Financial Advisors - Ever Justified?

[easysurfer]

When I first started investing years ago, I had the "help" of a financial advisor who put me up with a market timing strategy. Supposedly, their system would get the signals when to move in and out of the market. After having that active for a few months, I decided to end my relationship with the advisor.

Think about this way, if they could really accurately time the market, why don't every just do it and let their systems take over easily make tons of money? The answer is just because they "have a system", it doesn't mean the system works consistently, if at all.

[RonBoyd]

Quote:

Originally Posted by Tigger Usually I like what Stanley writes, but when I read this post it made me cringe.

Okay, I apologise. In reading the rest of this thread, I see that Dr. Stanley was speaking of a completely different group. Anyone can call themselves a FA but only the very few are listed in the WSJ article. That is the point Dr. Stanley was making (IMHO).

[Delawaredave5]

I think everyone needs a "sounding board(s)" to confirm you're "looking at the right things", and "looking at these things right".

I can only see using an advisor (and then only fee-based) for a "big picture sounding board" strategy session.

Any advisor to help you time the market doesn't make sense.

[kcowan]

Building the financial plan spreadsheet and developing the right asset allocation is a useful thing for a financial planner to do if you do not have the necessary skills. But maintaining the plan should be DIY.