, but the technical stuff like tax planning, estates, trusts, etc. give me concern. Thoughts?", "post_id": "61a420ffe39fe20034798d06", "reply_count": 10, "vote_count": 2, "bowl_id": "5acc42208c6b52001375e11e", "bowl_name": "Option Traders & Investing" }

I manage my wife and I’s retirement accounts. Everything is in Vanguard. She’s having our first child soon and will not be returning to work. My wife wants to hire a financial advisor. I do not. Should I? I feel good about our finances in general, but the technical stuff like tax planning, estates, trusts, etc. give me concern. Thoughts?

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If you knew the backgrounds and knowledge levels of many of the advisors even at the huge names. You wouldn’t hire them. Get a financial planner instead.

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The big firms are only useful if you have big money, the junior people there are useless. A good financial planner can help with 529s, tax planning, make sure you are truly diversified and review your holdings. They'll have a relationship with a trust lawyer if that makes sense.

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Just Ape into Bitcoin and your family will be fine for generations.

likefunny

I have a few friends that are Bitcoin millionaires to the point of just living wherever pleases them. But the only reason it worked for them is they never sold because they believed that the government was going to take their money if it was in a bank or something. They feel that they have been proven correct and are geniuses to the tune of tens of millions. They were a bit angry at their 2009 losses and bailouts. Aped into Bitcoin in 2012 and never stopped.

likeuplifting

Unless you have a windfall coming (significant equity - not just pa partner, options, company sale, etc) or entry level serious assets (10m+). It’s not worth it as you’ll just get bottom bucket / robo advisor.

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Not true. This assumes a certain type of institution. Plenty of small boutique style advisor/planner firms who do good things for clients.

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If you have it handled (that’s what I do) then there’s no point. Maybe putting together a report of your budget or projected retirement date/ payouts would ease your wife’s concerns. If you’re getting into more complicated things like trusts you’ll need a lawyer to set it up.

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Probably no point if you just invest in ETFs. Do get trust and will set up, but that's a lawyer, not a financial advisor If you do hire one, make sure they're a Fiduciary, otherwise they might be on the payroll of whoever they recommend to you

I spoke with a law firm that handles estates, trusts, etc. I also talk to my CPA when I have tax questions. Like you, I manage my own investment accounts and finances.

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