Finance

Do I Need a Financial Advisor

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Do you need a financial advisor and what do they do? It’s one of the most important questions to your financial life and I’ll explain everything you need to know about financial advisors. I’ll also reveal how much advisors cost and how to do it yourself!

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Financial advisors and planners do more than you might think. They start by listening to your financial goals and helping you decide how much you need to meet those goals.

For this, they can charge fees that range well into the thousands of dollars. There are two ways financial advisors make money. Some will charge a flat-fee which usually ranges from $2,000 to $7,500 a year or on a per hour basis. Others might charge a commission on the amount of money they manage for you. This is usually around a 1% annual fee but they might not accept you as a client unless you have at least $250,000 for them to manage.

0:00 Do I Need a Financial Advisor?
2:06 What Does a Financial Advisor Do?
3:30 How Much Does an Advisor Cost?
4:50 How to Be Your Own Financial Advisor
7:13 When Should You Hire a Financial Planner?

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I am a paid partner of Video is paid partnership with Stash. Fractional shares start at $0.05 for investments that cost $1,000+ per share. Promotion is subject to Terms and Conditions. Offer expires on March 1, 2020. To be eligible for this Promotion and receive your stock, you must receive an offer to participate in this Promotion directly from Stash and complete all of the following steps before March 1, 2020: (i) complete the process of opening an individual brokerage account advised by Stash Investments LLC that is in good standing (a “Stash Invest Account”), (ii) link a funding account (e.g. an external bank account) to your Stash Invest Account, AND (iii) after you complete step ii, you will then receive an email from Stash to “Claim Your Stock” and you must select the “Claim $5 of [your stock choice]” icon that will appear in the email.

Fractional shares start at $0.05 for investments that cost $1,000+ per share.

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Stash Monthly Wrap Fee starts at $1/ month. You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the Custodian. Please see the Advisory Agreement for details. Other fees apply to the bank account. Please see the Deposit Account Agreement

Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. Images of holdings and performance are hypothetical and provided for information purposes only. Investing involves risk and investments may lose value. For more information, please visit www.stash.com.

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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Robert Dunfee

50 Comments

  1. Let's Talk Money! with Joseph Hogue, CFA
    July 18, 2021 at 10:49 am

    Have you worked with a financial advisor? Was it worth it? Share your experience below.

  2. Khirou Dz40
    July 18, 2021 at 10:49 am

    I want financial help to build my future thank you

  3. Sahand Sadeghi
    July 18, 2021 at 10:49 am

    I made 80 percent in 3 months my first time investing and i wouldn't say i'm very smart lol, so i deff dont think its necessary

  4. junk junk
    July 18, 2021 at 10:49 am

    hey joe … thanks for your work … this helps

  5. richard debacker
    July 18, 2021 at 10:49 am

    A three-fund portfolio is a portfolio which uses only basic asset classes — usually a domestic stock "total market" index fund, an international stock "total market" index fund and a bond "total market" index fund. You can put more in the bond as you age. Then perhaps some smaller amounts in individual stocks with growth potential Apple etc. Study’s have showed people who never touch their investments make the most some have died lol and the investments weren’t touched lol

  6. Suliman .m
    July 18, 2021 at 10:49 am

    Advicer really deserve the money of course the one you trust

  7. Carlo Rappa
    July 18, 2021 at 10:49 am

    Sorry but you seem to have too much paid promotion video in your channel now. Very sad
    It is becoming untrustworthy
    Be clean

  8. Jack McEnpoy
    July 18, 2021 at 10:49 am

    Can you be more than my financial advisor? 😍😍😍

  9. Shakaama
    July 18, 2021 at 10:49 am

    dumb question: I can't find your video, where i first left a comment, about me studying for CFA.

    by the way , i guess i'm a genius I made a portfolio and made money immediately creating a portfolio, from your info.

  10. Robert Carroll
    July 18, 2021 at 10:49 am

    I have always managed my own portfolio. I don’t have experience with money managers but I have read enough about people losing their money because an advisor madoff with all their money.

