The whole “financial advisor” gig ALWAYS seemed like a racket to me from the first time I heard about it. It just makes no sense. If you know how to make money from the market, you’d be making money from the market, not trying to make money off me. And if you have the secret to getting rich, the last thing you’re going to do is share it …
The whole “financial advisor” gig ALWAYS seemed like a racket to me from the first time I heard about it. It just makes no sense. If you know how to make money from the market, you’d be making money from the market, not trying to make money off me. And if you have the secret to getting rich, the last thing you’re going to do is share it with anyone and risking the system being changed so your trick doesn’t work anymore.
Eeeehhh, I don't think it's a "racket" so much as it's a not-regulated-enough response to an obvious demand. Financial products are pretty byzantine to most people (so many Americans aren't invested in the stock market at all), so there's a pretty obvious need for a class of professionals who can make sense of it all and guide people through the maze. The issue is that those professionals don't have enough guardrails to keep them from skimming an obscene amount of money off their clients' accounts in the form of fees and expense ratios.
The thing to be wary of is the assholes who promote their classes on YouTube ads as the secret to getting rich quick. THOSE are the ones about whom you wonder why they're not just doing the thing in the first place.
The whole “financial advisor” gig ALWAYS seemed like a racket to me from the first time I heard about it. It just makes no sense. If you know how to make money from the market, you’d be making money from the market, not trying to make money off me. And if you have the secret to getting rich, the last thing you’re going to do is share it with anyone and risking the system being changed so your trick doesn’t work anymore.
Eeeehhh, I don't think it's a "racket" so much as it's a not-regulated-enough response to an obvious demand. Financial products are pretty byzantine to most people (so many Americans aren't invested in the stock market at all), so there's a pretty obvious need for a class of professionals who can make sense of it all and guide people through the maze. The issue is that those professionals don't have enough guardrails to keep them from skimming an obscene amount of money off their clients' accounts in the form of fees and expense ratios.
The thing to be wary of is the assholes who promote their classes on YouTube ads as the secret to getting rich quick. THOSE are the ones about whom you wonder why they're not just doing the thing in the first place.