Makes me wonder if I should keep the appointment on Tuesday with the big bank "personal banker" (who called in their "financial adviser" and "investment advisor" for my request to meet for a financial plan update) that I set up just to get a second opinion on my own plan. Now it'll be a third opinion, thanks @AJDZee !
Oh boy, ya those meetings are purely sales pitch by someone who's job is to put you into an expensive bank products. Their business model is to target people who 'are bad at investing' and don't want to put the effort into educating themselves how to open a brokerage account. And honestly for those folks if they're happy with that,, and end up with a higher net worth than if they never set up these accounts, that's fine... I just hate when these sessions are branded as financial advice.
I think there's value in seeing an independent fee-for-service certified financial planner, but managing your investments yourself. They'll charge you a couple thousand dollars up front, which seems steep, but can set you up to plan your withdrawal strategy and help with tax efficiency. They won't manage your money and put it into expensive products that give them commission.
It's not for everyone, but I'm in the process of seeing one now and think it will be a good investment.
