InvestmentNews Article: Advisers who pick stocks are hurting clients – and the value of their firms
You can’t outsmart the market. No… you can’t. Too many financial advisers fancy themselves stock pickers and ignore comprehensive financial and retirement planning.
Forgetting what’s most important hurts you and your business, but, most importantly, a focus on stock-picking can do serious damage to your clients.
The article reads:
If you’re an adviser and you pick securities for your clients, you’re not only wasting time and money, you’re probably doing them a grave disservice.
I’ve been a financial planner and adviser for almost three decades, and it never ceases to amaze me how many advisers think they are adding value by being stock pickers or market timers.
Rather than spending time guiding clients through life events, developing financial plans or giving tax or estate planning recommendations, too many advisers spend too much time each week watching CNBC and Bloomberg and imagining they can outsmart the…– Scott Hanson, Co-Founder, Allworth Financial