Is acquiring formal, expensive finance advice essential, if anyone can learn quality basics on his own without too much effort? Particularly if an investor feels he must hire an adviser to solve what he feels are the complexities of investing?
What
is it that makes advisers so expert? Is it the passing of an exam which
purports to cover all of what there is to know about finance? Can this
be learned by anyone without too much effort? The answer is yes.
Do
those fancy letters after an adviser’s name mean real expertise that
makes a difference? Not many are really qualified to earn their keep.
Bottom
line: Does it pay to spend 20% and more of your annual investment
income to get that advice? My suggestions are for investors to learn
the basics and avoid expensive advisers who contribute little for the
costs they impose.
Lawyers and accountants may be needed but not
advisory meddlers. (See the Earl J. Weinreb NewsHole® comments and
@BusinesNewshole at Twitter.)
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