Rich_by_the_Bay
Moderator Emeritus
FinanceDude said:I think you assume ALL folks are like you and others on this board, and that's not true...........
FinanceDude and Saluki are, in my opinion, right on target -- most people, even those who are smart, are wildly off the mark in their financial management skills.
We had houseguests this weekend - he's a retired subspecialist ophthalmologist, age 70. I reckon he and his DW are worth $4-5mm. He smugly commented how he is now managing his own money. I gently inquired as to what funds he likes. His reply: "stock funds." Oh, which ones: "I've got utilities, precious metals, REITs." Hmmm.. is that all? "Yep, with mutual funds you don't need to buy dozens of stocks."
He also owns some intermediate bonds. Thankfully, he has a large pension.
Could use a good financial advisor.
Question for FD and Saluki: if a new client came in and showed you a plan which met the usual wisdom around here, what would your reaction/advice be in general? That is, a good and appropriate mix of fixed and stocks, well diversified globally, and indexed, a decent plan for 4% SWR more or less, no real red flags.
How do you react to that? And since you both check in here so at least have some awareness of this group, what about your colleagues who don't take the time to scan this terrain once in a while-- how do you think they would react?
PS: FinanceDude -- is Ron Sadoff still practicing in MKE?
Turns out he has the equivalent of several company's versions of