Unlike you have complicated finances or have sizable business holdings, a financial advisor is likely not worth the fees at your age. … Chances are they’ll advise you to put most if not all of your retirement savings into equity investments, which you can (and should) do on your own without paying advisor fees.
Correspondingly, is financial planning a good career Reddit?
It is a good job with a great boss and decent pay and benefits. Very small shop and very few clients. I would never work in a sales job or for a big firm. On track to retire in 2 years, and what I learned in CFP school and on the job has helped me immensely in my own investing and staying the course.
Similarly, how do financial advisors get paid Reddit?
As an advisor, we get 40% of the commission we bring in. So for the 5.75% up front charge on A-share mutual funds, only 5% of that is actually commission. The company receives 3% and I received 2%. Their cut went towards operating expenses, such as my office and my assistant’s pay.
Are financial planners worth it?
Here’s my take: If you have a comfortable emergency fund and can afford a financial advisor’s fee without going into debt, a financial planner might be a good investment. In fact, the planner’s fee may pay for itself in a few years if he or she helps you make better financial decisions in the meantime.
A financial planner is a professional who helps companies and individuals create a program to meet long-term financial goals. Financial advisor is a broader term for those who help manage your money including investments and other accounts.
A fee–only financial planner is paid directly by clients for their services, be it a flat fee, hourly rate or a percentage of assets under management. … Their fee–only pay structure means they do not receive commissions or other payments from the providers of financial products they recommend to clients.
If you’d like, you can pay a fee-only advisor. You’ll pay them probably $200/hour to help you for a couple hours. It seems like an expensive hourly rate but it’s nowhere near expensive as giving away 6% of your money up front + .
There are a lot of reasons to not be a financial advisor, its a challenging job with a lot of responsibility, and finding new clients/assets, is really really hard, but dont let some negative opinions on the internet let you think it isn’t a viable career. TL:DR Don’t let that stuff hold you back.
They get a lot of satisfaction out of knowing their clients are in the best financial shape possible. Communication skills are extremely important. You need to be honest with yourself and decide if you are a people person. You need to be really good at reading people and interpreting situations.
Fee–only financial planners are financial advisors who operate on a fee–only basis. They typically collect fees from only you as a percentage of your assets under management. Fee–only advisors don’t receive any fees, commissions, referral fees, kickbacks or any other hidden forms of compensation.