Financial Advisers

Well I believe in specilzation of tasks and division of labor. If you exceed at something other than finance do what brings in the revenue and let other handle your money as the opportunity cost of you handling your own money would take away time from what bring you the dough. If you are good at finance but dont have the time.... well i guess you would let others handle ure own money....but u should prefer to do it youself since u excel in the field

Everyone financier needs a financial adviser just as every athlete needs a coach. For someone to parade around like a BSD thinking they don't need financial advice just because they work in finance makes them a huge tool, an arrogant prick, and someone who would never succeed in a relationship-driven business such as banking. Good night.

Financial advisers serve the public almost as fine caretakers, proficient at their art, shaping the future of financial freedom for naïve protégés. As we wander through the perilous sea of information, we trust these caressing caregivers with the capitalistic equivalent to our children. Their sharp acumen and tiring toil nurtures those children into full maturation, from child to man. For us to hold up and be proud of to call the culmination of our careers. And for financial advisors to know that they carved a gentle, distinctive imprint on those same hands as they held carressed our children and us along the way when we needed them the most.

Just my .02

ConnorHow do you guys feel about letting someone else manage your money, even though most of us here have a broad understanding of the financial markets and risk mitigation?

I do think that some consultation is important for people who have money, but have no clue what to do with it. I know of few family friends with several hundred MM, but they leave it to an adviser to deal with, although some are extremely well-versed in finance.

Would you leave your money in someone else's hands due to lack of time, interest, or knowledge? Would you trust a BB name like JPM, GS, or ML, more than Raymond James or Edward Jones?

I'm leaning toward staying with a discount brokerage for a long time with both the marginal account and IRA. I just don't see the point in paying major fees to someone who may or may not care about my money as much as I do. Imagine hiring an adviser who invests in a FOF or an index fund. You would have to pay 2-3 different money managers, then taxes, before you even see returns. Just curious.

My experience is that most people in the field of finance should not invest personal money without consultation. The reason is that most people are highly specialized and do not see the big picture, let alone know about things like 529 plans, GRATs, or other things that financial planners know about. If you are an expert in M&A or convertible bond sales, how much does that help you with how to set up your estate plan or whether you should tell your parents to take the RMDs on their IRAs?