When Should You Work with a Financial Advisor?
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- čas přidán 7. 07. 2024
- When does it make sense to work with a financial advisor? It may surprise you, but we don't believe every single person needs a financial advisor. We do believe it can be helpful depending on your situation, and James discusses the primary factors to consider when it comes to thinking about hiring a financial advisor.
Learn the tips & strategies to get the most out of life with your money.
00:00 - Introduction
2:50 - Asset Allocation
4:00 - Diversification
5:25 - Tax Planning
7:38 - Maximum Income
9:03 - Guardrails
10:45 - Happiness In Retirement
12:44 - Most Out Of Life With Money
14:08 - Risk of S&P 500
15:26 - Lack of Confidence
16:52 - Tax Strategy
17:30 - Working With Us
Get started today → www.rootfinancialpartners.com/
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Website // rootfinancialpartners.com/
Podcast // readyforretirement.co/
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Facebook // / rootfinancialpartners
LinkedIn // / 18347030
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At the top of this comment section, we are reminded “to keep comments respectful.” Several of you clearly missed reading this request. There is no need to call this channel’s audience stupid, or to ask James for the name of a different advisor. I’m sure he would be open to respectful differences of opinion, but I hope that he pays no attention to the rude, inaccurate, and frankly, useless comments. Let’s be better than that, everyone.
James, I find great value in your content on CZcams as well as your podcast. I love how you educate your audience in such a respectful manner. 30 plus years ago, I had a financial planner from one of the big national firms. I had him for 6 years, but I had to end the relationship because it just was not beneficial for me. I decided to increase my personal knowledge and manage my investments myself. I have been retired for a couple of years now and have been reaping the rewards of what I have learned. I may try a planner again as I get older, but for now, I am fine doing it myself.
This is the best channel for financial planning imho. Very clear explanation. Ty.
You're welcome!
James I absolutely value your videos and just subscribed to your podcast yesterday- you explain things so well and don't come across as someone who is trying to do anything but educate. Thank you for devoting so much time to assisting others!
I'm really enjoying the Root Financial videos. My husband is on the verge of retiring, and these videos have helped convince him we need a financial advisor to help us avoid big RMDs.
another great video! thanks for your great content!
I love my adviser since my portfolio is doing well, money very well spent!
I have 90 percent in s&p500 and 10 in a target fund. I think it's great
Thanks for the video, I have been following you for a few months, find you very sincere and down to earth, contrary to the stereotypes of financial planners. If your job is to help people through their financial journey, there’s no shame in getting paid for that. I’m kind of on the fence, we’re planning to retire in Europe within next 10 years, adding another layer of complexity, not sure if a US CFP can fully grasps that.
Thank you for your sincere video . May the Lord blesses you and your family.🙏🏼 I don’t know how to find a good financial advisor. I looked into a group affiliate with Ramsey. But because it’s not Ramsey and I spoke that financial person and still not comfortable with him having control with my money yet I have no knowledge what he’s going to with the money. I’ve seen enough of your video that I think you’ve a sincere heart so I want to find the same advisor like yourself and Ramsey to help me.🙏🏼
You're welcome!
Excellent content and presentation as always. But do remember that not everybody that is retired wants to spend time with their family! 🤗
Good call!
I tried two and came to the conclusion I'm not a good fit for having one. I say ney, since it's me who has the issues. Most advisors stick to a plan of how to invest, one thing I didn't like. I don't need bonds today or tomorrow, they struggled with that. I don't want international stocks or funds, they wanted me to have them. I'm not a good fit!
However, for me I hyper focus on things I truly enjoy, money being one of them. I sit in front of a computer and watch the market all day long. It came down to I care more about my money than they did. I would ask questions and they didn't have answers.
I had same issue as well. If financial advisor do wrong investment, their answer is we told you there is a risk and we are not magician who will pick winners all the time.
I think most people aren’t fully grasping the insanity of AUM fees. If the fee is 1% and you’re withdrawing around 4% of your portfolio - that means you’re giving 25% - I repeat, 25% - of your retirement income to the financial advisor. Every single year in perpetuity. You have to be out of your freaking mind to accept that deal. They just hope you’re scared and confused enough to not realize how much you’re actually paying.
That’s where I struggle. I’ve thought about it, but if you are fairly diversified, not sure the benefits outweigh the cost. On a 2 million dollar portfolio, you’re giving them 20 grand per year.
love your vids but suggesting if you are all in the S&P means you need an advisor ... I strongly disagree and so would warren buffett. S&P is basically investing in a total stock market fund (87% overlap) it doesn't mean "chasing performance". It means you are in the market not trying to beat the market.
About benefit #2 (tax planning): wouldn’t that require an advisor who’s also a CPA, in addition to being a CFP & a CFA? I haven’t seen/met any advisors who possessed all those expertise.
How do you find a good advisor the way you described a good advisor when all the good one's require a portfolio with 1M investible assets minimum? What middle class 30yr old has that large of a portfolio?
I need a recommendation for a fee only financial advisor so they have no bias with the advice they provide.
where can i read this interview by sonia?
James can you please me advice to the best financial advisor
I would recommend never hiring anybody that attaches their fee structure to your portfolio as a fixed source of income. Win Win models only.
Did I miss the part about not working with a financial advisor? Also what percentage does your company charge for under 1 million of assets
Why charge based upon a portfolio size? Charge based upon quantifiable value delivered. WIN WIN
What if financial advisor makes mistakes? Do you give discount or give back the fees ?
James I enjoy your content but your business model is targeting only one group of needs. Those people that you can attach you fixed commission structure and call it money under management. I never subscribe to that model because you get a fixed income whether you did a good job for me or not. In all situations you get paid. Fortunately I only work with people that deliver value. No value no pay. I was also disappointed the way you have an automated questionnaire to simply dismiss them based upon a few questions describing your fee structure. There are better ways to show a more personal touch. But thank you for convincing me early in the model that you are all about the money.
If the safe withdrawal ratio is 4%, his fees will certainly reduce the ratio to 3%. If an advisor tells you to withdraw more and it turned out that you run out of money decades later because of that. He is not going to give the money you need at that time. But he did give you the peace of mind in the past.