Advice That’s Worth the Price
Have you ever noticed that the best humor usually has an edgy element of truth to it? Take, for example, this StockCats “Headline Generator” spoof on the commentary that floods our sensibilities every time the market moves a whisker. Admittedly, we financial professionals may be hard up for humor, but I got a good belly laugh out of their creative spin on what (sadly) often passes for intelligent observations.
So, yes, there is an abundance of fill-in-the-blank drivel (pardon my French) continuously posing as worthwhile advice. Then there’s real expertise – the kind that’s of value. Like the difference between a cubic zirconia and a diamond ring, it might be difficult for a layperson to differentiate between genuine and faux advice, especially when there’s far more of the latter than the former readily available. How do you know the difference? Jim Parker of DFA Australia shares this excellent overview, “The Seven Roles of an Advisor,” demonstrating that sound advice is precious all around the globe.
The Seven Roles of an Advisor
“What is a financial advisor for? One view is that advisors have unique insights into market direction that give their clients an advantage. But of the many roles a professional advisor should play, soothsayer is not one of them.”
To read more OPEN PDF: The Seven Roles of an Advisor