When Should I Hire a Financial Advisor?
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- เผยแพร่เมื่อ 8 มิ.ย. 2024
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I wasn't financial free until my 50’s and I’m still in my 50’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I understand that tomorrow isn't promised to anyone, but investing today is hard for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@maryHenokNftbravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I'm 40 years, my husband and I are very worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, years nonstop just for a crooked system to take all you worked for. I need a way out. I was told to invest, but I have no idea on what to do and where to begin.
It is pretty easy, just get yourself the services of a good expert in that area of investment you want to go into.
I am retired and I am enjoying my retirement. This is because I invested and started my retirement plan early. Although my work time never gave me the chance to mange my investment, I employed the services of a financial manager, and I am enjoying it now.
I need all the help I can get. Any good recommendation will be very nice.
Her name is Leticia Zavala Perkins.
Thanks for the recommendation, Leticia Zavala Perkins, I am going to look her up right away. How do I get her contact?
Regardless it's best to consult a professional financial advisor before making any decisions. As a business owner and eBay reseller of all categories, I can attest to the fact that we are almost in recession and that everyone is running out of money.
I agree with you, especially for near retiree and does who knows nothing next to finance it is the best thing to do speaking from experience.
@@DanielPanuzi I agree with you mate, I have found it takes someone who is very familiar with the market to make such good picks. so i reached out to one that appeared on CNBC news in 2020.
@@ericmendels Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
@@hullbruce I really don't like making such recommendations. They're many advisors you could check out. I work with Alicia Estela Cabouli, You’d find details on the web page to set up an appointment as she offers free consultations from first timers like yourself.
I really don't like making such recommendations. They're many advisors you could check out. I work with Alicia Estela Cabouli, You’d find details on the web page to set up an appointment as she offers free consultations from first timers like yourself.
If you intend to trade actively, it’s important to choose an online broker that offers competitive trading commissions, as they can add up fast.
Although many discount brokers offer zero commission, be aware that they may make money through a wider spread between the bid and ask price.
Find out if the broker charges minimum deposit fees, annual or monthly account maintenance fees, data fees, and activity fees.
Yes, some brokers will charge you for not trading within one calendar quarter. Bianca Harley Doran is different when it comes to delivering investment returns.
Make sure that the platform you select offers all the products that you want to trade.
Thats so important to note, the portfolio plan she offers is superb.
The collapse of Margin debt leads to a decrease in stock prices and trigger a wave of selling as investors try to cover their losses, Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $145K for sometime now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions
I'll suggest you find a mentor or someone with experience guide you especially in this recession. especially for your 401K, IRA and portfolio diversification.
@@MarcusFred-wn3iv I agree, I thought I was doing alright profit wise, until I needed assistance with diversification, I reached out to a financial advisor and in less than a year I was just $51,000 shy away from $640k which is like 7x more than I make on my own..
@@DavidAntony-gq7id I've been thinking of going that route been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, think your Inv-coach could guide me with portfolio-restructuring..
@@MarcusFred-wn3iv I've shuffled through a few advisors in the past, and KRISTIN GAIL CUNNINGHAM remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself.
@@DavidAntony-gq7id I just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
According to a financial planner, If you put at least 15% of your income into a 401(k), you can increase your chances of retiring comfortably. How do you maximize compound interest so that you can eventually increase your retirement funds to roughly $3 million?
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin or you can just seek the help of a financial advisor.
Best way to maximize compound interest is with time, it’s litteratley in the formula for compound interest, so start early
Nobody knows, heck, the US dollar could collapse before it’s time to retire.
I hope you're not thinking of the money in your 401k as cash earning interest. It's wealth invested in vehicles that will increase in value given enough time. Nothing is really "compounding" Your 401k investments should be in a *very* small number of mutual funds (with very low expense ratios) that reflect a mix of the stock market, corporate and government bonds, and maybe some real estate trusts. And don't jump in and out when you see your statement balance bouncing around. There has never been any 12 year period where holding these investments hasn't paid off, and if your retirement is decades off you'll be sitting pretty.
Tons of valuable information, thank you so much. It helped me a lot.
