A 2019 Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.
According to Northwestern Mutual, only a third of the public trusts financial advisors. Granted, they're not all worth the time or the effort. But there are plenty of good ones, too.
Before you start looking for a good financial planner, know why you want to go in the first place. Do you need help with personal finances, retirement plans, debt, investing, tax planning, or even estate planning?
Is the financial planner bound by a fiduciary duty, which means they have to act in their client's best interest before their own? Not all financial advisors are bound by that.
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