Grug from the Croods once famously said, "I have an idea!" Unfortunately for you, if your financial advisor has an idea, it's probably going to cost you money.
I understand that financial advisors need to be compensated for their work. However, I don't believe that anyone needs a financial advisor, and most advisors don't know much about making investment decisions. In fact, the less they know about investments, the more successful they tend to be!
Switching mutual funds from one family to another is a waste of time and money. Do not entertain mutual fund switching. There are plenty of index funds that will do a great job of tracking the market. Ask about Vanguard funds; they are excellent.
Here are some additional tips for managing your own finances:
- Set financial goals. What do you want to achieve with your money? Do you want to buy a house, retire early, or start a business? Once you know what you want to achieve, you can start to create a plan to reach your goals.
- Create a budget. This will help you to track your income and expenses so that you can make sure you're spending less than you're earning.
- Invest for the future. Once you have a budget in place, you can start to invest your money for the future. This will help you to grow your wealth over time and reach your financial goals.
- Review your plan regularly. Your financial situation can change over time, so it's important to review your plan regularly and make adjustments as needed.
By following these tips, you can create a financial plan that will help you to reach your financial goals without the need for a financial advisor.