I crossed $6 million and had my first call with a financial advisor today and I feel so jaded

A Reddit user has reached an exciting milestone as his net worth now tops $6 million. Since he’s amassed a large amount of wealth, he thought it would be a good time to talk with a financial planner. Unfortunately, when he connected with someone, he found the experience underwhelming.

His big question now is, should he give up on the idea of working with an advisor, or did he just happen to have a bad experience that’s not representative of what his relationship with an advisor really could be?

Here’s why the Redditor wasn’t impressed

The original poster (OP) explained in his thread that he personally has no formal training in financial planning. However, he has to work with numbers all day for his job, and he has run a ton of calculators. Because of that experience, he has a pretty good idea of what his $6 million can do for him. However, he was also hoping that an advisor would be able to offer him more than just the basics.

Unfortunately, the poster happened to connect with someone who was not the right fit. According to the OP, the advisor simply suggested making a financial plan, which he already has. The OP also said the advisor was going to run different scenarios to assess how long his savings can last, which the OP can do for himself. 

While the advisor did offer some more “advanced” services, including managing the OP’s investments for a 1% fee, the OP was upset that the advisor seemed to have no suggestions of what to invest in — other than very obvious high performing stocks the OP thought weren’t great investments right now, given that their prices have peaked. 

The OP believes the person he talked to was “obviously a pretty bad example of an advisor,” but wasn’t sure if he should continue his quest for the right person or give up since he’s not sure what an advisor can do for someone like him who is fairly comfortable managing their own finances. 

The right financial advisor can definitely be worth hiring

While it’s clear that the financial professional the OP talked to probably wasn’t the right person for him to work with, the reality is that the individual simply wasn’t the right kind of advisor for his needs. Financial advisors can provide all different levels of services, and for some people, getting help with making a basic financial plan and figuring out investments is worthwhile. 

Advisors also do much more than that, though. In fact, many other Redditors chimed in about the helpful services they had received, including assistance from advisors who took a big picture look at their finances and pointed out things they had missed; advisors who helped them develop more effective tax strategies; and advisors who can help them gain access to non-public investments that provide great rates of return. 

Others touted the benefits of having someone who could take a non-emotional look at financial decisions and who could ease the burden of financial management for them. In fact, one Redditor said, “We have a wealth manager. Would never give him up. He asks us what we want to accomplish and puts together a plan. He adjusts the plan every time our goals change. He invests our money. He gets consulted with every purchase from cars to schools. Could we do it? Sure. Do I want to do it? No.”

Since there is a lot that advisors can bring to the table, the OP simply needs to go back to the drawing board. He should talk with other financial professionals who have solid credentials, who will act as a fiduciary, and who ideally work on a fee-only basis or who have a proven track record of success in helping their clients beat the market with their investing advice. 

By finding the right financial professional to help, the OP can protect and grow his $6 million while enjoying the wealth he’s worked so hard for. 

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