Paid $400 for a financial advisor and it cost me more than I saved

I hired a guy last year to help me invest a $10k bonus and he put me into high-fee mutual funds that just barely kept up with inflation. After I fired him and switched to a simple index fund, my returns shot up almost 3% in 6 months. Do you think paying for financial advice is mostly a waste for regular folks like me?

2 comments

2 Comments

uma_reed2616d ago

Most financial advisors are just expensive salespeople.

kim.sandra16d ago

But don't a good advisor save you from panicking and selling low when the market crashes?