Self Investing vs. Financial Advisor
Good Morning from Michigan,
I am a 28 year old IT Professional from Michigan, who is branching out into the world of financial freedom. My Grandfather was an old school real estate investor and amassed multiple apartment complexes throughout the state. When he passed back in '96, he setup a trust which was distributed two years ago to my siblings and I.
Currently, between all of my investments I have right around 750k.
Almost immediately after receiving the cash, I purchased a small condo for 130k, invested 314k into the market, and the rest consists of shares of a bank in a nearby city (which I plan to use on two rental properties once it sells). The 314k that invested into the market was done with the help of a wealth advisor, because at the time I was extremely nervous and did not believe I would be able to handle investing in reputable mutual funds, ETF's, and individual stocks. After the recent downturn, I have been forced to really reevaluate all of my expenses and am wondering if a wealth advisor is really the best path.
They currently charge me 1% a year on my total investment with them which with where the cash sits now is about $3,400 (annually).
I am still not as knowledgeable as I'd like to be in this field but am learning every day, especially as of late with the newly found time that I have.
Looking forward to your responses.