Market MakeHer Podcast 19. Q&A: Do I Need a Financial Advisor?
Nov 22, 2023
In this engaging Q&A segment, the hosts tackle whether a mid-30s single woman needs a financial advisor. They discuss the hesitancy around advisor fees and reveal that many go without one. Robo-advisors and hybrid options are explored as cost-effective, automated solutions. The hosts outline the 'skill, will, and time' test to help listeners decide if they're ready to self-manage. The conversation dives into what advisors actually do, fiduciary responsibilities, and the importance of transparency in fees. It's a must-listen for self-directed investors!
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Advisors Aren't Mandatory
- Not everyone uses a financial advisor and many people successfully self-direct their investments.
- Employer 401(k) plans often function as a form of managed investing with fees paid by the employer.
Wealthy Clients Still Use Both Approaches
- Jess Inskip recounts working with ultra-wealthy self-directed clients who still used wealth managers.
- They kept small 'play' accounts for self-directed trades while professionals managed larger assets.
Use The Skill–Will–Time Test
- Evaluate whether you have the skill, the will, and the time before hiring an advisor.
- If any of those are missing, consider outsourcing to a financial advisor or passive funds.