Your financial advisors going to tell you, you can do this that if it was this easy to invest well everybody be doing it and every other excuse that everybody gives you to keep you right where you are in your life unintentionally with the best intentions actually that.
I completely believe it until like 3 years ago so you have convinced me we have more and more financial advisors are coming to the workshop that we do alright if only to learn about what they’re what our clients are telling them like their clients are naturally working on the materials that may be gone to the workshop addict taking your newsletter something you know they really build up there their understanding of investing and coming to the conclusion that they can actually get a lot of benefit from this all our clients have got back to their financial advisors and said “hey what’s the value of the stocks” and I’ll tell me another interesting really little bit because if you’ve gone to work for JP Morgan Stanley that your training was about figuring out the value of things for that you rely on their desk to tell you what to tell your clients to buy now I’m so you’re closer to be scared of them like financial advisors that are not really.
What is the job of financial advisor?
Their job is contains things that people have the Dave Stewart the clients into various products of I guess it’s not I mean certainly isn’t there job the waiter job is defined by the client kind of think that when the sales guy is recommending that you buy this thing that they sort of know that it’s a good deal for you so it’s not their job and there’s that that disconnect between the expectations of an ignorant client and the expectations of a some informed financial advisor who understands the perimeters of their job like it’s just not setup to actually was kinds of questions like what is the value of the stuff you put me into it’s completely real estate agent.
“Should I buy this house?” – I can tell you that the real estate agents have a pretty good idea of what things are selling for much of an idea of what things are worth so the same prob can exist out there is so not picking on financial advisors don’t send us any nasty letters, it’s alright, we know that there’s a really important value to financial advisors. These people earn their money but I have friends who have done that job financial advisor for very big banks and training on sort of how you companies in and funds and so that they can talk about it out of clearly you know but does the job really is Sills and nobody is confused about that on the bank inside but I think potential clients can be unsure about that role amenity.
Fortunately, most financial advisors I’m in virtually all of them that are in the United States are required to be a solution for the client and are not paid commissions and so they are doing their best because they’re going to sure they’re going to make more money if you make more money because they’re taking her percentage of your assets under management
If somebody says what’s the value of this new now stopping that. I am the advisor, I can point to the stock price and say it’s that you can say like that a concert of the doesn’t really have a lot of applicability to our current situation in the stock prices that you don’t like. They can just say like that’s a bit more complicated than
Right, that’s the question and I think that what we talked about last time was it we’re going to deal with some of the things that point to that question answering that question. Yes it is really hard for an advisor I think most of them are just so we can go in the move in and out of the market nobody Knows When the move in and out of the market now that Daniel town not worry no one knows that and there are absolutely right no marking financial advisors perseid what we’re saying is that if it’s the case as Warren Buffett has believed and taught for 50 years if it’s the case of the stock market
I don’t understand what’s going on just enough to be dangerous and upset and have nowhere to go with it right because I’m not going to do the work that it takes to become competent at this. People have a lot of money what was regeneration first, in general, are not willing to do the work that it takes responsibility for your assets may be no different people who are seriously that they are the stewards of their family capital and to be the one who would break the chain and lose the money because of not understanding what trainers just like. The worst thing they can imagine so I think that’s a different person. Honestly, it’s not a different person, it’s a different approach to understanding what’s going on. In other words, if understanding what’s going on means as everyone agrees Warren Buffett you may we all agree in the long run the stock markets going to go up and in the long run in just putting your money in all in an index is going to be perfectly acceptable to a wealthy client then if they understand that they leave it alone. I’m so confused someone says that he has got friends out there who are wealthy who are thinking about putting their money out of the stock market are thinking about the Olive it all the time than managing their money actively. They have multiple bits of advice that are debating who’s right about which advice they’re choosing, funds they’re actively managing their own money. Well, should they? Actually, they have advisers who are saying yeah that’s call had a lot of people are saying that so. I would not be surprised are you advise who are busy telling your clients ok we do know when I get out of stock market is working to get out now should Daniel email and let her know you doing that right now 3 years sewer actually going to go against the clear the paradigm which is a few clients have the money. There’s no reason to Exeter market they they should stay in for the longer impressions of how wealthy people handle their various 3 people to start download