7576||31415|||Bluedevils post: posted January 17, 2003 11:59 AM
Based on my fairly limited experience with financial advisors,
---Thats the problem right there. Why would you base anything of substance on "fairly limited experience"?
my impression is that many/most ---With fairly limited experience, you can't say many/most!
are not knowledgeable enough to provide enough help to someone like me such that the fees are justified.
I consider myself somebody who does a fair amount of research--- Don't confuse information with knowledge!
and understands a good bit about investing and financial matters. Recently I sat down for a 2-hour initial consultation with a couple American Express financial advisors. Both seemed younger than me (I'm 29).--- That may be the problem...you met with an inexperienced advisor!
They were nice enough, but I just didn't get the impression that they knew very much about specific funds etc.--- So ALL advisors are the same?
It's disappointing to come to this realization, but I tend to agree with supe, who said "In my experience it's extraordinarily difficult to find a good financial advisor." This is the same problem I've had with finding a good auto mechanic. How can a person really find a solid professional in these fields? I'm starting to think it's darn near impossible.
---How about asking for referrals from friends, coworkers?
This is not meant as a slam toward the truly good advisors out there. A good advisor can surely benefit even a smart do-it-yourselfer in some situations, and usually benefit a novice investor. --- But your previous comments contradict this statement!
In fact, I like the idea of being a financial advisor myself someday. --- Why?... to save the world from all the bad ones?
So I have no scorn for the profession itself; rather, I dislike the fact that the advisors' pay and the client's best interest are often on opposite sides of the spectrum.--- Not true
jmarks' comments were pretty surprising to me. "There are always people that THINK that they can do it themselves. ---Its true (may be they can, may be they can't) Just because you can, doesn't mean the rest can! Don't confuse the two.
And those are the people that I do not want as clients." Sir, do you really think that a reasonably intelligent person who spends significant time researching things is incapable of laying out and executing a sound financial plan for his/her family?--- Maybe maybe not...again info does not equal knowledge!
I hope your answer is 'no.'
One thing that surprised me was the AmEx advisors' statement that educated customers are their favorite customers. I didn't totally believe them, but the guy did spend a few minutes explaining how he liked dealing with do-it-yourself types--- I think he fed you a line with that comment!
[This message has been edited by Mark A (edited January 17, 2003).]
[This message has been edited by Mark A (edited January 17, 2003).]