this post was submitted on 15 Sep 2023
206 points (97.7% liked)
Asklemmy
43939 readers
671 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy π
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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.