Some financial guys do provide value! Yes, I have repeatedly said that paying 1% (which is alot of money over time) is not worth it when you can probably do as good or a better job yourself.
But there are circumstances and certain financial guys that ARE worth the fees you pay.
Let me explain.
If you use a financial guy and all he/she does is buy you mutual funds or etf's or so many stocks that it's like owning the entire market then you are wasting your money.
The guys that provide value do something different and act more like a consultant than a salesman! I'm not talking about taking you to lunch or golfing, that's what salesman do. The guys that provide value might sell calls against your stocks. They go to cash occasionally. They call you with a great income idea (something you didn't read in the WSJ). They have a great tax saving idea. You get the point.
So next time I beat up on your financial guy, and I will, remember, I don't mean ALL.
If you use a financial guy and all he/she does is buy you mutual funds or etf's or so many stocks that it's like owning the entire market then you are wasting your money.
The guys that provide value do something different and act more like a consultant than a salesman! I'm not talking about taking you to lunch or golfing, that's what salesman do. The guys that provide value might sell calls against your stocks. They go to cash occasionally. They call you with a great income idea (something you didn't read in the WSJ). They have a great tax saving idea. You get the point.
So next time I beat up on your financial guy, and I will, remember, I don't mean ALL.
