Should You Invest With An Advisor?

Click here to skip past the description of the advisor's role: 6:23

You may have recently opened a Robinhood account or been thinking about kicking of your first stock purchase, but should you consider going through a professional? We address this in today's video!

DISCLAIMER:
This channel is for education purposes only and is not affiliated with any financial institution, although Richard does work as an employee for an investment manager. Richard Coffin is not registered to provide investment advice and as such does not provide recommendations on The Plain Bagel - those looking for investment advice should seek out a registered professional. Richard is not responsible for investment actions taken by viewers.

[Hyperpandas]

Quick notes for new investors: 1. *NEVER* use an "advisor" you find in a youtube comment thread (including all the ones you'll find below). 2. If you just walk into a bank to talk to someone about investments, they'll likely be more sales agents than genuine advisors, trying to sell you the bank's (possibly expensive) products. 3. Deep dive The Plain Bagel's videos, and the other channels he sometimes lists (e.g. Ben Felix) to pick up a bunch of great tips, learn how it all works, and things to watch out for and avoid (like your buddy telling you to jump on the latest fad).

This can all be confusing, but it doesn't have to be complicated. Good luck!

[paulstevens]

Tax management is a HUGE benefit of advisors. They know ways to reduce taxes you’ll never think of.

[striveknight]

Why have an Advisor when you can just invest everything to a Nigerian Prince who promised me hell give me 5% ROI per day converted to Gold 😂😂😂

[Jamesdave-gm]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[LeslieWagenheim]

If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

[poisenbery]

My friend is a financial advisor and he bragged to me about how they charge fees for things that people can/should be doing on their own.
Broski literally went on for a while on how he makes bank playing with other people's money and there is no risk to him at all.

I will never use a financial advisor because of this one person.

[darrishawks]

The biggest benefit of an advisor is, when the market crashes, and you panic, and you call them to have them sell everything under management, they can say "wooooah, buddy, slow down" lol

[steinarjonsson_]

Two other things to look out for when hiring a financial advisor:
1. Has the advisor faced disciplinary action by the authorities (previously been involved in a fraud)?
2. Does the adviser have a fiduciary duty solely towards you or is he/she protecting the interest of someone else?

Lastly, don't be afraid to learn a thing or two about investing or finance, because knowledge is power!

[ahmedaboutaleb]

I really like your content and appreciate your input a lot !
Thanks from EGYPT 🇪🇬

[blazeplacid]

I do both. I'm happy with my local advisor and I try my best using Fidelity.

[blathetube]

I have learned WAY MORE watching several professionals like Warren Buffet give their approach than ANY over eager advisor. Most importantly, You only need a few good stocks to do well. Index funds are a no brainer with minimal risk in the long run.

[AAKFKEK]

I'm loving the increasing quality of this channel over time.

[FelipePereiraFP]

I started out with a financial advisor but quickly decided to change the approach. My financial advisor was putting my money in mutual funds that were both expensive and had a mediocre history. I'm much better off now managing my own portfolio with a zero-fee broker.

[mrslcom]

Learn about investing as much as you can. Use an advisor for additional advice and suggestions but not blindly trust them to manage your portfolio as they see fit. I have received some very good advice from my advisor as well as some very bad ones.

[aze]

I assure you my magic 8-ball is all the advice I need.

[BeardyMcBeardstein]

LOVE Morning Brew, that's cool they sponsored you!

[rocking]

Excellent topic choice - be wary of advisors who make money from the investment they peddle instead of charging you for their 'advice'...

[gregtomamichel]

Two thoughts. (1) People watching this video are likely to be committed to educating themselves about investing, and therefore more likely to not seek out an adviser. Generally, people watching this video are probably not representative of the general public. (2) Once your financial affairs are more complex, I can see a lot of sense in seeking out a financial adviser. Not for stock picking, but more generally for broad asset allocation, transition to retirement, insurance, etc.

[srikanthramanan]

Honest, genuine and unbiased. Love your content and I eagerly wait every alternate Friday for your video to show up. Great job... Cheers!!!

[lombardo]

I have a financial advisor through fidelity since 2016. I am up 82% in my portfolio. I am definitely ok with my 1% fee. 👍