Financial Advisers and Your Wealth
Years ago in a small retirement community , a specific client had hired a person who she called her “investment adviser”. Unfortunately there is no such accreditation as a “financial adviser”. It is not as if you can go to school , take a course or degree to become a “financial adviser”. It all remains unproven. Unfortunately anyone can call themselves such a title and give themselves great authority and command , often in their eyes only. Its like anyone who calls themselves a genius and refers to themselves as such , seldom is. Real people with skills seldom do , and the skill set that makes for such expertise – involving planning , follow though and record keeping – exact record keeping seldom are promoters. The problem then becomes one of one giant charlatan act. Woody Allen’s classic line ( from the 1960′s) was “a stockbroker is a professional who invests your money till it is all gone” has gone from stockbroker ( until people realized what it was all about) , to life insurance salesman ( working for a big firm , with a big “head office” and carrying a briefcase with then impressive printed forms. ), to now a “financial planner”.
The humor is that these people who are there to invest your money – have the skills of drunken sailors. They spend money recklessly – watch the big car , the Rolex watch etc etc.
They are anything but thrifty. On top of that they take their take “their piece” or “their pound of flesh right off the top” automatically. Think of it. The “adviser” takes their cut , the mutual fund company or whatever takes their expenses plus a fee, the stock market takes their profit.
It is not unlike going to the horse races where the track and the government taxes all take their share of the action out of a pool of money that walks in the door or gate in the pockets ( now the atms at the track) and dilutes this pool again and again with every race or payment.
In the end the lucky winners get only a small part of the pool and thus are really lucky that they came out ahead at the end of the day. Well at least till the next time.
Overall the advice is stay away from circuses and “financial advisers”
Manitoba Cottages as Investments
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