Howard Gold’s No-Nonsense Investing: These are the 3 big reasons you should use a financial adviser (and picking investments is not one of them)

Not too long ago, well-heeled individuals relied on financial advisers for almost everything from basic expense planning to deciding where to invest their money. Advisors often invested in actively managed mutual funds or separately managed accounts with a supposedly diversified collection of individual stocks.

But recent innovations have made most investment advice proffered by planners or advisers obsolete. Index funds and exchange-traded funds (ETFs) have almost killed active management, while target-date retirement funds provide a set-it-and-forget-it “fund of funds” that automatically rebalances as it gets closer to its target date. Robo advisers provide low-cost, high-tech portfolio management.

Target-date funds and robo advisers are good enough for the vast majority of people who want to invest for retirement but are either too lazy to keep on top of their money or just don’t know what they’re doing.

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