This can be frustrating, as an advisor our job is to educate and give options. That’s the bottom line, being sales oriented and not putting the exact interest of the client first ruins people view of this profession
If someone needed help with managing their books for their company would they go to an advisor
@@elisscaliving4776 it depends on what you mean by books, if it is raw numbers like revenue vs expenses and so on then they would normally go to an accountant. Myself as an advisor normally covers thing like the correct plan for investments, insurance, making sure retirement is well funded. We go over tax advantages, ways to have a volatility buffer for investment risk. Many things like that.
So I looked up the latest definition for financial planner and came away with - A group of people calling themselves professionals that are nothing more than a bunch of scammers charlatans and thieves that continue to talk about fiduciary duty to the client when nothing could be further from the truth
@@elperrroverde Wow!!!!.Thats harsh but you have to be carefull thats your life savings they are in control of.I hope they are not like nursing homes who want to rob you of your money for bad are of a loved one.
Bullshit. Your job is to milk your client for every dollar you can get out them.
Im glad I've stumbled across this video, I feel like this was actually very helpful advice. I want to start but I'm just researching and getting my head around the whole concept. Definitely worth a follow!
Did you get an advisor if so how was your experience
How is the experience going
Thank you for the video!!! We learn a lot from you! Thank you!
Am I the only one that was waiting for an answer to the actual video title question and never got one?
it's an open-ended discussion and anyone can interpret it differently. I somewhat got my answer from this video and I'm gonna take action based on it. It might not be the correct interpretation but such is life :)
That end part is me. All I can do at the moment is pile up my money in a CD account until I understand how to invest. Not trying to lose my hard earn money.
Be happy for this moment, this moment is your life.
This is a great video
Trust! Agree!!! Never give up control!!!!! Agreeed!!!
This is an absolutely amazing video! What a good read on what you should be using a FA for!
I do believe that with a hectic job such as a doctor there will be limited time to explore a lot of financial options out there. I think an adviser sounds like a good idea. For me, I think there are much more ways to create growth with your investment and I am a little clueless. I have invested already so I’m in the right direction however I believe that I need to be more aggressive to expand but I am still fresh. Researching is helping but at times I am still not certain so I have been considering to get an adviser.
Omg Ken is literally a bobble head during this call.
He’s a yes man
Ken needs to shake his head to distract dave from saying welcome to the Dave Ramsey Show :)
Chris was too. Just a black Dave Ramsey. I like Anthony and John the most.
Dave, heart of a teacher. Ken, trying to sell something.
I can’t stop seeing it now lol
Good advice for the future.
Getting a financial advisor was one of the wisest things I have ever done. She did insist that I understand what her plan was and spent time explaining things before and after I signed up with her. Made my first million earlier this year through her.
@@marlenaaj Wow I know this little lady. Once attended a seminar she was also in attendance here in Texas,, Great speaker.
@@chriswilliams2061 This right here is the second time I am coming across this name in a week. Came across her podcast and it was lit!
Also, get a fiduciary. If someone makes commission on any product they sell you, run. This is why you should avoid the bank advisors. I have family that works in banks. They get bonuses based on sales of certain funds. Often it is for directing people towards funds with higher MER fees even though the advisor knows that there is an identical fund with lower fees. This is also why bank mutual funds tend to be awful. They tend to be "active" in the most bare minimum way just so that they can charge extra fees. When in reality, these funds are 95% identical to an index fund just with slightly different weightings of companies and a 10x higher fee.
@@chriswilliams2061 you're a scammer.
You mean your first billion?
I may not agree with Ramsey in everything but I totally agree with this advice. You don't know how many people I've talked to that don't know how their money is being invested nor how their taxes impact IRA contributions.
This married couple are about to make a LOT of money together!
Nothing more embarrassing than when your own boss says they leave all their financials to their finance guy.....
Yeah just options and ideas.
That's it.
But didn't stop me from reading and learning on my own. I wanted to know enough to ask questions and understand what he/she is saying to me.
I didn't have that blank confused look that many have.
Nice video
The first question you need to ask your financial advisor is are you a fiduciary? They are legally put your interest first. Otherwise, don’t use one.
Even with a fiduciary financial advisor I would only need one hour with them if at all.
Even if they say they are a "fiduciary" you have to be careful and have them be transparent how they make money off clients. I had one tell me they are a fiduciary but they still had commissions on products.
With the funds out there and some research on your own, you don't need a financial advisor. I base this on an advisor that I trusted to grow my account so wouldn't have to watch over it. I told him everybody is making money off of my money except me and that I wish I kept my money in the bank.
