Surely we are in a deep recession and no one knows for how long it will last and without a doubt Americans are in need of a rescue. Having been a financial advisor for six years with major wall street firms like Morgan Stanley, I know that many professionals gives good advice and They help a lot of people who otherwise wouldn’t know what to do.
I remember when I was a financial advisor I would get calls wanting my advice on a stock or mutual fund. During my tenure at Charles Schwab they pound in our heads that unless you know the person’s total financial picture and how what it would affect their financial plan not to comment. One thing we must understand is that the advice giving by TV and radio professionals provide are very sound for the time, but it is only general advice. And with all general advice everything doesn’t apply to everybody. You need a advisor that knows your financial situation intimately.
For those of you who have a traditional financial advisor when you get ready to implement strategies from TV professionals more times than not it slaps the face of traditional investing. Because we never been in a recession like this before most advisor don’t have a recession rescue plan and don’t know what to do. Therefore most times don’t do anything at all. So when you go to him or her to implement what you learn today on Oprah don’t be surprised if you get some resistance. Besides not knowing what to do, you know advisors are compensated by getting as much of your money in the market as possible by selling their products and services. This is better known as a “conflict of interest”. A conflict between your interest and theirs. Don’t be troubled there is a solution.
The other situation is you don’t have an advisor and you have to go it alone. If you don’t have an advisor then you may be challenged with what is called “the knowing doing gap”. This is where we do just a fraction at best of what we know. Or maybe you get started but after a while fall off and never get back on track. Don’t be troubled there is a solution for you too.
Regardless, to your situation the solution is the same. What you need is a third party professional financial advisor that doesn’t have any products to sell you. That’s the only way you will get objective advice and have your interest put first. The other major benefit of this kind of advisor is they will serve as an accountability coach. By working with an advisor like this they can take what you learn from TV and radio professionals and customize it specifically for you.
