Comments on: Why I No Longer Use A Financial Advisor http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/ A Young Man's Journey to FIRE Thu, 26 Mar 2015 17:34:40 +0000 hourly 1 http://wordpress.org/?v=4.1.1 By: DividendDeveloper http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-61 Tue, 30 Sep 2014 12:41:41 +0000 http://dividenddeveloper.com/?p=87#comment-61 Yeah, that was definitely a big reason why I stayed so long. The validation you get from having someone say your idea was good is definitely worth something. That’s why I’m glad I found the personal finance blogging community; like you said, I get good research ideas and people to bounce ideas without paying someone for the privilege of losing my money for me! I certainly agree on the tax professional; they are definitely useful, and I’m actually looking for one now. Take care!

]]> By: DividendDeveloper http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-60 Tue, 30 Sep 2014 12:37:47 +0000 http://dividenddeveloper.com/?p=87#comment-60 In hindsight, I definitely wouldn’t have started buying until I saw a decent bottom (in this case, never!) I actually feel PCS was worse for me. GMR was a slow and steady decline, which I can better deal with now that I have experience. But PCS cut in half literally in a day. For some reason, that stung a lot more. I am glad I left, and your comments on Merrill Lynch just confirm it. Hope they were able to recover.

]]> By: DividendDreamer http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-59 Tue, 30 Sep 2014 07:59:40 +0000 http://dividenddeveloper.com/?p=87#comment-59 Wow, the GMR was a rough one. I remember one thing that has always rang loud for me about the market- Do not catch a falling knife. That is why I did not add any GE shares when it hit 5+. I was scared as hell. You are correct to have gone without the broker. They get paid to make trades, and they get probably get kickbacks to push certain stocks. I know 2 people who had Merril Lynch full service actively managed, and they are broke because of all the trading the so called broker did without them realizing it was being done. Good luck going forward.

Keep cranking,

Robert the DividendDreamer

]]> By: Zee @ Work To Not Work http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-58 Tue, 30 Sep 2014 07:56:11 +0000 http://dividenddeveloper.com/?p=87#comment-58 I think that with the internet you can get almost as much as a financial advisor will give you (at least for what the average person is seeking). Most people really just want another person to bounce ideas off of these days or someone to suggest things to them. If you find the right circles in the internet you can actually find all of these things without having to pay someone to bounce ideas off of.

I’ve never had a financial planner, but I could see that if I near early retirement I might consult with a tax advisor for suggestions on how I should approach withdrawing from the various accounts I have to optimize my taxes.

]]> By: DividendDeveloper http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-56 Tue, 30 Sep 2014 03:31:31 +0000 http://dividenddeveloper.com/?p=87#comment-56 That’s true; I definitely noticed a lot of overlap in the research given to me by the advisor and the research available to my on my online broker. That’s a good philosophy to have. Thanks for stopping by!

]]> By: DivHut http://dividenddeveloper.com/2014/09/29/why-i-no-longer-use-a-financial-advisor/#comment-55 Tue, 30 Sep 2014 02:09:40 +0000 http://dividenddeveloper.com/?p=87#comment-55 Advisors typically use the same information sources as we do when determining an investment decision. The way I see it, if I’m going to lost money or make foolish choices, let it be on my head. I’d rather lose my own money rather than pay someone to lose it for me. Thanks for sharing your experiences.

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