My financial advisor calls me once a month. He sends me some promotional newsletter in disguise every few weeks.
My biggest complaint about my financial advisor is really the same as it is for all other financial advisors and stock analyst. If you’ve got all these great ideas about money, why the hell are you still working at all?
Why haven’t you taken your own fantastic advice and retired by now?
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your complaint begs the question; “why are you using this guy as your financial advisor?”
@DBlock, valid question. He’s just the guy that the brokerage firm has assigned to the account.
It doesn’t really matter though because like I said, my complaint is the same for everyone in the industry. It doesn’t matter if we’re talking about some analyst on a financial show or someone in a brokerage firm like my situation.
If they have all this information and are such experts, why are they still working in the first place?
oh, well in that case I think the response would be this:
Those who make big money in a short while are rare. They may have gambled a great deal of money on something that wasn’t a sure deal and gotten lucky. They may have come up with some innovative idea precisely when the world needed it.
Financial advisors won’t tell you to put all your money on one underdog stock because there’s such a slim chance that it’s going to blow up and make you filthy rich. Instead they instruct you to be safe with your cash. Save as much of your money as possible and put healthy portions into mutual funds that consistently (and slowly) increase in value. That’s what they themselves are doing and that’s why they aren’t buying their own islands. There is only room on this Earth for a select few filthy rich people, the rest of us have to get rich the slow way.
Of course that doesn’t mean that your financial advisor isn’t a complete moron telling you to do stupid things with your money.
I agree with you completely slappy, so much so this complaint inspired me to post this one about the sports betting expert guys that do basically the same thing.
@DBlock, you’re right about the slow pace of investing, but the feeling I’m getting from slappy is that this is a usual thing, month in and month out. How good and how different can things get month to month if you’re in it for the long haul anyway?
You are probably dealing with a stock broker and not an advisor. I am an advisor and would not call you every month. However, I do expect to see my clients at least once a year. Religiously. It should not have to be a sales call all the time.
John Donoso on September 27th, 2007 at 9:25 pm | Link