Why do I need a financial advisor?
What's up WSO brotherhood!?
I was talking to a former peer of mine from the good ol'days. He is hanging up a shingle as a financial/wealth/investment advisor. In case it matters, he has a CFA Charter, CFP, and other certifications. He is hoping he can have a shot at managing my assets (~$1M) in Roth/Traditional/Taxable brokerage accounts. My question to the experts here is why I need someone to manage my assets?
I am a simpleton who believes markets are efficient. Ifor cheap and rely on target date funds for a portion of my retirement planning.
I have an attorney for my estate planning needs and have wills, powers of attorney, and health care directives.
3. I have a decent life insurance agent and ample term insurance (She is also a CFP begging for my assets).
4. I have 529s for the kids through a state that uses Vanguard index funds.
5. I completed 2 levels of the CFA exam, worked in asset management for a hot minute, and follow markets. I have a practical working knowledge of managing my investments.
- Emergency fund to cover a year of expenses (if that matters) in the bank.
7. My taxes are simple with W2 income only. I have several CPAs in my family, one of whom is a tax manager at a big 4.
His pitch. But do you have a financial plan? What's your plan?
I really don't know what this plan is or what value it can bring? I'm a cheapskate by nature and live well below my means and invest the rest. What value would a advisor bring worth the 1% management fee?