Why would you ever need a financial advisor to tell you to invest in index funds?
If the caller is reading, start following, the money guy show.. and our rich journeys channels
Fantastic advice
Well the problem with “piling up the cash” is because of inflation all your doing is burning your money
Super sound advice; as ever! I’m in the uk, and the advice works worldwide.
This is great. Thanks
If you can spend less than you make, and do not use debt, you are your best financial advisor. If you want an investment advisor, find one that explains everything. And get one that is a fiduciary.
Totally agree with this statement. Live within your means. Don't buy things to impress, buy a need not a want. Absolutely fee based advisor over commission based.
Arent most of them fiduciarys and why would you not want one?.
I just opened a Roth on Friday with my friend from college and he is a fiduciary. Index funds and ETFs is what he is putting my money in and he is getting about 10% return on average right now with his other clients.
you should talk to him about REITS ps a good reit single stock is O it been good for 20 years.
He put you in index because he is a fiduciary (your interests first). A smartvester will try to ring up the largest commission possible.
I've fielded one too many nightmare calls from clients about REITs to ever suggest them (worked call center for an investment firm). There are probably ones that provide good returns, but my God do ur research and/or make sure the advisor you're working with fully explains everything to you and that you fully understand the risks, including ILLIQUIDITY
What is the max you can put into a roth in a one year period?.
Financial advisors are notorious for putting their interests ahead of yours.
The more money they make the more you do too!
@@danielchavez7835 not really. If they invest your money in mutual funds they collect their fees regardless of the outcome. So you have to pay them even if you’re negative.
@@youngandbearded8474 yeah but a smart one will want to make you more money so you come back with more money to invest and they get to keep a client. There are some bad ones out there but some with the good track records can be very great :)
I'm thankful to have known mine personally for years ahead of hiring them :) I have trust in this guy
Word of the day: fiduciary. Do not talk to anyone who is not a fiduciary to you.
I have a financial advisor who is one of the Ramsey advisors and at this point I feel like I can do it myself and save hundreds of dollars.
Hum really
Thousands of dollars...
@@bruceschwering4824they cost a thousand or more depending on income
hundreds of thousands. Just think if you put the fees they charge back in the market.
What are the charges between an advisor and a broker? Both two percent?
I left my Edward Jones advisor because they only wanted to sell me their insurance products and did not want to tell me what my investments were costing AUM.
I left also when they wouldn't tell me what fees they were making on my accounts, not Edward Jones but a different FA.
@@gardenia8085 Good point!
Never
Never disclosed if Ramsey smart vestor pros have to act as a fiduciary. Are they fee only? Seems alot of info missing
Can someone please recommend to me a financial services company that has a good reputation so that I can hire a financial adviser? Not necessarily in the USA... I want something international.
Index funds are your friend.
Just diversify, maybe the tried and true three fund portfolio VTI, VXUS, BND
I thought the guy in the gray sweater was listening to a rock song in his headphone's with as much head bobbing he was doing. Then I realized he must be Dave's cheerleader. Agreeing with everything.
Lol I had a similar reaction
What is a good yearly income to consider this? I am 25 but I grew up poor. I make 40k+ (and set to grow exponentially this year). I lack financial education and I dont want to screw myself.
I keep reading that you should get a fee only investor. I've been interviewing a few advisors through the Smartvestor and they all have been percentage based. What is they best way to be charged by theses advisors?
I paid a straight One percent Morgan Stanley, the biggest rip off ever no one will ever beat an index fund. That’s why buffet offered $1 million prize and nobody could do it.
Hay quá
A smart investor pro is helping me now. I feel so much more comfortable now than with finding a financial advisor elsewhere. They talk big, but are very unclear. they make you feel dumb. Smartvestor pro explains everything!
How’s this going I’m looking into getting help with my financials
They are a joke more and more retirees who have 1m plus are in fixed income and they will charge their 1 percent management fees on bonds, the interest income is taxed and the advisors fees aren't tax deductible! So if u have 3m in ur accts that's 30k gone, not even tax deductible. For what?
Dave seriously... AYMITT. LOL
Start Roth and put in S&P 500 index and forget it when you’re retired you become a millionaire.
Is a CFA or CFP better?
I signed up with a smartvestor pro a couple months ago and he charges 1.75%/yr. Is that too high or average?
