Are Financial Advisors Worth It? | Wealth Managers |Must Ask Questions
has 5 Important Questions to ask to answer this question.
Here my RISE Wealth Plan with more:
Camille Gaines, AFC
Wealth coach
Accredited Financial Counselor
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Here are the 5 questions to answer whether financial advisors are worth it.
1. Do you get a higher investment return on your own than with your financial advisor AFTER FEES?
The question is not really can you, but do you, since financial advisor fees will eat at least 1% of your investment returns, usually.
Depending on account size – average for a million dollar portfolio is about 1% – Source: advisory HQ
How much your advisor charges
2. Are you willing to take the time it takes to learn how to invest and to invest your own money? If you’re not, this supersedes the other 2 questions. Do you know how to invest? Or are you willing to learn how to invest?
Investing in an etf portfolio is not hard. Most investing strategies, even those a financial advisor uses, divides your investments among stocks and bonds, and possibly another asset or two, but many only invest in stocks and bonds.
3. If you answered yes to the last question, here’s the most important financial advisor interview question:
Is your financial advisor or wealth manager outperforming the benchmark after fees?
What is the benchmark? Index for any asset class, like the S&P 500 index. This is some of the best financial advice I ever learned.
4. Does having a financial advisor keep you from making more money elsewhere?
Job, making alternative investments, such as real estate or small bs
5. Does having FA increase your quality of life by reducing your stress and are you at a point where this can be a priority?
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Nothing in this video is meant to be taken as personal financial advice. Hire a financial professional if you need one. As a wealth coach, I do not invest for others.
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Are Financial Advisors Worth It? | Wealth Managers | MUST Ask Question
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