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You pay someone thousands of dollars a year… and your money ends up in the same index fund you could have bought in 30 seconds.
A large share of financial advisors allocate client portfolios to low cost index funds that track the S&P 500 or total market indexes. These funds often charge expense ratios as low as 0.03%, while advisory fees can range from 0.5% to 1% annually. On a $100,000 portfolio, that is up to $1,000 a year in fees, even if the strategy is simply buy and hold. For many investors, the real value is supposed to be planning, tax strategy, and behavioral coaching, not stock picking.
The question is whether you are paying for expertise or just access.
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