High
Would you need a financial advisor if you already know what you are doing?
Getting a financial advisor is like getting a personal trainer (the service and the stakes r different, but the concept is the same). You can spend the time to do your own research and choose/monitor your investments, or you can pay someone to do it all for u. Just like u can research and pick out ur own workout regimen and diet, or u can hire someone to put together a workout/diet for u. Depends on the person/situation, no 2 r the same
I am currently getting out of a relationship with my very first financial advisor who wants me to blindly follow her.
So let’s say I have money in a trust and this trust give me an advisor but he don’t really team me nothing .. now I wanna be able to invest my money with out the trust being involved how can I go about that ?
510
985
9821
Well it depends on if you are in control of the trust or not. If you're the trustee on the trust, or one of them, then you potentially could move the assets out of the trust. If you're not a trustee, and you are a beneficiary of the trust, then unfortunately you have no control over the trust's assets. You may want to talk to a lawyer in this case, or seek legal aid if you can't afford one (there are legal aid non profits in all states that offer free legal council)
at 10 mil
Smart about not trusting a advisor ,do a complete back ground and do your own research on this person and general info on investing .
I'm a single mother of 3 and I am horrible with my finances
Educate yourself and don't trust ANYONE with your finances.
Okay but maybe an intro to two type options. She's on a twilight by 24. Protective Care say anything?
I got distracted by how much that dude shook his head
It's sad that this guy won't even tell you the actual funds that he has his money in. He could at least tell us the four ticker symbols for the funds that he uses
I bet its really hard to be Dave's son in law... Don't get me wrong, Dave is a great person I love his advices but sometimes Dave sounds like his way is the only way to success
Yup
Agreed
Sounds like he is trying to push his own advisor s
The guy’s net worth is over $200 Million dollars, When he talks about money, you should pay attention.
Hundreds of thousands of people, if not more, have become wealthy using this advice.
Guy on the left is listening to heavy metal
You should hire a financial advisor because getting scammed is fun
They’re better in some aspects and dave is better in some.
Broke doctors, the ones who get out of school with massive debt and just keep swiping overspending.
Only thing that's worse is athletes making millions and going broke...
I have $500000 in my Thrift and was wondering if a money manager is worth considering. I retire in 2 years and will have a 120000 retirement income not including Thrift balance.
A-met meets Ahmet ...lol
My advisor/planner is kind of a babysitter haha. However, he was managing my money when it was a trust and between 2007 and 2022 he took it from around $400k to $1.3M, and you have to take out a few years from the recession we had. He has an MBA from Wright Sate and a BS in mechanical engineering from Purdue, so I guess I got lucky. Definitely shop around.
CFP. Fudiciary.
Maybe there some honest ones out there. I have just never met one!
i need to give u a call
NEVER. They are all trying to separate you from your money.
What an ignorant comment.
I would invest in Index tracking ETFs / MFs + FI + Real Estate. May put in some into Momentum based ETFs + Value-based ETFs.
And I would learn finance myself. Won't invest in stocks if I am not ready to follow the companies closely regularly.
The Guy on the left is like a nodding dog.
This MF really said he don’t have an advisor BUT a guy he takes advice and guidance 🤦🤣🤣
When you only have a hammer in your toolbox , everything looks like a nail. Asking Dave (who has a whole force of endorsed local providers) if you need a financial advisor...what do you really expect him to say ?
nahhhh do it yourself bruh
When you have over $1 million in stocks.......and don’t want to do anything yourself
I was at that point before mid 30s and if I accomplished this I see no reason to hire anyone else to do it.
Takes very little effort.
Especially if you avoided single mothers and marriage like I have done.
I’m also not lazy and like reading and due diligence as self improvement.
@@blackworldtraveler3711 Reading is so underrated, ha.
You sound like the nice guy Reddit talks about
The bots in the comments are out of control.
Nod, nod, nod, nod, nod, nod, nod, nod..
After your net worth is 500k
I’ve heard this from a few places as well
Not net worth, invested assets. If 400k out of your 500k net worth is in your house, no need for a financial advisor for your investments yet.
Every Indian I've ever met gets upset over 5 cents.
