WhenIsItTime
Recycles dryer sheets
- Joined
- Jun 20, 2018
- Messages
- 445
edit/add: I missed this post, and my response applies as well -
But when it comes to the investing part, it makes sense that a DIY would be an investing 'expert' more than in any other profession.
Other professions are generally dependent upon skill, experience, specialized tools, and sometimes just plain hard work. Hiring a pro versus DIY can be a very rational decision.
But when it comes to investing (not the other decision-making stuff), the data says that skill, experience, specialized tools, and hard work are not a factor. The only specialized tool that would help is a functioning crystal ball. Otherwise, you pick an AA, invest in a few broad based index funds/ETFs, and get on with your life. You are an expert, and probably better than an expert due to likely lower ER, simplicity, and no other fees.
That said, maybe I've missed it, but it seems to me people have had trouble finding an FA to do a real professional analysis on those other things, like optimizing Roth conversions, SS timing, and other subjects that get tossed around here regularly.
another add: Also, language like "for everyone on this forum who despises FA's," is not helpful Many/most of us are presenting facts about what an FA can/cannot do, and their likely negative effect on your portfolio. That's not "hating" it's facts. Challenge the assertion, not the motivation. That kind of language gets the thread heated and sometimes shut down (like the recent Tesla thread, where anyone presenting certain facts is labeled a "hater" or "anti-Tesla")
-ERD50
My issue is how the “certain facts” are universally applied regardless and without knowing what an individual has in their portfolio that could evolve from 401k plans, ESOP’s, ESPP, inheritance, and other causes. Many folks accumulate significant wealth through concentrated holdings that can be circumstantial. These all have tax implications for example, that can also take strategy/expertise/knowledge to navigate wisely over time based on plans and goals. Thus, I’m coming from point of view that not everyone can easily get majority of holdings to 3 funds. That would have delayed my FIRE.
I do respect and appreciate your insightful posts.
I rest my case and will accept (and try to remember!) deliberate and unconscious bias (mine included) is part of life and forums.