I've lurked for many years now on this website...never have I felt more compelled to join so as to contribute/add my opinion as I have by your input. (believe me, I've almost joined many times to applaud or argue the points being made...fyi I've learned much from the wealth of knowledge here).
I have a formal education in corporate finance. I own a successful company; I've started several companies.
I'm compelled to respond to this because, even though finance/business is my profession, I deplore the financial industry. The problem is fundamental: the financial industry exists for one reason - to sell financial products. period. Many/most of those 'products' are castles in the sand and are based on no tangible good. The hubris the financial industry exhibits is deplorable. My company builds products, it has value - real value - because it builds products that contribute in some way to society. I have a professional critique every time I experience someone in the financial industry justifying to me how I 'need' to consider their administered financial plan. The numbers don't work for the unknowing, but the problem is furthered by those who are amenable.
How did the financial crisis of late start? What were the underlying factors? Miseducation? Ignorance? A sophisticated system (sub-prime) looking at short term gains? Poppycock.
Weekend class...there's truth in that comment (FYI: lukeh...I'm directing nothing at you personally...the 'financial industry' is where my rant is directed).
Ian
Quote:
Originally Posted by lukeh
Pretty much everyone goes to work to make money yet only some professions are labeled greedy. I never understood this. Is the plummer greedy for him wanting me to pay him? Is the roofer greedy for wanting to charge me for replacing my roof? Is the baby sitter greedy for expecting me to pay her?
I'd ask friends and family who they use and if they are happy with the person. If they have someone and can explain why they are satisfied then talk with the person. At some point he'll make money off you (via fees or commissions)and it's not because he's greedy it's because its his job and that is what he gets paid to do.
Where did you get the idea you become a financial advisor by taking a weekend class?
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