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I’m considering looking into a financial advisor. What are the pros of hiring one and what do they help with?
I currently max out my 401k, Roth and HSA so I don’t want to spend the time talking about how to save for retirement but rather more complicated ways to save (idk I’m naive but should I open a special trust or an llc)
Also those in New York City do you have anyone you recommend

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I’m only 24 and I have one but I’m really on the fence about leaving. He manages a lot of my family’s money and some of my inheritance was with him and I have my RIRA through them, but I’m not seeing the value from my fees. I just took out a bunch of money to buy a house so I’m considering pulling my IRA too and just opening a fidelity and putting into index funds on my own. I think at $1MM+ accounts and nearing retirement, there’s a lot of risk and tax planning that they help with but it’s not really applicable to me right now

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I met with one and the initial meeting is usually free. We did a worksheet and they talked through what they do. I had 2 or 3 additional savings paths, but overall they said there’s no need to pay their fees to keep doing what I was already doing. If you are nearer to retirement, they are good. But otherwise, they recommended index funds and let it grow!

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Nice to hear they didn’t push it on you.

Sc1 and M1 currently that’s what all my money is invested in but I was wondering if they knew of legal ways to help me avoid taxes through some kind of trust fund or offshore account (again I’m naive)

Age 27
401k is 100k
Roth 20k
Liquid 60k

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Be a good citizen and pet your taxes. You don’t make enough to pay that much. HSA is another way to lower taxable income. If you max that , 401k, and a Roth, you probably don’t have all that much leftover

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Really depends on how much wealth you need managed right now. Someone above posted about the advisor saying that the fees wouldn’t justify the ongoing advisor relationship at their asset level. I would recommend looking into a full service discount broker like Schwab. They have complimentary planning tools plus they will meet with you annually if you like. My friend and her husband use schwab, don’t have a ton of assets, but meet with an advisor semi annually to talk about their plan, no added fees

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Just go all in on a total market index fund, basically guaranteed it will outperform any FA over the long term.

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swathi at chase 277 Park; Ben at Ketwich capital. Both take 1% fee of aum. Benefit is not having to think about asset allocation. The other stuff you’ll want a good accountant and lawyer— if you find any, share with the community!

I give some money to an FA. Basically allows me to gamble with options and individual stocks and if I totally screw those up, I’ll have at least a mil at retirement, but if I don’t I’ll have easily 10 mil

Wife and I did it this spring. Best decision ever to have a third party keep you homest in your budgeting, help you figure out where you want your finances to be in the future, help you plan for it, educate you in different facets of finances, as well as bring in a wealth of experience gained through seeing multiple other peoples finances.

I also want to caveat that a LOT of people who advertise themselves as financial advisors do it somewhat dishonestly because they try to pitch you on a number of financial vehicles that get them more money and they can push you towards them.

My recommendation is to audition advisors and start with trying to get a recommendation from someone who you know that works in a financial industry. An old friend of mine who I had kept up with became our mortgage broker and he recommended us to someone he knew was good.

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