DISCLAIMER NO ADVICE GIVEN
I am a Financial Advisor w Merrill Lynch here in Hickory and the first questions I ask anyone are: 1.what is the goal/trying to accomplish (we break down various strategies for different goals) 2. level of risk, 3. liquidity needs and 4. time horizon.
Risk level is "usually" determined by liquidity needs w time horizon playing a secondary factor. Example: As most Clients get to or in retirement stage they may decrease risk levels unless they have income sources that covers current expenses. At that point they may shift risk higher if there are no liquidity needs. The reverse is also true as well but not as common as you think if the person has been actively planning/ investing for this time.
Picking different portfolios and moving things around is 10-15% of the job once we develop a comprehensive plan that takes into account all factors. The rest of the equation is risk mitigation, modifying the plan based on life events and making sure the Clients sleep well at night after we have addressed their concerns. I greatly enjoy helping people navigate their finances and have seen the impact of both good and bad Advisors in my family.
I 10000% fully believe in DIY investing as well and most of my Clients do. I call it Core & Explore where we handle Core assets and Clients Explore how/where they want on our no cost platform Merrilledge.com
BUT there are things in life that can truly benefit people and having an Advisor is one depending on the situation. I am not a doctor or lawyer or a guy that can build buggies and trucks like many on here and I'm keenly aware of my limitations in those areas. You talented fawks piss me off btw
