The argument for paying fees

[The White Coat Investor]

djohnflatfeecfp wrote:

This is great as I am learning how much financial education physicians receive (or don’t) while in training.  I was talking to one my physician clients the other day and was shocked when he said he had a total of 2 hours of finance education in medical school, and it was focused more on running his practice than personal stuff.  Sounds like his case was not the outlier.

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He got two hours more than I got.

[Zaphod]

Our finance talks were in the hallway and they were just, "dont worry".

[Hatton]

No financial lectures at all in my med school or residency.  A much older doctor gave me one useful pearl.  He was always on the phone talking to his broker in between cases (trading commodities) and I asked him how he learned to do that.  He said he took a brokerage sponsored course.  He told me no one will ever care as much about your money as you do.  The only wise thing the guy ever said.

[FIREshrink]

Crixus wrote:

Nobody but yourself is going to be your fiduciary in the strictest sense. You have to edjumacate yourself and be your own asset manager. If you have 1M in liquid net worth then you are an accredited investor and the sharks will be circling. They’ll be happy to take your money.

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wow, i feel like a real loser because i have never, even once, been circled.

[jfoxcpacfp]

FIREshrink wrote:

Crixus wrote:

Nobody but yourself is going to be your fiduciary in the strictest sense. You have to edjumacate yourself and be your own asset manager. If you have 1M in liquid net worth then you are an accredited investor and the sharks will be circling. They’ll be happy to take your money.

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wow, i feel like a real loser because i have never, even once, been circled.

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Don't feel bad. Maybe you're just a nobody.

[djohnflatfeecfp]

Interesting guest post on Michael Kitces' site today analyzing the reports that focus on the benefits of using a financial advisor.  https://www.kitces.com/blog/trust-research-advisor-planner-use-benefits-value-vanguard-alpha-morningstar-gamma/