Should You Manage Your Own Money, or Hire an Adviser? – WSJ.com

Our Comment by J. David Lewis – The Wall Street Journal Sunday section of the May 4 Knoxville News Sentinel does a good job contrasting what people can do for themselves and when they need professional help. 

By Lindsay Gellman “And whom you hire could make all the difference. “Its an obvious fact: Some financial advisers are more competent, more observant of their fiduciary duty than others,” says former Vanguard Group CEO John Bogle.

Mr. Bogle suggests fee-only advisers, saying their interests tend to be better aligned with their clients than those of advisers paid in other ways, such as by commission. Advisers paid that way usually hope to sell you a product.

For those on the fence about hiring professional help, some arguments for and against:

HIRE A PRO

Advisers aren’t just for the rich. You may have heard that you need to be rolling in dough to hire someone to help manage it. But planners like those with the Garrett Planning Network and the National Association of Personal Financial Advisors are fee-only and may not require minimum asset amounts.”

Read the entire article via Should You Manage Your Own Money, or Hire an Adviser? – WSJ.com.

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