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View Poll Results: Do You Currently Use an Advisor?
Advisor Dependent 10 4.61%
Advisor Assisted 19 8.76%
Life Event Investor 8 3.69%
Self-Directed Investor 180 82.95%
Voters: 217. You may not vote on this poll

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Old 04-21-2012, 12:18 PM   #61
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A good advisor helps clients stay organized. If you don't need that, more power to you, that's great! But many people DO need it, and do not want to be involved in day-to-day investing. And like our estate attorney, a good fiduciary advisor makes sure 'all the bases are covered.'
In addition to what Midpack said, we often point out here, how does someone know if they found a 'good advisor'?

Seems you need to know enough to tell good from bad, and we mostly say that once you know that much, you know enough to pick some index funds, rebalance once a year, and be done with it.

Another way to look at that 1% versus 4% withdraw - to get the same $40,000 annual, you need a $1,333,333 instead of $1,000,000. Even if you find a 'good advisor', it will cost you $333,333! That means many more years of working and saving for most people, it takes time to add another 1/3rd to your nest egg.

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Old 04-21-2012, 01:00 PM   #62
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I decided a long time ago to educate myself and manage my own financial decisions. I'll never know whether I could have done better with an advisor. I have talked with several over the years and even signed on with one early on. She went ballistic when I tapped the stock account she had sold me so that I could afford a down payment on a house.

What has really turned me off is that few if any ever began the conversation by asking me what my financial objectives were. This showed me that they really did not have my best interests at heart. Or were even willing to bother to pretend.
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Old 04-21-2012, 08:35 PM   #63
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I started investing in 401k when they were first offered at MegaCorp, around 1985. People I respected there were doing it, so why not I?
Fast forward 15 years when retirement conversations starting flowing, I realized that a lot more financial knowledge would be required. Recommended books, peer advice, and perseverance educated me enough to understand that paying for a professional advisor was not necessary.
Self-directed and loving it!
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Old 04-21-2012, 08:42 PM   #64
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>>how does someone know if they found a 'good advisor'? Seems you need to know enough to tell good from bad, and we mostly say that once you know that much, you know enough to pick some index funds, rebalance once a year, and be done with it.>>

So basically the poll is useless then? EVERYBODY here is self-directed/self-taught/DIY, so why even ask the question about using advisors if no one on the forum does it?

I guess my post was wasted, since the point I was trying to make was that investing fundamentals, no matter how skillfully executed, is NOT true financial planning. And for some people - actually, I'd say many people - having a financial plan increases one's chance of successful retirement.

There are many factors that go into achieving one's goals. Truenorth418 showed good instincts in rejecting advisors who are not interested in helping you define your objectives.

I'll repeat this one last time, and then I'm going to go away so I won't bother anyone any longer.

WHAT YOU DON'T KNOW CAN HURT YOU. The questions you forget to ask, the risks you prefer to ignore, can mess up your senior years. That's what an advisor is for - a true fiduciary, not a 'suitability' advisor.

I wish all of you good fortune and health in the years ahead.
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Old 04-21-2012, 08:53 PM   #65
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>>how does someone know if they found a 'good advisor'? Seems you need to know enough to tell good from bad, and we mostly say that once you know that much, you know enough to pick some index funds, rebalance once a year, and be done with it.>>

So basically the poll is useless then? EVERYBODY here is self-directed/self-taught/DIY, so why even ask the question about using advisors if no one on the forum does it?

I guess my post was wasted, since the point I was trying to make was that investing fundamentals, no matter how skillfully executed, is NOT true financial planning. And for some people - actually, I'd say many people - having a financial plan increases one's chance of successful retirement.

There are many factors that go into achieving one's goals. Truenorth418 showed good instincts in rejecting advisors who are not interested in helping you define your objectives.

I'll repeat this one last time, and then I'm going to go away so I won't bother anyone any longer.

WHAT YOU DON'T KNOW CAN HURT YOU. The questions you forget to ask, the risks you prefer to ignore, can mess up your senior years. That's what an advisor is for - a true fiduciary, not a 'suitability' advisor.

I wish all of you good fortune and health in the years ahead.
You say in your first post on this thread that you do not use an advisor. Why not? I imagine most of the self-directed investors on this board share your reasons for not using one.
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Old 04-21-2012, 09:00 PM   #66
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You say in your first post on this thread that you do not use an advisor. Why not? I imagine most of the self-directed investors on this board share your reasons for not using one.
Looks like you're too late. I think the doorknob may have hit him on the way out...

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I'll repeat this one last time, and then I'm going to go away so I won't bother anyone any longer.
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Old 04-21-2012, 09:03 PM   #67
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I'll repeat this one last time, and then I'm going to go away so I won't bother anyone any longer.
Wow. He came and went in 4 posts.

Who was that again?
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Old 04-21-2012, 09:12 PM   #68
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So basically the poll is useless then? EVERYBODY here is self-directed/self-taught/DIY, so why even ask the question about using advisors if no one on the forum does it?
I guess my post was wasted, since the point I was trying to make was that investing fundamentals, no matter how skillfully executed, is NOT true financial planning. And for some people - actually, I'd say many people - having a financial plan increases one's chance of successful retirement.
I'll repeat this one last time, and then I'm going to go away so I won't bother anyone any longer.
This board's been around for nearly a decade.

During that time we've had quite a few well-informed new posters decide that the board lacks sufficient knowledge on a sub-topic of early retirement, and they proceed to deliver a sermon on the topic.