  11. Stock Market Stories
    July 18, 2021 at 10:49 am

    Hey Joseph, where the best place to find sales forecast data for small caps? I want to calculate future stock values by comparing market cap to earnings. Do you have a video that shows how to calculate a future share price using earnings to p/e ratios?

  12. ehotto
    July 18, 2021 at 10:49 am

    Skip to 2 minutes

  13. Matthew Shelton
    July 18, 2021 at 10:49 am

    Lmao moca-coca-chino

  14. Zach Savage
    July 18, 2021 at 10:49 am

    Dont worry about deductibles, worry about max-out-of-pocket. When it comes to insurance

  15. Ahmad AlSabban
    July 18, 2021 at 10:49 am

    First 5 minutes is wasting of time, guys go to minute 5

  16. Scott Witt
    July 18, 2021 at 10:49 am

    I have read/ listen/ watch things about personal finance for years and developed my ideas from my studies. I have an account with an advisor. I like the idea of being able to ask ? & get a different opinion about something. Since advisors see many different scenarios through their clients. He can see a blind spot I my have.

  17. Drone & Video -AZ.
    July 18, 2021 at 10:49 am

    My worry is during the year tax payments and year end taxes. Any videos on that?

  18. Final Stand
    July 18, 2021 at 10:49 am

    I don't know who needs to hear this, you've got to stop saving money, invest some part of it if you want to financial freedom

  19. Fisk
    July 18, 2021 at 10:49 am

    Joseph, you are my beloved teacher. Been following you almost a year now. And what an brilliant. Investor you are in penny stocks with moonshot opportunities. Please continue your good work.
    Second your are a master in communication. I just enjoy you speaking especially check that out sentences 🙂

  20. Jennifer Wise
    July 18, 2021 at 10:49 am

    Stay away from stock brokers. They are instructed to sell off the dog stocks their brokerage took public. Looking at you Merrill Lynch and many others.

  21. Reece Caruso
    July 18, 2021 at 10:49 am

    These are really great suggestions! and this is such an important topic to be discussing, I really enjoyed the video!

  22. Kayla Cassell
    July 18, 2021 at 10:49 am

    Tim Draper – "$250,000 Bitcoin 2022 year end".

  23. VPX4
    July 18, 2021 at 10:49 am

    The only reason I can think of for hiring an advisor is tax planning because it's annoying.

  24. Fungal Cream
    July 18, 2021 at 10:49 am

    STASH fckin sucks!! I switched to Schwab. Do urself a favor! To bad he needs to earn revenue through advertising dollars

  25. david watson
    July 18, 2021 at 10:49 am

    Great job. Thanks.. fellow VET

  26. delliott777
    July 18, 2021 at 10:49 am

    I think someone has cloned/copied your channel. Be careful folks.

  27. Cilir Hammersteel
    July 18, 2021 at 10:49 am

    I think it depends on your finance, say you won either the powerball or mega millions lotto jackpot than and financial advisor is a definite need since they are used to dealing with people who have a lot of money. Other than that it's just basic bookkeeping and balancing your checkbook.

  28. cabbage soup
    July 18, 2021 at 10:49 am

    I don’t. I don’t think they have my best interests in mine. I will say I do love your channel and have bought some stocks based on your recommendations after I did my own due diligence on them. No one takes care of you better then yourself. Love the videos!

  29. Retirement Savings Over 50
    July 18, 2021 at 10:49 am

    I have been doing well enough trading options that friends (non-accredited) are asking me to manage an account for them. On the surface that looks illegal but it's very hard to find detailed information on it. It seems like there should be a way without jumping all the hoops involved in a series 65 and all the other expenses and regs that come with that. I'm wondering, what if I started a C-Corp that only does investments including securities and potentially real estate then manages for others via selling shares. A video on this topic would be great. 99% of Google results assume I want tax advice or plan on starting with 25+ million under management. I have no problem ultimately going down the series 65 road but it's a lot to go through to start off with a few thousand $ under management.
    Thanks for any insights

  30. Premtim Recica
    July 18, 2021 at 10:49 am

    Thank you for sharing all your knowledge really appreciate what you doing. Just wondering if you be able to educate us how to read the chart. Thank you again

  31. Edmonds Family Affair
    July 18, 2021 at 10:49 am

    I LOVE Stash. Guilty pleasure. Definitely an investment app. Great tips!

