Financial Advice for Friends and Family - How to handle it?

[FinanceDude]

Quote:

Originally Posted by saluki9 I'm the trustee for a lot of family funds, so I guess I don't see the problem with this. If you know what you're talking about, who could you want to help more than your family?

Good point, but I have been told I am "too conservative" for the "investors" in my family..............

[kaudrey]

Quote:

Originally Posted by brewer12345 I tailor my advice to the person/situation. For my parents, my FIL and my MIL, I actually manage part or all of their portfolios, tailoring each portfolio to each person's risk tolerance and goals. For siblings, I give general and specific advice when they ask for it, but I don't push. They consistently ask for advice, and I give it. Friends vary considerably, from cincrete help to me being evasive on the subject.

This is pretty much my situation. My sister and several friends have asked for advice, so I set them up, tell them how I think they should invest their funds, and review their portfolios several times a year.

I usually give them several options (i.e. between different mutual funds in the same asset class), but they pretty much always go with my first choices.

Karen

[JustCurious]

Quote:

Originally Posted by Life_is_Good I usually get that long email about the investment that was just made yesterday. Now.... the sister-in-law is not so sure about all the terms, fees and plan descriptions. The salesman was really nice though and showed her that there is no way it can lose money. It's piece of mind. Here comes the email..... just a single large block of copied statements from the sales contract. As I'm reading... I'm getting that "sick" feeling in my stomach. Oh boy... not again.

That was very nice of her to ask your advice AFTER she completed the transaction.