I agree. My investment advisor costs me over six figures within short 4 months. He was good for a period of time for about a year, careful with a part of our portfolio. Gained my trust and confidence. Kept us out of the initial down turn in 2008. In 2009 he was then given our entire portfolio to manage. With the subsequent down turn in 2009 he did not manage that very well. Became very emotional, did not have stops (unbelievable) and did not follow the markets. He scared me big time. He was lost. As result, in short four months, I had to pull the accounts, and we were down over six figures. Big lesson learned. The investor advisors are only human and they are emotional beings. In addition, to the pain, the guy charged 1% management fee.
I agree with the article, one is better managing their finances than an advisor.
The Intelligent Investor: Why Your Adviser Is Scared to Set You Straight - WSJ.com
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FT Alphaville » Kauffman: ETFs are the problem, not HFT
Rod,
Check this article and see how YOUR money is being used by your financial advisor
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