Financial Advisors/Planners

[AlmostBob]

A really good financial planner would be about the richest person in the world, following their own advice,
and probably would not pass this information on, as doing so would be against their own self interest. the amount of money they could make from investing in that which they recommend would far exceed the amount of commsission they could make instructing some (sucker)-interchangeable terms-(customer) to invest.

Donald Trump - good financial planner
Donald Duck - poor financial planner

 

[kierank]

Bill.L,

What makes you think that a FP who made money doing one thing, possibly "gambling, option trading, legal prositution, etc", would know anything about other types of investment??

I didn't say they did. I said just because it worked for them doesn't mean it is appropriate for me (or anyone else for that matter).

Just because a FP says "I'm investing in sliced bread now" does not mean it is a good investment, for you or anyone else, irrespective of their circumstances.

Totally agree. I said that in my original post and repeated it above.

At least those FPs who have made money in 'X' at least know how to make money in 'X' (given past circumstances,luck etc).

Agreed but it doesn't mean 'X' is right for you.

But at least it is better than them telling you to invest in 'Y' because they 'think' it may be a good idea for you, without any knowledge of how to make money in that field!!

Agreed. But it doesn't mean that the FP has to have made money in 'Y' for it to be appropriate for their client - 'Y' may be a totally inappropriate investment for the FP based on their goals, age, risk profile, etc. I want my FP to have knowledge in a field of investment, not necessarily have invested in it.

KieranK