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Fire Your Financial Advisor!
I'm serious...go do it right now! Fire your financial advisor! You should expect more and better than what the financial advisory industry is offering you right now. You are paying too much and having too little delivered. Your financial well-being is being hurt as often as it is being improved.
The financial advisory world is so fundamentally flawed, so deeply entrenched in the money-making business that on the aggregate we are not bringing you a service worth paying for. This needs to change and quickly. There is one way to make that happen...stop giving us your money for too little service. Force us to change and to develop a better service for you. Don't pay us until we offer you more value for your money.
I may upset some of my colleagues by writing this because they believe they are doing things better. Frankly, I know there are some financial advisors who do a tremendous job and who do bring real value to client's lives. They are tremendously intelligent individuals who recognize that there needs to be significant and radical change to financial advice and financial planning. Unfortunately, they are in a drastically small minority dwarfed by the large money-making organization who work for their shareholders and do not care about their clients (or customers, as they consider you.)
So stop paying us for promises to make you rich overnight. Stop paying us for investment management that has a high likelihood of doing worse than what you could get almost for free. Stop accepting financial planning that is designed to reach someone else's goals and expectations. Stop giving people money for doing these things. As long as you continue to pay, people will continue to offer these low value services.
It's time for the financial advisory industry and profession to evolve. It seems clear government will not be helping with this, so it is time you vote with your pocketbook. Effect change and demand more. Fire your financial advisor!
By the way, if you have a better solution in mind, please post it in the comments. I would rather see a solution which does not hurt the good people in the profession and I want to start a practice in this profession myself. However, I do not see any other way to get the industry to evolve into something of true value until you stop giving us money to do less.
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