Tuesday, September 30, 2008

How do you like your advisors?

According to a survey by Russ Alan Prince (not Russalan Prince as I thought he was) quoted on the Wealth Report 81% of rich people (investors worth more then $1 million) plan to take assets away from current advisor and 86% plan to tell others to avoid their advisor.

Hmm, if all these wealthy peoples had picked their advisers right maybe we wouldn't be in the middle (?) of the largest financial mess since the Great Depression.

Or maybe it's a generational thing? With most investors who remembered the Great Depression retired we may have had to live this experience for ourselves to know to avoid irrational exuberance or believe this time it's different in the future.

And maybe, most wealth advisors simply suck, which is why they rarely outperform random walks or ETFs.

No link love for Russ Alan for now as no info on the survey appears on website. Oh, and Pizza SEO has no wealth advisors, it tries to be a reliable advisor to the healthy, welathy and wise itself.

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