I know this topic was touched on a couple of months ago, but I'm approaching retirement and wondering if I should talk to a financial planner.

Yes, I know a fiduciary is supposed to put the client's best financial interest before their own but how is that verified? Anyone can say that, right? Pinky swears don't count.

Bingo - no external regulation at all. And anyone can become one by paying a fee and taking an online course.

You should be paying for their time, rather than buying specific oddball securities they recommend.

I recommend spending some time over here - [www.bogleheads.org] - make an account under a pseudonym, they'll want to know eeeeeverything if you ask for specific financial advice.

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Few are required to be fiduciaries...RIAs are though.

Find one who works with clients on a fee basis, preferably an advice-only basis, not an assets under management (AUM) fee.

Here's a good place to start:

Paid directory for advice-only financial advisors

"What most people really need is advice-only, not just fee-only.

Advice-only means you only pay the advisor for advice. It isolates the most valuable part of managing one’s finances.

You pay for advice when you need it, just like seeing a doctor."



Edited 2 time(s). Last edit at 07/28/2023 03:14PM by Bill in NC.

I think I asked the original question Mike referred to. I never got a good answer. Here is another “Boglehead” forum:

[www.reddit.com]

7 years old, but worth a watch, could skip in about 3 minutes in

[www.youtube.com]

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Edited 999 time(s). Last edit at 12:08PM by jdc.



Edited 1 time(s). Last edit at 07/28/2023 04:11PM by jdc.

Quote
jdc
7 years old, but worth a watch, could skip in about 3 minutes in

[www.youtube.com]

Thanks, that was great, especially the LAST three minutes. LOL
Seriously, we all should watch that once each year just to remind us.

Quote
jdc
7 years old, but worth a watch, could skip in about 3 minutes in

[www.youtube.com]

Thanks. Love John Oliver. Yeah, my 401k is eaten up with fees but thankfully a small part of my total funds.

There are teacup pigs!

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