Category: Financial Advice

Is Your Financial Advisor Giving You Bad Advice? Modest MoneyLeave a comment

Bad Financial Advice2 (1)

Bad financial advice can cause you to defer your retirement date, reduce your standard of living during your retirement years, and run out of money late in life. It is common sense that bad advice should be avoided at all costs.

However, you have to be able to identify bad advice to avoid it. This is easier said than done. You will need data and hindsight. For example, you get a quarterly performance report that shows you lagged your benchmark by several percentage points. Or, you find you are paying expenses that are so excessive, they are undermining your ability to achieve your financial goals. By the time you have this information – you have already lost money.

Source of Bad Advice

If you are like most investors, you do not have enough investment knowledge to second-guess the advice of your financial advisor. You tend to buy what the advisor recommends. After all, that is why you have an advisor – he is the expert.

However, bad advisors are the source of bad financial advice. It is much easier to learn how to avoid bad advisors than it is to learn how to be your own financial advisor.

Personalities

You cannot avoid bad advice by…

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This entry was posted in Financial Advice, and tagged Modest MoneyLeave a comment
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