Financial Advisor or DIY?

Episode 8 of the The Year You Retire podcast, hosted by John Bever and Jim Uren, titled "Financial Advisor or DIY?" was published on January 23, 2024 and runs 45 minutes.

January 23, 2024 ·45m · The Year You Retire

Summary

In this episode, Jim Uren and John Bever discuss the decision of using a financial advisor versus managing retirement planning on your own. They cover the advantages and disadvantages of both approaches, highlighting the cost-saving potential and personal enjoyment of the DIY method, but also cautioning about the time and potential for costly mistakes. On the other hand, they emphasize the expertise and knowledge that financial advisors bring to the table, along with the potential for costly mistakes. However, they also address the drawbacks, including the cost and the possibility of working with the wrong advisor. Jim and John present a balanced view, emphasizing the importance of considering one's preferences, skills, and resources when making the decision. If you're nearing retirement age, this episode can help you make more informed decisions about your retirement planning, whether you're considering going it alone or seeking professional financial advice.In this episode, you will:* Learn the pros and cons of a DIY approach to financial planning and investment management* Uncover the drawbacks and potential benefits of working with a financial advisor as you work toward your financial goals* Discover what research reveals about the potential financial and non-financial benefits of working with a financial advisor* Understand how an advisor can use both asset allocation and asset location to help you manage your investment portfolio. * Learn what to look for in a potential financial advisor and why the fiduciary standard is helpful, but not enoughThe key moments in this episode are00:00:41 – Episode Introduction 00:02:47 - Advantages and Disadvantages of DIY Approach 00:06:46 - Advantages and Disadvantages of Working with an Advisor 00:11:27 – Research on Confidence Levels When Working with an Advisor 00:13:22 - Holistic Benefits of Working with a Financial Advisor 00:16:54 - Portfolio Specific Benefits of Working with an Advisor 00:18:25 – The Value of Asset Selection and Allocation Services 00:20:26 – The Value of Advisor Guided Withdrawal Strategies in Retirement 00:24:12 – The Value of Behavioral Coaching 00:28:39 – The Value of Advisor Guided Asset Location 00:32:53 - The Potential Total Value of a Financial Advisor 00:36:55 – Advice on Finding a Good Fit Financial Advisor 00:42:08 - Next Episode Preview 00:42:57 – John and Jim Share Their Thankfulness   Disclosure: The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth.

Episode Description