Its like employing a financial planner
They are there to help you get the best return on your money
Financial planners being there to get you the best return is actually the complete opposite way to the way the industry works. Financial planners are there to take money out of your hand and offer nothing at all in return.
Warren Buffet agrees with me.
Just for the record, that is not my quote, I was responding to that quote.
My quote was,
“As long as we don’t employ Elijah’s financial planner.
Some of them don’t want to return your money.”
So I guess, along with Warren Buffet we both agree on the usefulness of financial planners.
As a financial planner, thats a little offensive. There are plenty of good ones out there that you don’t hear about. Its only the rogues that get the attention - all industries have them.
Sorry if I offended you, and I would agree that there are good and and bad operators in every industry, and I take it that you are one of the good ones in your industry.
I understand that there has been a bit of a shake up in the industry in recent times relating to disclosure of commissions and requirements to put clients’ interests first and for financial advisors to disclose any conflicts of interest.
However, various inquires and Banking Royal Commissions haven’t done a lot to enhance the reputation of financial advisors.
My own personal experience with 2 or 3 financial advisors that I have had initial meetings with haven’t really given me the confidence to part with the 2 or 3 thousand dollars that they wanted to come up with a plan for my particular situation.
Thats fair enough Hank. The Royal Commission has started raising the bar ie. degree required etc which can only be good for the industry.
Many people are skeptical about advisers for good reason but hopefully that changes once the riff raff has exited.
Financial Planner (and my naivety) cost me $250K after investing in Great Southern and Timbercorp investments. I was lucky - some others committed suicide. Good and bad in every industry- I found the worst grub on the planet
Wow … that’s a pretty horrific ordeal to go through mate …
You must have a well paid job in order to recover …
Went overseas and earned good money. Got me out of trouble. But cost me my marriage and a lot of mental stress I can tell you. Remarried and building a new house now - means a lot in so many ways mate. It’s been a journey
I went through the breast cancer crap with my ex…the chemo and therapy mixed with different drugs got the better of both of us…It really hurts when you personally know your doing your best but end up with a kick in the guts.I have remained very amicable because I know what she went through…in a word horrific…However,I almost wanted to drive my ute over the Macquarie pass because I was in a state of confusion and was hurting…Now I try and keep a sensible head on my shoulders because I know I would hurt family members in more ways than one by doing what I wanted to do…the WTs are my real oak in my life that helps me converse with my forum buddies as well as give me an interest in life…If I get to meet some one I hope she loves the WTs as much as I do…
Theres always hope I suppose…