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Ready For Retirement

Am I Crazy For Paying My Financial Advisor $25k/year?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5706 Ratings

🗓️ 19 December 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

When you’re doing well financially, paying advisor fees might seem unnecessary. So do you need an advisor if you’re already in a good place? Having a successful retirement isn’t just about not running out of money; it’s about what more you can do. Through a real-life client story, I explain how having an advisor’s perspective to implement the right strategy can be more valuable than the cost of their fee. Advisors can help you avoid biases in the way you invest and plan. They can ensure yo...

Transcript

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0:00.0

Ready for Retirement, a listener wants to know if he's crazy for paying his financial advisor $25,000 per

0:05.0

year when he thinks he might be able to do the same work on his own for free. So on today's episode,

0:09.9

discuss ways to know if he's crazy for doing this, for continuing to pay his advisor,

0:13.8

and I'll point out things he should look at to know if this cost is potentially justified.

0:17.9

It's all coming up next on Ready for Retirement.

0:24.1

This is another episode of Ready for Retirement. I'm your host, James Cannell, and I'm here to teach you how to get the most of

0:27.7

life with your money. And now, on to the episode. Today's episode is based upon a listener

0:35.0

question. This listener's name is Don, and Don submits the

0:38.2

following. He says, first off, I love your podcast and I've learned so much from you. To be honest,

0:43.0

listening and reading as much as I have over the last year or so has emboldened me to realize that

0:46.9

my current financial advisor makes much worse decisions than I have over a 10-year time period.

0:52.2

All that I have done is work, put away money, raised a family,

0:55.2

and trusted that my advisor was making sound decisions. Well, now that the kids are grown and I'm

1:00.2

slowing down at my job, I realize that I believe I can do all this on my own for free,

1:04.8

instead of paying an advisor now $25,000 per year on average as my assets have increased.

1:10.6

I have a portfolio of approximately

1:11.9

$4 million and my estimate that my expenses in retirement will be approximately $120,000 per year in

1:18.1

today's dollars. Doing the simple math, I'm not too worried about running out of money. So my question is,

1:23.6

why not simply invest in the S&P 500 fund and keep it all simple with about three years

1:28.6

of cash reserves to weather and downturn in the S&P 500 fund? Take from the cash from the

1:34.1

market's down and take from the other assets when the market is up. Also in the meantime

1:37.9

convert as much as makes sense from a tax standpoint to my Roth IRA from my traditional IRA.

...

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