mia700•1d ago

Paid $500 for a financial advisor and it felt like a total scam

I hired a guy to help with my investments after a bonus, and he just put everything in a basic index fund I could have picked myself. The whole process took maybe two hours of his time total, and now I'm out that cash for nothing. Has anyone else had a good experience with a paid advisor that actually gave real, personal advice?

3 comments

3 Comments

oscarc121d ago

See it this way. You paid for the peace of mind. A good index fund is the right move for most people. That advice, coming from a pro who looked at your full picture, has real value. The fee stings, but he stopped you from making a costly emotional mistake. That's the service you bought.

jana_jones1d ago

Honestly, that's such a good point. I paid a similar fee a few years back when I was freaking out about market dips and wanted to sell everything. The advisor basically talked me off the ledge and into a simple plan. Tbh, I still grumble about the cost, but staying invested made me way more than the fee.

jade_jenkins1d ago

True, but that peace of mind has a shelf life. The advice was good for that one panic moment, but you're paying yearly for a one-time talk. Maybe just keep the index fund and drop the advisor now that the lesson's learned.