{ "media_type": "text", "post_content": "I’ve never had a financial advisor but feel like I need to get one now as I am coming into more money and should be looking to grow a nest egg. I’ve only done 401K, stocks (long hold) and mutual funds. What are some things to look for in a new financial advisor? Where to look? And does anyone have recommendations?", "post_id": "628bfe4b5f6c3300237f4cdc", "reply_count": 19, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }
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I’ve never had a financial advisor but feel like I need to get one now as I am coming into more money and should be looking to grow a nest egg. I’ve only done 401K, stocks (long hold) and mutual funds. What are some things to look for in a new financial advisor? Where to look? And does anyone have recommendations?

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Do not pay a financial advisor a percentage of your assets under management (aum). It's legalized theft.

Pay for advice billed by the hour if you must. But avoid AUM fees. They will eat you alive.

Hit the books, and educate yourself.

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Sounds like you're doing great. Why do you need an advisor? Max all tax advantaged accounts and invest in broad market indexes. It really is that simple.

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Here you go, follow this:

The limits on the chart are out of data now though. 401k is now 20.5k and HSA is 3650.

Tax advantaged accounts are HSA, 401k, IRA. There's also 529 if you need it for education.

Broad market funds are index funds like VTSAX. It will have various names depending on what broker you're using.

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I have a financial advisor and I agree that most people don’t need one. My advisor helped get me into private investments that I wouldn’t have had access to otherwise and helped me to build a lower risk and hedged portfolio as I get closer to retirement. As a result, I’m down 6% YTD compared to being a lot more down if I had kept my prior portfolio. However, for most people just keep buying index funds and you will beat the average managed portfolio.

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Has your advisor out performed VTI since you’ve been with him? What does he charge per year?

You don’t need a financial adviser until you hit like 10m. Read a book like I will teach you to be rich and upskill yourself in personal finance. It will literally save you tens if not hundreds of thousands in fees/ lost earnings over decades verses hiring an adviser.

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A lot of the need for a financial advisor at higher net worth values like $10M is more about liability protection, wealth preservation, and estate planning than actual financial growth. Bank accounts are only insured to $250k each. Structuring your wealth becomes incredibly important at higher figures.

There’s also a lot of tax planning that happens to structure wealth to avoid paying taxes

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Jack Bogle (founder of Vanguard) and Warren Buffet agree that for the most part trying to pick and choose individual stocks is a fool’s errand. Buy broad etfs with low expense ratios that cover the market (some mix of small, mid, large caps and perhaps international/bond as well), make regular contributions and then don’t look at it (plenty of articles/books/blogs can give you a rough idea of the right mix). If you are invested in the whole market you will do as well as the whole market, and if the whole thing permanently collapses then we have bigger problems at hand and digital records of stock holdings won’t mean anything for your survival 😂

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Which ETFs do you recommend?

A financial advisor could be helpful if you are planning for any life events such as buying a property or paying for a child’s education. Depending on where you have your brokerage account and how much $$ is tied to your name there, some brokerage firms will give you access to a financial advisor for free and you can tap into their knowledge at your own pace. That’s also how you get access to things like tax-advantaged SMAs and private funds like MD 1 is talking about.

Voo vti

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