Best question to ask a Financial Advisor right now: kzread.info/dash/bejne/apqKsNNtkbTdhqw.html

I dropped mine, they just want to make money off of my account via fees. The problem is they lose money for me while making their fee. No thanks. I make more money managing my own account.

Was paying £1000 per month ongoing advice fee. Took me 7 years to wise up! Have a SIPP and affairs are straight forward. This worked out at £12000 pa for the dearest cup of coffee ever!!

Understanding the fees associated with hiring a financial advisor is essential for making informed decisions about your financial future. This video provides a clear breakdown of financial advisor fees, including the different fee structures and examples of typical costs. Knowing these fees can help you budget effectively and choose an advisor whose fees align with your financial goals. Remember, while fees are an important factor, it's also crucial to consider the quality of service and expertise you'll receive.

Am I wrong in thinking the expense ratio on the FP picked funds is in addition to the 1% charge?

@Financial_Awareness

Жыл бұрын

@roburb73 - Hey Rob! Yeah, you’re seeing it correctly. My apologies if I wasn’t clear enough on that in the vid…thought I might have made a quick comment, idk. Will need to rewatch. I assumed, for the sake of the vid, the OE ratios would be the same in the two examples, but in reality they likely wouldn’t be and folks would need to weigh that in their considerations. Tomorrow starts a pivot towards some family/kid related topics. Excited to mix it up a bit again. Thanks for following along!

@roburb73

Жыл бұрын

@@Financial_Awareness Nothing you did or didn't say, no worries. I just remember on top of the 1% my CFP at the time had me in 12 funds and the only one under .75% was VOO. I'm glad I figured out early on and left. So many people don't and end up wasting so much money.

@Financial_Awareness

Жыл бұрын

@roburb73 - Yup! Bingo. I mean, I know plenty of FAs…this has absolutely nothing to do about “them personally” or “how much value they drive for their clients”….it’s just plain math to me. If someone gets caught in their web they’ll be paying for it somehow…I justified A-shares over 1%/year often, but just couldn’t justify working for free and always telling people low cost ETFs…the only way I’d make money by doing that then would be on selling insurance products…because I didn’t accumulate enough AUM “to have the privilege” of charging a planning fee. 🙄 Now are you starting to see why I left? Lol.

@crystalv-b8400

10 ай бұрын

So would you recommend not getting a financial Advisor with someone like Charles Schwab or fidelity??

@randy74989

5 ай бұрын

@@Financial_Awareness EXACTLY, they are AUM aggregators: Most RIA contracts will specify fees and other costs if they provide additional services. The 1% is normally for "managing" your money ONLY. Thus, become a DIY investor and that is easy; construct a three or four fund Worldwide portfolio and go on about your life. Easy as pie. Wall Streeters like to stir it up in order to maximize "FEES". If you need to hire an RIA, don't pay over 0.40% per annum for Assets Under Management (AUM). Good luck finding one that will work for you and at that price. Oh, and don't forget they get discretionary control over your money. READ the Contract and you will see. Your only recourse is to fire them unless you can find a non-discretionary RIA. Hard to do but I found one.

Are you trying to say that financial literacy is just about watching KZread videos? 80% of people end screwing themselves financially because of lack of quality advice & that’s coz they want to save that 1% & think of it as an expense rather than like an investment. That 1% will prevent them from making terrible mistakes that will save them multiples of 1%.!! You are a classic example of how to fool people financially by using a simple arithmetic approach just so that you can earn your 2 cents per view on KZread!

@Financial_Awareness

10 ай бұрын

John, what’s up! Appreciate the dialogue and passion. That’s awesome to see you love your craft and your clients so much to check out what life is like on YT for all the DIY’ers that don’t get caught up in the web of a FA. Are you saying that the only justification for a FA 1% fee is to help them with their poor financial behavioral tendencies to liquidate? Seems a bit rich for financial behavioral therapy. Also, if you are a FA then I’m not sure you took the 3 seconds to look at my about page before commenting. I was a FA for over 8 years and sold my book. So, I’m not a dumb YT’er…I walked in these shoes for nearly a decade and know exactly what I’m talking about regarding the relationship between a FA and client. Yes, many people that can barely afford to save enough for retirement…they don’t need to pay a FA $ to DCA into a qualified retirement account for 30 years…they need to spend less & save more…don’t need 1% for that. And yeah, it’s amazing how many millionaires share their portfolios on YT these days. Simple google searches are amazing. It’s not 1970 with no internet…people are smarter than you like to give them credit for I presume. I’m sure you’re an awesome guy! Cheers.

@gikacoustics6360

4 ай бұрын

Where did you come up with 80%? I call BS. "Saving that 1%" comes out to 10s to 100s of thousands over the years and this is before you have spent any of it yourself. Once you retire and start pulling 4% (I plan on less) you are handing over 25% of what you could have taken, over to the broker. I get it though you need to throw around big statements to keep people scared to do it on their own.