During our morning meeting today, we talked about the dangers of “casual advice”. Casual advice meaning when someone comes up to you at a bar, or some other type of public place, and asks out of the blue “hey do you think I should buy stock X, yes or no?” or “what do you think I should do with my Roth IRA?” These types of questions put us advisors in a difficult spot. Without the proper context of knowing your specific situation, it truly is impossible for us to correctly answer that question. Also, it would be irresponsible for us to give you the “casual” answer that’s not specific for your situation.
Keep that in mind the next time you think about WHY it’s important to work with an advisor. Sure, most questions you could find an answer to on Google, but that would be the right answer for “most people”, not you specifically. If you want REAL answers that are specific to you and your financial situation, sitting down with an advisor for some financial planning is the way to go.
Here’s what I’ve been reading this morning:
‘How Hard Is It To Hit A Goal’ – Tom Mullooly – Mullooly Asset Management
‘If I Were Wrong, What Would It Look Like?’ – Morgan Housel – Collaborative Fund
‘Reyes’ Inexcusable Error Marred Wheeler’s Strong Start’ – Danny Abriano – SNY
‘Do Long-Term Investors Need (Long-Term) Bonds?’ – Michael Batnick – The Irrelevant Investor
‘The Lump Sum vs. Dollar Cost Averaging Decision’ – Ben Carlson – A Wealth of Common Sense
ENJOY!
