937: Friday Q&A: Robo Advisors, Umbrella Liability Insurance, Career Planning

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 24 April 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On today's Q&A show we discuss:

00:45 Should I switch from a robo advisor to something else?
12:27 Should I buy umbrella liability insurance?
21:40 Where do I turn for career advice?

To join next week's show, go here! https://patreon.com/RadicalPersonalFinance

Joshua

Transcript

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0:00.0	Welcome to Radical Personal Finance. The show dedicated providing you with the knowledge
0:02.8	skills, insight and encouragement you need to live a rich and meaningful life now while
0:06.6	building a plan for financial freedom in 10 years or less. My name is Joshua. Today is
0:10.6	Friday, April 21, 2023. And on this Friday, as we do any Friday, in which I can arrange
0:18.0	the recording setup, we have a live Q&A show. It works just like talk to radio. You call
0:23.0	in, talk about anything that you want, ask any questions, make any comments. It is open
0:27.6	to you. You are the one who drives the show and the show topics. If you would like to join
0:31.8	me on a Friday Q&A show, you can do that by becoming a patron of the show. Go to patreon.com,
0:35.3	slash radical personal finance, patreon.com slash radical personal finance. Sign up to support
0:39.8	the show there and that will gain access for you to a Friday Q&A show. We begin with Nick
0:44.8	in New York. Nick, welcome to the show. How can I serve you today? Thank you, Joshua. For the
0:49.5	last four or five years, I have been using wealthfront as a robotic advisor for my non-plexed
0:56.8	advantage account. I started it because I like the lower, let's say, overhead that they charge,
1:04.7	which is 0.25%. I don't really know how to invest myself, so I just thought I would just give
1:11.6	it my risk profile and then it would invest. I feel like it has done well. But after five years
1:17.8	and after the account has become more sizable than it used to be, I was wondering if you advise
1:25.6	people for or against these robot advisors. I usually avoid taking a position on that. In some
1:36.2	ways, similar to the position that I avoid taking on DIY investing versus working with a traditional
1:43.2	personal advisor, it's not that I couldn't make arguments one way or the other. But as I look
1:50.9	at it in order to decide what's right for one person and what's right for another, you have to gain
1:58.2	quite a lot of details about the person's financial situation. You have to ask for quite a lot of
2:03.6	details about what's going on, what their interests are, what their plans are, etc. and then get a good
	...

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