Unlike you have complicated finances or have sizable business holdings, a financial advisor is likely not worth the fees at your age. … Chances are they’ll advise you to put most if not all of your retirement savings into equity investments, which you can (and should) do on your own without paying advisor fees.
Just so, is financial planning a good career Reddit?
It is a good job with a great boss and decent pay and benefits. Very small shop and very few clients. I would never work in a sales job or for a big firm. On track to retire in 2 years, and what I learned in CFP school and on the job has helped me immensely in my own investing and staying the course.
Moreover, is seeing a financial planner worth it?
Regardless of how simple or complex your finances may be, there’s a solid case to be made for engaging a financial advisor. … She says financial advisors can help you with one-off, periodic or ongoing advice, and can help you achieve a specific financial goal or achieve a larger financial plan.
What is the difference between a financial planner and a financial advisor?
A financial planner is a professional who helps companies and individuals create a program to meet long-term financial goals. Financial advisor is a broader term for those who help manage your money including investments and other accounts.
How much does a financial advisor cost Reddit?
If you’d like, you can pay a fee-only advisor. You’ll pay them probably $200/hour to help you for a couple hours. It seems like an expensive hourly rate but it’s nowhere near expensive as giving away 6% of your money up front + .
Is financial planning a dying industry?
First of all, the profession is growing, not dying. According to the Bureau of Labor Statistics Occupational Outlook Handbook, employment of finance planners is expected to increase by 7% from 2018 to 2028. This is higher than the average for all occupations, which is only 5%.
Is financial planning a sales job?
CFPs are 95% a sales job. It’s not the only way to get started in finance/investment management. There’s equity research, fixed income research, quant, asset allocation jobs that are geared more down the r/cfa route. If you’re a god-tier salesperson, then financial planning can be very lucrative.
Is being a financial advisor stressful Reddit?
It’s really difficult to establish yourself and you’ll work really hard in the beginning, but if you do make it, you’ll make a good living with a relatively low-stress job (compared to others in financial services).
What is a fee only certified financial planner?
A fee–only financial planner is paid directly by clients for their services, be it a flat fee, hourly rate or a percentage of assets under management. … Their fee–only pay structure means they do not receive commissions or other payments from the providers of financial products they recommend to clients.
When should I get a financial advisor Reddit?
You don’t need one unless you have high income, a good amount of investable assets, and maybe a complicated financial situation. … Most very wealthy people do have financial advisors, but that’s because they have a lot of things to keep track of and need professional help.
Can Financial Advisors steal your money?
If your financial advisor outright stole money from your account, this is theft. These cases involve an intentional act by your financial advisor, such as transferring money out of your account. However, your financial advisor could also be stealing from you if their actions or failure to act causes you financial loss.
Why you should not use a financial advisor?
Avoiding Responsibility
It’s really easy to become dependent on your financial advisor. … The fees you pay to a financial advisor may not seem like a lot, but it is a huge amount of money in the long-term. Even a 2% fee can wipe out a significant amount of your future wealth building.
Do financial advisors make you money?
Fee-based: Fee-based advisors are typically paid in two ways: a percentage of the investor’s assets under management and by commissions from selling products, such as life insurance, annuities, mutual funds, or other investments. In a fee-based relationship, the client isn’t the only one paying the advisor.