Advisors Wave Red Flag When Clients Act Against Their Best Interest
December 12, 2019
Investor’s Business Daily – December 6, 2019
This article discusses scenarios in which advisory clients may want to do something their advisor thinks is not in their best interest.
In it, David Schneider states that “As advisors, we have to be humble,” since “We don’t walk on water. If they want to do something that we think they shouldn’t do, we counsel them about the risks and pitfalls. But we also have to realize that clients may be right” since none of us can predict the future with certainty.
With regards to speculation, he adds that “I say that speculating isn’t investing. It’s a form of gambling. When I say that, clients get it immediately. They know they can go to Las Vegas for one winning night. But the casino always wins over the long term.”
Read More: Investor’s Business Daily – December 6, 2019
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