This post in the WSJ talks about the costs/benefits about having a financial advisor. The article reminded me of our discussion about financial literacy in the U.S. and world. Do you think you will have a financial advisor in the future, or do you think you will be able to handle your own finances?
http://on.wsj.com/1mqclLP
I think there will be an App for it! With some basic education and technology, I think you should understand your finance. Once in a while, I think you can get some advice from a financial adviser but you should be educated enough to understand and to follow the advice. It's interesting that only 27% of those having a financial adviser actually took the advice!
ReplyDeleteOf course if you are wealthy enough, use a premium service to save you from headache if you would like but I do believe financing your family should not be rocket science.
As Ly said managing your own finances should not be rocket science. However, the main problem is that in order to manage your own finances you need discipline to follow your budget and you need to understand your real circumstances. Doctor Moffit would totally argue against using financial advisors, but I think financial advisors at least take away the emotional component of managing your own assets, we pay them to bear the risks for us.
ReplyDeleteIs someone using the personal finance apps? which ones?
It's possible I will have a financial advisor, but I will be very weary to see if they are exploiting me and taking a cut without benefitting me.
ReplyDeleteI think it depends on the person. People without financial literacy will benefit from these services because a lot of these people just want someone who knows what they're doing to preserve and grow their wealth for them. I personally don't feel like I need help because I have a strong passion for finance and I can just look things up on the internet if I need some more information about something.
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