Do professional financial advisors need their own personal financial advisor?
This was selected as Best Answer As a retired stockbroker, there is little doubt that they need it. There are problems however. They see themselves as “experts”. Few people have their egos sufficiently in control to accept advice in their field of so-called expertise. Separately, personal financial advisors are a mediocre lot. My wife and I retired in the late 90’s after 20 years with the largest firm (then Smith Barney). We were in an office with 41 other stockbrokers. There was a grand total of 1 (one) who we thought was sufficiently intelligent, industrious, ethical and professional enough to turn our clients over to. Our clients were our friends and the burden of this responsibility was tremendous. All’s well that ends well . . . we have had unanimous feedback that we made the right decision. It isn’t that there were a lot of con men and sharpies, though there were some of those. There were a lot of nice dummies. Mostly a bunch of folks who could ‘talk the talk’ but couldn’t ‘walk