Inflation has pushed that to $.50
Do your own research and handle it yourself. It takes some effort but it isn't so complicated. Financial advisors eventually want 1% of your assets EACH YEAR to advise on simple things. So think about that - if you get to $1M assets they want $10,000 per year to "advise" you for maybe a few hours each year. If you are smart enough to earn that money, you are smart enough to manage it.
You could grow your vegetables, service your car, bake your bread, raise and slaughter livestock, cut down a forest and build a house too. But can you get better returns after fees by doing it yourself without sacrificing your free time? Some people can, some people can't.
Caller thinking along good lines.
Yikes, everyone here has such negative opinions of financial advisors. So glad my dad is one and I trust him to give me good advice but let me make my own decision.
they have negative opinions because they never used one. They think watching TH-cam videos from a guy that tells them what they want to hear makes them smart. Its the same people who think they dont need to go to college because they watch Joe Rogan Podcasts.
I'm sure in your case you're getting that advice free so its a different story
I’m just saying I would keep my money in my pocket
Ken literally just repeats what Dave says so frustrating
Why is it frustrating?
@@justme9723 you like hearing the same thing twice ay
@@nicb9993 yes I do 🤣
@@nicb9993 but seriously this Dave guy interrupts Ken so many times and now Ken just says whatever he says to keep the show going. Dave is arrogant and rude and I’ve see it so many times.
ken has a different area of expertise that isn't very applicable to this call.
I Deanna souders should have hired u a long time ago. I got hacked and I can't have a email or password if my own but they have changed it long time ago and do it alot. So I think I need a lawyer Deanna souders
The whole Financial Advisor industry is a money making scam, not unlike real-estate and televangelists. Get educated folks! its not that difficult to learn how to invest in low fee ETFs.
I'm sorry I will stick to day trading and consulting with my advisor over traditional investing and retirement savings.
i'm 48 years old with no retirement plan yet, any suggestions on accumulating a million dollar portfolio within 12-18 months? I have currently saved a capital of $225k.
@@norasidorova9905 Lisa Jill Grenell has actually been handling my investment for awhile now, she is really a great broker and she really listens to her clients, She does the whole thinking and research for me before investing a dime, which is what i love about investing with her, you should look her names up on the web and shoot her an email or a call, she's popular for her services.
@@peterandersen3666 oh wow😮… This is incredible. I listen to her podcasts sometimes and I have learnt lots of strategies thereso, whats the experience like?
@@andreashallow7785 can’t disclose too much , but yea I’ve been using a coach since November 2020, growing my portfolio from $175k to $600k approx. It is pretty straightforward, not as complicated as it used to be.
@@peterandersen3666
hey. How much amount should we have to invest with her? Also apart from investments what is her fee or cut with the profits? thanks
Hire a financial advisor if you want a crook taking your money.
Never. Put all your money in a low cost index fund and do nothing else. You win automatically.
Financial "advisors" are salesmen. While they might have a fiduciary duty to you, they have their own agenda which by design is against yours. Personally I have my modest investments spread across various types: some mutual funds, some in bonds, some single stocks & ETFs and some in a robo-advisor accounts... and honestly the money I have in the robo-advisor accounts bring me the biggest piece of mind. That's what I would recommend to most of my friends and family looking to put their savings in an investment vehicle.
They “legally” can’t have their own agenda. A Fiduciary Duty is the most strict legal duty one can have. If they don’t act purely for the client’s interest, they will get sued and disbarred
Some don't have a legal fiduciary agreement with you, hence fiduciary vs non-fiduciary. That's why I say find a good fiduciary advisor as a starting point if you are starting out and its a good idea to shop around. Most will give you a free consultation and if you have a basic idea of what you want to do you can feel out and get a feeling for that advisor, the plan they want to set for you, and their fees. However, if you already know what you are doing, it can be cheaper to go with one who isn't such as an Edward Jones, etc, type advisor.
You clearly know absolutely nothing about financial advisors. God for bid they make a sales pitch because they need clients to make a living. That being said most advisors I know do not have their own agenda against yours. Most hold a fiduciary standard
Never do your own homework and investing
All financial advisors screw you. They do it in a way that you can’t figure it out. Better to read a few books and save yourself a ton of money.
Who’s in PLTR with me? 🔥
200 in since IPO 🚀
Lets go$
What is pltr
@@fleetleader1013 it’s a stock. Look it up under ticker sign pltr
Fk that and cathy
Share the money if u dont know what to do about it:)