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2
Posted on 6/13/22 at 10:26 pm to sawtooth
You aren’t trying to be “right”…a financial advisor is not some guaranteed path to riches.
Posted on 6/14/22 at 12:26 am to lynxcat
quote:
a financial advisor is not some guaranteed path to riches.
Well if they aren’t there to help someone make money what is their purpose besides collecting fees and watching their clients money disappear?
Posted on 6/14/22 at 6:02 am to Niner
quote:
I repeat, you do not have to be a salesman to be a financial advisor. You DO have to work hard and know what the hell you're talking about if you're going to build trust with a 50-something year old who is on the road to retirement with a couple million of assets to manage.
This! i would not to be in your shoes right now. Nobody complains when the market is shooting up and their retirement funds are shooting up. When things get tough like right now i bet they are coming out bigtime. Whats going on ?i'm down 15 to 20%? what can you do? Can't afford any more loses etc...
This post was edited on 6/14/22 at 6:03 am
Posted on 6/14/22 at 7:57 am to FLObserver
From the financial crisis until now, it's been pretty easy as nearly every asset class did well. One of the things that people rarely talk about is the responsibility and emotional stress of having people's financial (and therefore actual) lives in your hands. The next few years might not be an enjoyable time.
Posted on 6/14/22 at 8:03 am to barry
quote:
being fast-tracked to automation
I think this is a legitimate concern.
Posted on 6/14/22 at 8:39 am to sawtooth
quote:
Well if they aren’t there to help someone make money what is their purpose besides collecting fees and watching their clients money disappear?
Clearly you’ve never had any wealth to preserve/grow/tax strategize. So for you, I guess nothing.
Posted on 6/14/22 at 9:22 am to FLObserver
quote:There is a lot I could say on this topic, but in short - my clients value the context and perspective I bring when they are worried or have questions OVER my ability to simply manage their assets.
When things get tough like right now i bet they are coming out bigtime.
I provide psychological stability when things get dicey. I also have been able to "train" my clients to have a long-term, patient perspective on their portfolio. So there are maybe 1 or 2 clients who I know will reach out to me in times like this (though neither one have reached out yet) not necessarily panicked, but more asking for reassurance.
If you are about to retire and your portfolio is down 21% YTD, you may not be invested appropriately. (Russell 3000 is down 21.81% through yesterday) How should you be invested? That is part of the value I should provide as a financial planner and advisor.
Posted on 6/14/22 at 10:44 am to dirtsandwich
quote:
quote:
being fast-tracked to automation
I think this is a legitimate concern.
Been hearing this for years. Just like ESG investing, I'm not threatened. All day long, every day, people on here come on and ask all sorts of questions that have so many particular specific points, and they don't even realize they need to disclose a ton of information to get good advice. And MT probably represents generously maybe 1-2% of the general public locally? I've had like 2 clients or prospects in 20 years ever ask me about robo-advisors indicating to me either they don't trust them at all or there is zero market penetration.
It's the intricacies of decision making that people need a financial advisor for. Most people get into their "research" and get super confused and want a person with some experience and authority to help reassure them it's a good decision. Try calling a robo-advisor 800 number and seeing what they think about opening a brokerage vs. Roth vs. IRA account...
And then making an entire plan based around variety of changes and assumptions that change over time... yeah. At least right now, algorithms cannot do this.
Posted on 6/14/22 at 11:08 am to TDTOM
It's a bot that does this.
In a week or two, they will come back and edit the post to include some spam link.
I've clued the admins in on this but they don't seem to care unless they actually post the spam. I'd get out in front of these bots bumping these old threads if it were me
In a week or two, they will come back and edit the post to include some spam link.
I've clued the admins in on this but they don't seem to care unless they actually post the spam. I'd get out in front of these bots bumping these old threads if it were me
Posted on 6/14/22 at 12:03 pm to UpstairsComputer
I think AI will look very different 20 years from now. I could see it significantly affecting a number of professions (including legal and accounting). Not saying it will happen tomorrow or ever I guess, but it is something I would consider if getting into the profession.
And I agree that the soft skills are a key part of what a good FA does.
And I agree that the soft skills are a key part of what a good FA does.
Posted on 6/14/22 at 1:49 pm to GoIrish02
quote:
But you want people to trust you with their money?
Welcome to the 21st Century. We elect actors, wrestlers and comedians as Governors, Senators and President and take medical advice from celebrities. We also invest billions in a digital currency that has no central authority to regulate it and was invented by a pseudonymous person.
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