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Hiring a financial advisor can be a smart move for those who lack the time, expertise, or interest in managing their own finances. However, for those who are motivated to take control of their financial future, becoming your own financial advisor can be a rewarding and empowering experience.
There are several compelling reasons why you should consider becoming your own financial advisor. Firstly, you will save money on advisory fees and commissions, which can add up to significant amounts over time. By managing your own finances, you can avoid paying unnecessary fees and expenses and keep more of your money working for you.
Secondly, becoming your own financial advisor allows you to tailor your financial plan to your specific goals and values. No one knows your financial situation and priorities better than you do, so taking the time to develop a personalized plan can lead to more effective wealth-building strategies and better outcomes in the long run.
Additionally, learning how to manage your own finances can be a valuable educational experience. By taking the time to research different investment options, understand the principles of financial planning, and analyze your own risk tolerance and goals, you can develop valuable skills that will serve you well throughout your life.
Of course, becoming your own financial advisor requires a significant investment of time and effort. You will need to educate yourself about different investment options, tax strategies, retirement planning, and other financial topics. However, there are a wealth of resources available to help you along the way, including books, online courses, and financial planning software.
If you are unsure where to start, consider working with a fee-only financial planner on a one-time basis to help you develop a comprehensive financial plan. This can provide you with a roadmap for managing your finances and help you identify areas where you may need additional support or advice.
In conclusion, while hiring a financial advisor can be a good choice for some individuals, taking the time to become your own financial advisor can be a rewarding and empowering experience. By developing a personalized financial plan, educating yourself about different investment options, and taking control of your financial future, you can build a strong foundation for long-term financial success. Don’t hire a financial advisor; become one!
Investing in the S&P 500 index is a popular strategy due to its diversification across a broad range of large-cap U.S. stocks. The S&P 500 represents a significant portion of the overall U.S. stock market and is often used as a benchmark for the performance of the U.S. economy.
Glad to see you suggested Jazz Wealth. These guys are great!!
Is there any liability involved?
Finding truly qualified, full scope, true “Retirement Planning” advice locally is a real challenge. Too many folks claiming that but are in reality simply “investment advisors” or worse, disguised commissioned sales agents.
Coming in green, you need to first to self-educate yourself enough to recognize the former above and avoid the latter. Watching a lot of varied YouTube content gets you a long way toward the point where you can spot the imposters.
Sounds interesting. I have some knowledge, but I'd rather be interested in helping people.
The dirty secret – from personal experience, the big bank captive investment firm, 1% of Assets Under Management (AUM) model is a sham to make its individual advisors wealthy, with minimal benefit to its clients. They will claim they offer personalized investing… (Think, Bank of America’s Merrill Lynch, Chase’s JP Morgan)
1) These big firms have centralized “Chief Investment Officer” departments that create standard portfolios aligning with various risk/objectives like “Risk Averse”, “Moderate Aggressive”…. “Income”, “Growth”, etc… The local team of “rainmakers” who interface with you simply pick one or more of those firm standard portfolio plans for you.
2) From personal experience (I attend the performance reviews with a relative), these overly complicated portfolios appear sophisticated and impressive because they own a wide range of funds and even individual stocks. I periodically evaluate the actual diversification of these portfolios since they typically own stocks both inside funds and individually. Recently it appeared they were very significantly double-weighting in several categories. I asked the “rainmaker” “face” to clients (often a retired professional sports athlete) about the double weighting. He sheepishly admitted the CIO at their firm (one of the above firms) double-weighted in error… which impacted ALL clients in that portfolio at that firm!
3) After coming up on ten years of comparing my personal painfully simple, same objective, similar size, retirement portfolio, performance to theirs, I beat them in both up and down markets, often by 2-4% performance, 100% of the time.
4) Perhaps as importantly, the advisor team, until very recently, offered only investment advice, a small part of “Retirement Planning.” They finally implemented a simplistic internal Monte Carlo tool but it is clear they have done little training of their advisors in its use.
I feel bad for the millions(?) of folks who are not even aware of what they are missing when engaging in these big bank captive investment firm relationships. The 1% fee is only part of the problem. Poor/non-existent full scope Retirement Planning can be far more expensive than that 1%.
I have those skills(budget, cash-flow, tax planning). I have not done gotten into Financial advising because I thought an individual have to start off with the certifications then sell stupid products. I am a Boglehead.
I'll need something to do in the future when I retire in 20 years or so in my 50s.
I'll just have to check with the AI overlords to see if I'm allowed or if that career field no longer exists.
I love this idea and have taken steps toward it. Except, I call myself a Retirement Planning Coach. NO investing advice, just review retirement status/condition and make suggestion on how to improve that status.
Huge need for financial advice for the average guy. Lots of great home improvement videos from people that aren't carpenters, so why not financial advice from guys that don't have a CFP?
I'm living 6 pack to 6 pack. Follow me for more tips!
When you can't make a living as a financial advisor – sell consulting to teach others how to be financial advisors.
I would enjoy this.
I agree. I've been doing YouTube for over two years now. Doing memberships and teaching/coaching. Slow and steady.
Would rather just give free suggestions in the comments section.
Josh…i was specifically thinking of doing this in 3 yrs. when I retire. Can you share more insight or do a future video of considerations and preparations to do so please?
Not a bad idea!
Be a financial advisor, or just look like one.
I have been thinking about doing this for years.
I was thinking this a few months back. I assume one needs some sort of legal contract/documentation for protection to do financial planning? I’d be worried about being sued by some unhappy person.
Great video and when I got laid off from Kodak I tried to get in a position at Mass Mutual and they just didn’t help to get me for the licensing and they wanted me sell sell sell and I just never got a good feel from them and end up getting a job at a pharmaceutical company going on 19 yrs now but I have help people at Kodak and present job and always like to the idea of helping and providing and teaching the things to build wealth so thank for fanning the fire ☘️
Maybe I can team up with ole Tim S and we can help everyone retire early and keep their expenses down low by living in a 10 foot trailer with a bucket.
We'll talk next Monday…. 🙂
Great video, Josh. Ironically, I was just researching financial planning courses at local schools (southern California). Thanks for all you do!