Discussion in 'Business, Careers & Education' started by mikeman, Feb 2, 2011.
That's a new one.
Perhaps its the eyes?
It's not at all new.
Anyone try out https://wisebanyan.com/
Idea seems interesting
Eh. Did you click on "how we make money"? Rather than giving a clear answer, they start talking about how efficient they are. Any time the marketing pitch sidesteps the question of how they're making money off you, it raises a question mark.
Yes, they sort of, kind of answer the question later. I gather this is sort of an attention-grabber/loss-leader for them so they can market fee-based services. But it's all a bit vague, which would worry me a bit. And while I generally understand (I think) what "tax loss harvesting" means, I have no idea how it would be employed to make the provider money (unless the idea is that for a fee they'll tax-manage your account rather than just letting it blindly follow the automated diversification program?)
The "don't worry about it" model.
Somebody picked up some Castlight?
I picked up some BA on the dip.
Anybody thrown some money at these guys? www.wealthfront.com
I might test it out on a smaller scale just to see how they do... certainly cheaper than Merrill Lynch.
Unless you are completely clueless, I do not see the need for a financial advisor.
Maybe I would add "too busy/can't be bothered/would rather spend the time and energy elsewhere" to "clueless", but I basically agree. Every time your money passes through another set of hands, a bit of it will stick the handler's figures. All else being equal, you want fewer people touching your money, not more.
While I don't use one myself, I could see the desire to have one in the future.
I happen to take a personal interest in it (and it is tangentially related to my work and studies), but for a lot of people, their time is better spent on other pursuits. They should know the basics so they don't get swindled, but like a good tax accountant, a good adviser could be helpful...because if you are a poetry major who didn't even take math in college (let alone anything that exposed you to finance), you are going to have to spend a lot of time thinking about something you don't like and aren't good at.
If I was in a more complex situation, I would definitely consider a fee-only adviser (never one that took a % or got kickbacks from funds). Possibly in conjunction with whoever does my taxes. There are lots of small changes that can pay off over time, and the interactions between assets (and their relationships to taxes) can be complicated. If you have a fairly large net worth, kicking some money to a professional to deal with it all could be worth it, if only for the fact that it frees up your time to spend on things that interest you. You can even maintain the final say on asset allocation and strategy...just pay someone to rebalance, and harvest losses, and deal with reporting requirements the same way you might hire someone to clean your house or mow your lawn.
But, again, I also take some personal entertainment value form dealing with it myself...and my assets are very simple (and not big enough for me to think it is worth paying a grand a year to an adviser).
Unless you are uber poor, you do need at least one financial advisor if not more, for access to different financial products that you need.
Besides, for those of us who are productive enough in their current position (or on styleforum), financial advisors/accountants/legal counsels are great time savers.
I knew I would eat my words saying that but I do agree you can pay for some things but only if the advisor provides the service of advice and not tracking my portfolio. I have a tax accountant to do my taxes because that does get more complex than I care to worry about.
I am also to a point where my net worth is laughable but then again I am in my 20s and if my portfolio did somehow hit 8 figures in my life it would be a stretch goal.
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