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It is a simple question, but many investors are not sure about it. New changes in law (the fiduciary standard) and technology (robo-advisers) have added layers of complication to the answer.
To know, you must evaluate your financial situation. Let’s work through it together, so you have a better understanding of your circumstances and can decide what sort of financial services you need.
I think it takes about five years to master the technical aspects of investing, assuming one has a good syllabus. The psychology aspect of investing is much harder and may be impossible to fully master. An advisor may or may not be able to help with the psychological challenge - it really depends on the client, the advisor and the relationship between the two.
The psychological aspect of investing was probably the driving force for me to put a big chunk of my IRA into the Schwab robo-portfolio. In retrospect, I now know my greatest fund ideas and timing the market ideas put me behind a steady-eddie portfolio. I would even say individual fund selection is a small part of overall return.
@MikeM, Thank you for your insightful feedback. Over time I am coming to the same conclusion. For now I use Vanguard and Fidelity, but will check out Schwab robo service and compare it to Vanguard' hybrid robo&human advisor service.
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Nick de Peyster
http://undervaluedstocks.info/