Who is Your Real Financial Advisor

December 04, 2023

This one might sting. Punches will not be pulled.

Let’s go!

All of us have a financial advisor.

Even if we don’t.

It could be self.

Your own mind and gut.

On the other hand, we might even have a financial advisor on paper, but their advice is ranked far down the list.

Our real financial advisor are not actual financial advisors.

They are the results of an election. Or the hope of the next one. They are a favorite media personality or a news media source. They are a tip we saw on an email or something that came up on social networking.

We take the advice of Fox News or CNN or Tucker Carlson or Dave Ramsey or a social media influencer or a religious prophet or a financial forecaster.

Some of the most popular financial advisors I’ve seen are ones who do not have that title or who say they have it yet have no regulatory body governing the “advice” they give. They suffer little consequences for what they say.

It’s odd isn’t it, how we can be prone to take the advice of someone who does not know us or our immediate situation over someone that does?

This is a sad reality.

I’ve seen conservative investors misunderstand what being a conservative investor is. While they say they want a conservative portfolio, what really shapes their investment wants are not what might make up a financially conservative investment portfolio, but the investments that make up what politically conservative media is talking about.

I’m not picking on conservatives here.

You could have an aggressive progressive that takes their investment cues from The Motley Fool or The-Next-Big-Thing. They might follow everything George Soros. Phrases like “climate change”, “social justice”, and “socially responsible” investing win their investment-loving hearts.

Politics itself—which should be meant for the public good—can become marketing.

My point is: whose financial advice are you taking in your real life?

Is the advice of someone you don’t know trumping someone you do?

I’m not saying you should take the advice of your current financial advisor or the one you are considering hiring hook-line-and-sinker. After all, just because they are regulated by FINRA or the SEC doesn’t mean they are giving wise guidance.

I’m simply asking you to consider what shapes your investment wants.

Like in your real life.

And in your actual investment portfolio.

Who are your Real Financial Advisors?