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Originally Posted by WSSix
hahahahaha is this really the name of the firm? Gatti, Gatti, Mayer, Sayer, Thayer and Associates Say it three times fast and try not to chuckle.
Greg, do you feel the same way about fee only financial planners/advisers? You know, it may just be me hoping and wishing for the best in the world but I've got to think there has to be people out there who truly and honestly want to help people with their investments while also making a living not a killing like this guy was. I've always heard that fee only people are safest because they only make money upfront when you meet with them. They don't get any percentage of your gains so there's no ulterior motive to their advice.
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I have used fee only financial advisors... and as long as they're FEE ONLY --- I think using them to take a long hard look at your finances is fine. I will say though -- that mostly they are only going to tell you what you already know. I.E., You need to cut expenses -- make more money - save more money - pay off debt.
See -- that's the thing --- it's MATH. Everyone can add and subtract. It's not even algebra. You earn X -- you spend X... there's X left over or not.
So a financial planner/advisor can't change your habits. That's what has to change -- unless you're just making way more money than you need -- and then that's SUPER EASY -- you take what's left over and invest it in SOMETHING - ANYTHING.
They will help you think about "stuff" in a different way -- so that's usually worth the 2K or so fee. Stuff like life insurance... whole life vs term life --- get you to think about how much you need --- or don't need. If you're single - no kids - etc - who needs life insurance -- so what if you croak? That type of thing.
But they can't change your mortgage.. or your car payment... or pay down the VISA.
To me it's kinda like going on a diet --- you do well for a few weeks -- or even 6 months or so... and now you've spent 2K "extra" to find out what you already should know.
That's "plain english".
For some folks it may have them turning over a whole new leaf. Maybe they don't think about paying down a 20% credit card FIRST vs paying the 6% Card and so on. So it can be a really good thing.
Like most "advice" --- you really really have to be willing to take the advice and stick with it.