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New grad - Is it worth getting a financial advisor? (Fee only or AUM?)

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  • DDStigers
    replied
    After reading the responses I'm thinking of investing myself for the first few years until my income/assets increase.

    Leave a comment:


  • Tim
    replied
    “My plan has always been to have a financial advisor”

    There are no “ins and outs” of investing. For investing, use the Vanguard service. You will end up with a four or five low cost fund portfolio. You just keep putting money in. A financial planner and good tax advisor (CPA) will give you a plan of attack.

    I would suggest you rethink using a pure financial advisor to monitor your investments. The core plan is you put money in and the advisor takes money out.Use the advice of a planner and whatever professional you need. Pay for a plan and follow it. The investment advice at Vanguard will suffice. It’s not rocket science.
    Basic preference, keep it simple.

    https://www.whitecoatinvestor.com/forums/topic/j-l-collins-vs-wci/
    Consider: US, , International , Emerging Markets, Total Bonds.
    https://www.whitecoatinvestor.com/150-portfolios-better-than-yours/

    Pick a 3-7 AA and you will be fine.

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  • Peds
    replied
    So 19k 401k and 6k rIRA.
    What is an advisor for exactly?

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  • DDStigers
    replied
    Where should I start if I want to invest myself?  I've been on this site a lot and read the white coat investor book, but there's so much info it starts to become overwhelming.

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  • octopus85
    replied

    • By the time you've learned enough to hire a reputable financial advisor, you'll have learned enough to do it yourself for cheaper.

    • No one cares about your money as much as you do.

    • The effective $/hr you earn managing your money (offset by the savings from NOT hiring an advisor) likely far exceeds what you make practicing dentistry.


     

    $25k/yr is a good start, but it's nothing extraordinary. Honestly, that amount is just what you need to set aside for retirement. So put it in a target date retirement fund and forget it. That's literally all you need to do.

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  • CordMcNally
    replied




    I don’t think I want to invest the time to learn the ins and outs of investing.  My plan has always been to have a financial advisor.
    Click to expand...


    Most of the people on this forum are going to encourage you to do it yourself because most here are DIY investors and also because it will save you money. It also isn't as difficult as most people think. I'm not up to date on the various AUM firms but I do know that paying $4k per year for investing $25k per year is not a wise move.

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  • DDStigers
    replied
    I don't think I want to invest the time to learn the ins and outs of investing.  My plan has always been to have a financial advisor.

    Leave a comment:


  • pierre
    replied
    The only advisor I ever talked to was at NWM, on referral from a friend. Luckily I had cold feet and never ended up letting them manage any of my money.

    Shortly after I found this website and bogleheads and have been doing everything myself ever since and never looked back.

    So, do you need an advisor? Probably not

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  • CordMcNally
    replied
    Is your ultimate goal to do all of your own investing? If it is, I would throw your money into a total stock fund and spend the next 1-2 years learning about investing.

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  • New grad - Is it worth getting a financial advisor? (Fee only or AUM?)

    I just recently graduated dental school and will start as an associate in a month.  My salary will be $130-160K this year and should go up 3-5 years from now with the goal of owning my own practice.  I am wanting to invest 15-20% of my income which will roughly be 25K per year.  Is it worth getting a financial advisor right now?  I have talked to one that charges a fee-only $4,000 per year, but I am thinking it might be smarter to use an AUM or Vanguard advisor (.3%) now until my income increases.
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