Watch for Double Talk from Financial Advisors
Today was a busy day for insights...
I read an article written by someone who has reached a level of personal success and is now teaching others how they did it. While there is alot I can say on this topic, I will say this: The disclaimer before the article was pretty generic, not the long convoluted legal ones you see when a financial institution or licensed financial advisors publishes an article. The disclaimer advised people to refer to their personal professional advisors for recommendations.
Unfortunatley the content in the article also made reference to advisors and their personal level of financial success. The reference was that it wasn't wise to take advice from someone who did not share the same wealth you were aspiring to. It implied that professional advise was not worthy of your time if you intended to be wealthy.
However, what about shared values, goals, and the technical expertise of the person making the recommendation. You know, I would still value the professional knowledge of a physician even if they themselves had some health challenges.
This is a huge topic, and one that is extremely important. The bottom line is you must be crystal clear on your values, your goals, your intentions, your understanding, your comfort with each transaction and decision. You must have a complete strategy, exit plan, decision making criteria, and more so you can make your own decisons confident that you are in control. You don't have to become an expert, but you do have to remember that just because something was right for someone else, does not automatically make it right for you. It also doesn't mean that it wouldn't be right for you too.
For some more reading on working with advisors you can read the article called 'accepting financial advice' soon to be found at http://www.moneyminding.com/articles_moneyminding.htm
(Sorry, the one listed there today is called 'financial advisor or scam artist')
In the article today the red flag was the disclaimer, completely out of synch with the tone of the article and the disclaimers on other published works of certified, licensed, professionals. That said, it means proceed with caution, not completely abandon or ignore the information. You need the whole strategy, the supporting foundation, the exit plans, the systems in place to be able to anaylse and implement these creative ideas. Yes, not all professionals will understand or recommend more advanced strategies, but this is more a situation of values and personal comfort than technically right or wrong. Know yourself first, then make sure you understand your advisor(s), and then check out the fproduct or strategy for you own unique situation.
Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.
I read an article written by someone who has reached a level of personal success and is now teaching others how they did it. While there is alot I can say on this topic, I will say this: The disclaimer before the article was pretty generic, not the long convoluted legal ones you see when a financial institution or licensed financial advisors publishes an article. The disclaimer advised people to refer to their personal professional advisors for recommendations.
Unfortunatley the content in the article also made reference to advisors and their personal level of financial success. The reference was that it wasn't wise to take advice from someone who did not share the same wealth you were aspiring to. It implied that professional advise was not worthy of your time if you intended to be wealthy.
However, what about shared values, goals, and the technical expertise of the person making the recommendation. You know, I would still value the professional knowledge of a physician even if they themselves had some health challenges.
This is a huge topic, and one that is extremely important. The bottom line is you must be crystal clear on your values, your goals, your intentions, your understanding, your comfort with each transaction and decision. You must have a complete strategy, exit plan, decision making criteria, and more so you can make your own decisons confident that you are in control. You don't have to become an expert, but you do have to remember that just because something was right for someone else, does not automatically make it right for you. It also doesn't mean that it wouldn't be right for you too.
For some more reading on working with advisors you can read the article called 'accepting financial advice' soon to be found at http://www.moneyminding.com/articles_moneyminding.htm
(Sorry, the one listed there today is called 'financial advisor or scam artist')
In the article today the red flag was the disclaimer, completely out of synch with the tone of the article and the disclaimers on other published works of certified, licensed, professionals. That said, it means proceed with caution, not completely abandon or ignore the information. You need the whole strategy, the supporting foundation, the exit plans, the systems in place to be able to anaylse and implement these creative ideas. Yes, not all professionals will understand or recommend more advanced strategies, but this is more a situation of values and personal comfort than technically right or wrong. Know yourself first, then make sure you understand your advisor(s), and then check out the fproduct or strategy for you own unique situation.
Copyright© 2006 Tracy Piercy. Written Permission is required for reproduction. Thank you.
posted by Tracy Piercy at 11:23 PM
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