  32. Coco
    July 18, 2021 at 10:49 am

    Market is crazy high.If there is a correction, it will happen in June when economy opens,inflation happens,no more stimulus,interest rates will rise
    That’s my guess

  33. Coco
    July 18, 2021 at 10:49 am

    Meant baffons *

  34. Coco
    July 18, 2021 at 10:49 am

    You need to have your own TV shows.They need to kick out baffles on CN…..

  35. Karoshii_X_
    July 18, 2021 at 10:49 am

    $GTEH is a good new sub penny stock I found . Real products, real financials .

  36. R B
    July 18, 2021 at 10:49 am

    5:54 Well I've just discovered my adult film star name.

  37. MsDemonBunny
    July 18, 2021 at 10:49 am

    Yes. For the love of -, Be Your Own Advisor.
    They will lie to your face, sell your on companies that they will gain commissions on vs what is best for YOUR financial needs and goals, and destroy your portfolio, then try to tell you it's your fault.
    Meanwhile, the side portfolio you find on your own without them knowing is basically supporting you thru a damn planet-wide pandemic.
    Educate yourself.
    Yes. You absolutely can do it yourself. No one will look out for you EXCEPT YOU!

  38. Ciaran O'Dubhuir Knows Everything
    July 18, 2021 at 10:49 am

    Joseph is like the DIY financial advisor😂

  39. Aaron Elzy
    July 18, 2021 at 10:49 am

    I like to come back to your channel to feel sane again.

  40. Joshua Johnson
    July 18, 2021 at 10:49 am

    Great video. I’m 33, four college degrees, own my home (paid off), completely debt free, solid job, a year’s worth of an emergency fund, maxing my Roth IRA out, and looking how to do other most with my extra cash flow. I have about $2,500/month positive cash flow, mostly putting it in my brokerage account right now, any better advice for what to do with it?

  41. Robert C Lynch
    July 18, 2021 at 10:49 am

    I'm in the UK and my own personal experience of advisers is that they're only interested in selling expensive products. So, I spent years reading Jim Slater and Peter Lynch – not forgetting Benjamin Graham – and educated myself.
    Today I'm able to value stocks myself, but the lion's share of my cash is in funds – some higher risk ones – although I don't have decades to recover from a market crash, my son does and he stands to become quite well off one day.

  42. Coco
    July 18, 2021 at 10:49 am

    I think 2021 is about precious metals and minerals.They are turbo charged gold

  43. Coco
    July 18, 2021 at 10:49 am

    I want to get back in Verizon ,I had sold it.I think and hope when correction occurs it will drop to 49

  44. Coco
    July 18, 2021 at 10:49 am

    Many retired couples like us who got out of some shares are waiting to get in with some dry powder.

  45. Coco
    July 18, 2021 at 10:49 am

    Your stocks have done well

  46. Coco
    July 18, 2021 at 10:49 am

    Can you give an opinion on JEF I bought it ,low cost stock with good dividend I think

  47. Coco
    July 18, 2021 at 10:49 am

    I worked with advisor and he just billed a lot and portfolio did not do well.
    I was busy with my. Medical practice and husband was busy with IT so we hired one.
    I am retired and manage ours.
    I wonder about robo advisors
    I did better picks MRNA 10K at 20 and CLF at 5 tecK at 9
    I buy stocks which are easy to manage.
    I like your recommendations very much.
    I could not find monarch gold ,Fidelity doesn’t offer it,☹️

  48. yoloOnmeme
    July 18, 2021 at 10:49 am

    LKCO penny EV stock at 0.60$ just had a pullback. Yesterday they announced Partnership Between EMG and Leading Electric Vehicle Manufacturer BAIC BJEV to Jointly Develop Mapping Services for Autonomous Driving

  49. Jason Hutchens
    July 18, 2021 at 10:49 am

    Just started the video but I don't think financial advisors are worth the cost if you are willing to spend the time to learn about finances.

  50. Daniel Glover
    July 18, 2021 at 10:49 am

    What is your opinion was 401k or ira