What to avoid in picking a financial advisor
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“Guys interesting podcast. I am a CFP for over 30 years and have multiple other designations. As well as a degree in finance and economics and an MBA in International finance. So credible. My concern with this advice is you really generalize and put out a bad vibe for our industry.
First true fiduciary managed accounts should not be using mutual funds that charge retail fees. There are institutional class funds that are very low cost and available to larger firms. Often these funds outperform ETFs in that sector.
As far as fees being charged on AUM. At least most CFPs include their Financial Planning and advice in the fee. Which an experienced CFP charges more like a CPA at $450/hour. Most clients get sooooo much more advice by including this in the AUM fee then paying separately for the advice.
The CFP has so much ongoing educational training and personal risk exposure. The cost of being in this industry is expensive. The client advice is invaluable and we are more of a financial coach in our clients lives.
In addition, most clients think they can do this stuff themselves in reality they tend to underperform markets in the long run and take tooo much risk. People love to hear about the money they can make but when markets fall they can not stomach the losses. Thus the risk is too high for their true risk tolerance. By the way that is how the advisors in our industry get sued. Soooo having a plan and be steady with returns that match their true risk tolerance and having diversified portfolios works. Behavioral Financial 101 and true Financial Planning.
Yes agreed alternative assets are a potentially a good investment for the right person. They carry more risk.
In general I follow your podcast. Good basic advice. My son sent it to me. I am glad to hear what youger generations are thinking and hearing.”
Colettef07 via Apple Podcasts ·
United States of America ·
04/21/24
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