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December 22, 2010


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Very long post to get to the final goal which is a pitch from financial advisors to hire a financial advisor because entrepreneurs are money dumb.

Nice post.

This is almost as good as a pitch from life insurance sales men to use life insurance as a bank.

It seems a number of guest posters here simply use it as opportunity to get on a blog with good exposure and pitch their stuff.

Apex --

1. This is a syndicated column -- it doesn't just appear here but in newspapers as well.

2. He's not pitching himself, he's advocating using fiduciary financial advisors.

3. You need to take some happy pills.

1. This is a syndicated column -- it doesn't just appear here but in newspapers as well.

Doesn't change my opinion.

2. He's not pitching himself, he's advocating using fiduciary financial advisors.

Which is a service they offer as members of the NAPFA being referenced and they link to themselves in hopes that some will use them. It's marketing.

3. You need to take some happy pills.

I don't use drugs.

Apex --

Sorry I've done so much to contribute to your misery.

Apex --

Just to be clear on #1 above, my point was that the newspapers this piece runs in don't consider this as advertising/marketing that's over the line -- and they usually have pretty high standards. So it's "funny" to me that you find it offensive/inappropriate.

I agree with Apex that this was rather a long and drawn out, but nicely written, story designed to encourage its readers to use a financial advisor.
I don't have a CFA or CFP after my name and personally have never found the need for one, however I am of the opinion that there are many people that would be wealthier today if they had used one. After I retired and during the 90's when I was very active making presentations at financial seminars and describing and demonstrating the financial software that I had written I met many financial advisors and of course listened to their presentations. There are some excellent financial advisors out there that I learned a lot from, the really good ones tend to charge a percentage of the profits that they make for you, whereas the majority charge a fee for services.

If you are to actively manage your own money successfully there are quite a few things that you need. The first being lots of time every day. You also need the use of proprietary tools and a proprietary database - just having internet access and a computer isn't nearly enough. You also need experience, and gaining experience comes from making plenty of mistakes but learning from each one of them. I have been very good at managing my own money and that of my children but I could never, ever, manage money for a variety of people with a variety of objectives. I have found the comfort zone for investing that suits me but I would be very nervous and stressed out if I was forced to go outside of it. My comfort zone has also become more and more conservative as the amount of money involved has grown and also as I became older. Thus even though I was a good engineer for 36 years I would have never been good at managing money for a living. For one thing it would involve far more personal contact with people than I like. How about all the frantic phone calls you would likely receive during bad periods, and all the second guessing you would be subjected to from clients.

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