More of the people reading this comment are likely to hire a financial advisor than try to become an investor.
With that in mind I'd like to hear more about why financial advisors don't have our best interests at heart. I took a personal finance course in college that was 95% telling us how to create and execute financial plans and 5% telling us that in practice you should just hire a financial advisor. The former is to ensure that you know if your financial advisor knows what he's talking about. Is this actually bad advice?
With that in mind I'd like to hear more about why financial advisors don't have our best interests at heart.
In my experience, quite a few money managers generate a lot more fees then they strictly need to. Even some index funds will churn/rebalance more than necessary in order to generate a fee. When you consider the oft-cited statistic that very few managers outperform the market, and add in the fact that many they do eat the entire much of the surplus with fees, it becomes optimal to buy a good index rather than hire a financial adviser.
The probl...
Rationality quotes time!
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