My friends were excited to tell me about a big dust up on Twitter between two financial celebrities. Each accused the other fabiosa.com of advising people so badly that they lost money in the last few years.
My reaction? 1) This sort of spat on Twitter is probably fun for them and a means of generating more celebrity; 2) neither celebrity is providing financial planning.
The second point needs some clarification. What’s financial planning? It is advice for you, in your specific circumstances. You are not a mass audience. You are one person or a family who has very specific income, expenses, goals, fears and experiences. When you and I work together, we start with an hour or two of conversation. I want to know you and help you.
Those speaking to a mass audience on the radio or television may give the illusion that they have an answer for you. But they have asked very few questions, do not know all the important contingent information, and then they provide an answer that may or may not be right for the person who asked the question. Often at the end of the show, there is a disclaimer saying the show did not offer advice and check with your own financial advisors.
So the game is give the illusion of authority and give a definite answer at one point in the show, and then run to the safety net of a legal disclaimer at the end of the show.
For the seven years that I produced my radio show, I was unwilling to do that to people. I take my responsibility to you very seriously.
Financial planning is not a game. It is researched, objective advice meant to create the overview and the strategies that can help you know where you are and where go are going.
Your financial well-being is not a game.
Yes, people who rely on financial planners may have seen a decrease in their assets, but they have also, if they were invested in good quality investments, seen their portfolios come back up. A good financial planner is talking with you about the process and making needed adjustments that fit your situation.
Find a financial planner you trust. For insider guidance on finding one, check Choosing Your Financial Planner at WealthyChoices for the free eBook at the top right of the home page.
Celebrity “financial guru’s” fight is to financial planning, what miniature golf is to the PGA tour.