this post was submitted on 15 Sep 2023
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Do not trust financial advisors when they live from the contracts they sell. (Most do, donβt trust them).
They work for their own interest or for that of their employer, yours is only second to theirs.
Do you have any recommendations of who to trust? I'm in a good place in my career but mostly do everything myself. It's very basic stuff but I think I could be doing better. I just don't know what the next step is.
Their general advice about diversification is not wrong, but the products they sell are in my experience not good.
Where to get better products? Do the legwork, understand how the cost is structured and what the goals and risks of a product are, where you save or pay taxes, and then become frustrated, get a depot and buy a cheap world ETF.
You need to use financial advisors that are registered fiduciaries. That is a legal term which binds the advisor to work in your best interest.