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Originally Posted by BlueStarAirlines
This sounds good, but there is a huge fallacy in the statement. We know what a medical or dental "professional" had to do to become that "professional". There was additional schooling, there were boards to pass, continuing education.
What are the requirements for someone to become a financial "professional"? The answer is absolutely nothing! Most do get certifications such as the CFP and if you want to sell securities one needs to pass the Series 7 or General Securities Representative License test....but its a pretty low bar.
To put a doctor or dentist on the same shelf as a finance advisor is silly. I'm not knocking financial advisors, but due diligence examining their credentials, certifications, and education would be prudent.
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We have gone to a number of financial seminars where so called financial advisors try to get you to allow them to manage your money.
They will rarely tell the crowd their qualifications of doing this and I will always ask either to the entire room or by myself.
Have gotten answers that they were former math teachers and have a program that will advise how to allocate funds and time the market or in one case a former salesman decided he had the knowledge to invest others money.
Or they take the easy way out and push annuities.
Always amazes me that I typically am the only one to ask such a question.