Why use expensive advisers who take, on average, 1 1/2% or more of your assets each year. That can represent as much as 20% and up of your annual investment earnings.
For those who invest in hedge funds, be prepared to part with about another 20% of any investment earnings on top of that management fee. You have lots of catching up to do just for all that advice that is often wrong or merely not worth it.
Look at any compound interest table and see what that chunk of your wealth this will add up to, in just short years. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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