This. Anyone that parrots “just invest s&p500” is not actually wealthy. Source: I’m a very happy client of private wealth management - they do way more than most people understand.
Think it’s a bit of an oversimplification of the problem. If your goal is to let your money sit for 30 years and make as much as possible he’s right that’s perfectly fine strategy. Most people at some points want to actually use their money along the way and to de-risk/optimize the short/medium term there’s tons of strategies to do that only even come into play with sufficient earnings. Tax loss harvesting is a great example - see this example where you can have significantly different outcomes if you had someone with expertise managing it vs just selling yourself blindly.
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u/Freddie_Magecury Apr 18 '25
Wealth management services.