Rich Millennials to Financial Advisers: Thanks for the Golf Invite, but You Can’t Invest My Money
WSJ recently wrote an article about it, you can easily find an article if you are interested.
I hear the same again and again: "anyone can do a job of an average financial advisor". Below is a story of a person from the industry.
We had a group of 5 mutual funds and our decision to decide what fund to put them in was based on one question: “on a scale of 1-5, what is your risk tolerance”. We asked every single client this and based on their answer plus their age, income and savings we put them in one of those
I thought even a monkey could do my job at first but was amazed how many clients wouldn’t invest at all and just had their money sitting in cash. I wondered how even without an advisor why people couldn’t/wouldn’t pick pretty much any mutual fund and put their money there
I got paid based on how much I got people to invest and thought it would be easy money to convince people to make their assets grow but it was damn hard. Most clients had money in a CD and would refuse to move it
Have you ever thought of going to money managers?
Maybe you tried - what was the experience like?
Submitted November 13, 2021 at 10:18AM by Delicious_Reporter21 https://ift.tt/3wIUIxU