When the pushback begins, the new poster is offended that their credibility is questioned. They begin to document their experience and wisdom with other credibility tools like bold font and SENTENCES IN ALL CAPITAL LETTERS.

Eventually they decide that we're unlikely to respond to their wisdom, and they move on.

But most of the long-time posters are ignoring the behavior, or refilling their popcorn bowls while watching from the sidelines. A few other posters engage with enthusiasm & skepticism, and eventually the new poster "gives up" on our ignorance and flounces off.

In fact that whole cycle took place in the ~20 hours while I wasn't reading posts. I missed the whole performance!

The "circle of life" on a discussion board...
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Old 04-21-2012, 09:55 PM   #69
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The "circle of life" on a discussion board...
Good summary!

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Old 04-21-2012, 10:00 PM   #70
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I hired a Fa when I was ready to pull the trigger just to get an independent confirmation that I wasn't nuts and I could pull this off. Other than that, no. Have been self-directed.
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Old 04-21-2012, 10:45 PM   #71
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Originally Posted by Nords View Post
This board's been around for nearly a decade.

During that time we've had quite a few well-informed new posters decide that the board lacks sufficient knowledge on a sub-topic of early retirement, and they proceed to deliver a sermon on the topic.

When the pushback begins, the new poster is offended that their credibility is questioned. They begin to document their experience and wisdom with other credibility tools like bold font and SENTENCES IN ALL CAPITAL LETTERS.

Eventually they decide that we're unlikely to respond to their wisdom, and they move on.

But most of the long-time posters are ignoring the behavior, or refilling their popcorn bowls while watching from the sidelines. A few other posters engage with enthusiasm & skepticism, and eventually the new poster "gives up" on our ignorance and flounces off.

In fact that whole cycle took place in the ~20 hours while I wasn't reading posts. I missed the whole performance!

The "circle of life" on a discussion board...
But at least this guy/gal was relatively polite. We didn't get called the lumpen proletariat this time. So s/he's welcome to come back if s/he wants.
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Old 04-22-2012, 12:06 AM   #72
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But at least this guy/gal was relatively polite. We didn't get called the lumpen proletariat this time. So s/he's welcome to come back if s/he wants.
I appreciated their ability to scan 44,000+ threads and conclude:
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Since it doesn't seem like many here have really investigated the financial planning industry, here's what I learned from working (as a lowly paid back-office admin) in banking, insurance, and financial planning services.
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Old 04-22-2012, 06:18 AM   #73
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She did spell really well, though. And the info is accurate, more or less, but just not all that relevant to folks who by and large aren't in the same specific boat as her. Nice recap, Nords.
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Old 04-22-2012, 07:56 AM   #74
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But at least this guy/gal was relatively polite. We didn't get called the lumpen proletariat this time. So s/he's welcome to come back if s/he wants.
I don't know - the drama is half of the entertainment value.
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Old 04-22-2012, 08:13 AM   #75
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She did spell really well, though. And the info is accurate, more or less, but just not all that relevant to folks who by and large aren't in the same specific boat as her. Nice recap, Nords.
+1. And good punctuation helped, along with prudent use of the space bar.
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Old 04-22-2012, 09:24 AM   #76
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You guys are hilarious! <finishes the popcorn and burps>
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Old 04-22-2012, 09:38 AM   #77
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I've consulted with advisors in the past, when given a free opportunity, I end up taking the advisor role, waste of my time
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Old 04-22-2012, 09:48 AM   #78
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I assume post #60 (me) and maybe #61 offended our new member. I'll try to do better next time (really), though I thought I was essentially pointing out that most members here are more like he/she professed to be, and not most people. I don't see where I was snarky, but I'm probably the least able to judge objectively.

The poll was a result of a recent thread by another new member asking about choosing an FA, and the overwhelming response he/she got to learn to DIY. Unfortunately some noobs come here thinking we'll give them the silver bullet, recommend an advisor, and guarantee Lake Wobegon investment results. My purpose was to gauge the extent of DIY investing here, I knew it would be lopsided and not mainstream, but it's even more lopsided than I expected.

Too bad, I wasn't hoping to upset him/her, but I expect I'll be able to sleep tonight.
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Old 04-22-2012, 11:15 AM   #79
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Well, it's nice to know that most of us are DIY'rs. Good company to be in, and the fact that so many of us have FIRE'd, shows that DIY Financial Management is very likely working out, at least for those in the group.

I will never go back to a FA again, unless I get Alzheimer's and the DW decides to do so. At that point I'm probably out of it anyway and wouldn't care.
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Old 04-22-2012, 12:00 PM   #80
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I assume post #60 (me) and maybe #61 offended our new member. I'll try to do better next time (really), though I thought I was essentially pointing out that most members here are more like he/she professed to be, and not most people. I don't see where I was snarky, but I'm probably the least able to judge objectively.

The poll was a result of a recent thread by another new member asking about choosing an FA, and the overwhelming response he/she got to learn to DIY. Unfortunately some noobs come here thinking we'll give them the silver bullet, recommend an advisor, and guarantee Lake Wobegon investment results. My purpose was to gauge the extent of DIY investing here, I knew it would be lopsided and not mainstream, but it's even more lopsided than I expected.

Too bad, I wasn't hoping to upset him/her, but I expect I'll be able to sleep tonight.
And here I thought it was me, since he/she copied my text in post #64. Maybe that was just the last straw. Oh well, I agree with everything you said, including my ability to snore loudly tonight.

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