Updated about 3 years ago on . Most recent reply
What value do you get from your Financial Advisor?
I would love to hear from folks who use an advisor and are content to pay their 1%(ish) fee, what value are you getting that you feel is worth paying for?
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What someone seeks out an advisor for varies based on their age, risk tolerance, investment objectives, and most importantly, their goals. Some advisors are holistic in nature and some have a more singular focus. One thing that all advisors have to do is manage expectations and the psychological aspect of financial decisions. I think it's safe to say that we all can be our own worst enemy and make decisions that are not always rational. That's where the advisor comes into play. He or she should have adequate experience and training to help talk through various scenarios, make decisions on your behalf if there is discretion, and help build your wealth depending on your goals and things unique to you. You arguably will have a better chance of success if you don't go at it alone. It's like going to the gym or working out, if you have someone to work with your chances of sticking to it and motivating or having healthy competition increase and so your performance should be better. I think I'm reiterating what @Andrew Bosco is stating about piece of mind.
On a side note since we taking part in a real estate forum, an advisor that supports many different asset classes and is multi-faceted can help you with due diligence and seek out alternatives for you so once again, it's not all on you. Saving you time, giving you ideas, and helping you make the right asset class allocations over different periods of time is the value.