I feel sorry for most of the common people I hear about who have lost wealth, lost their way, or both in the financial storm we’re currently weathering.
“Why cry for those whose fault it is?” I’ve been asked. Certainly these people were at fault.
One can throw blame upon many right now, and that’s not my goal. What’s more important is what has been lost. And I’m not talking about money. That’s easy enough to get back. The worst thing that happened to those who followed the direction of a financial advisor to their present state, is their forfeit of power and self-direction.
This forfeit occurred the first time money and trust were handed to a financial advisor. Which is why the FA/client model is such a bad idea. It teaches you to follow others and their direction, not you and yours. Read the rest of this entry »