I'll give you one more category, at the risk of guilding the lily of a great story:
" TC ". They know they need your help, have money, are not stupid, just compulsively cheap. Sometimes, they are tire kickers, come in, take your time, uh huh, see the value, uh huh, might even invest a little money. Best case, a consultative relationship where you get paid something. Run.
Here's something to chew on:
Let's say you're not a financial advisor, wouldn't you do the same; that is, before you became a financial planner, were you running to seek fa services? I think not. So now that "you" are an fa, everyone is supposed to seek your services and using an fa is the best thing since sliced bread. No one isn't doing anything you wouldn't do if the scenario was reversed.
Many Americans have alot of credit card debt, have trouble making ends meet and just aren't ready to use fa services and perhaps they DIY or put their funds in the 401K or a Roth and they figure they can do this on their own.
It's normally the rich people who are cheap and that's how they got to be wealthy, too. Drive old cars and the like. Then when you hear stories about people getting ripped off, it just makes you take a step back and use caution.
Always two sides to every coin unless you're talkin about a wooden nickel--better to spend than save since they woud expire (...your money is no good here!) http://www.wooden-nickel.net/history/
Back to topic at hand:
My wife said that mostly women call into the show so it seems she came out of the closet and is now marketing her pitch toward women. She was on the View (missed it). I'm not aware of anyone else with a show giving out free financial advice so I'll probably tune in 'cause I'm not in the market for an fa (don't have any discretionary income to invest right now).
Some people might do the DIY thing since they don't have alot to invest. I'd venture to say that wealthy people who can afford financial services may be to cheap to hire an fa and the rest of us are just getting by. Reason why I detest sales - not a pleasant job to be on commission where you have to depend on someone using your services or buying your products. Perhaps they consider using an fa a luxury? -- at least the people without a lot of discretionary income may feel this way.
so I'll probably tune in 'cause I'm not in the market for an fa (don't have any discretionary income to invest right now).
There's a big difference between an investment advisor and a financial advisor. You certainly need investments or discretionary income to invest in order to need an investment advisor. That is not true for needing a financial advisor. (Many financial advisors are actually investment advisors. I'm talking about duties as opposed to job title.)
Huh? There’s a big difference but financial advisors are actually investment advisors? So to use an fa, you just need enough money to pay their fee. I get it.
[quote=4luvofmoney]Huh? There's a big difference but financial advisors are actually investment advisors? So to use an fa, you just need enough money to pay their fee. I get it.[/quote]
No you don't.