Impersonal Planning: What did you expect?

Monday, March 23rd, 2009 by Charles Mayfield, CFP®

It is no surprise that public figures make an easy target for ridicule when things go south.  I read an article on MSN.com recently throwing Suze Orman under the bus.  It points out the differences between the guidance she provides to her clients versus what she practices in her own portfolio.  Here’s a hint…she doesn’t practice what she preaches.

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Financial pundits are all over the place.  We have several very notable ones right here in Atlanta.  The advice handed out over these various mediums is general at best.  It has always amazed me that people are so willing to blindly trust the advice they get from someone they spoken to for less than 90 seconds.  The one thing that all of these so called ‘experts’ seem to have in common is…they know next to nothing about your personal situation!  I’m not begrudging everything that they say.  We could all take a lesson or two from anyone that promotes making smart financial decisions.  My feeling is that many of these so called gurus do one thing extremely well…sell their latest book or seminar program. 

 

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The keys to financial success do not lie within the pages of a book or a 3 disc set that you can order right now for $29.99 plus shipping.  Financial planning and wealth management are practiced on a very personal level with a professional that has the education and experience to guide you through the labyrinth of decisions that must be made in order to reach your goals.  Is it possible to pick up some very helpful hints on improving your financial picture by watching a television show or listening to someone on the radio?  Absolutely!  Are you going to be able to build a sound financial strategy that puts you in the best position possible?  It’s not likely.

The real experts aren’t selling books.  They are meeting with clients and becoming intimately involved with every aspect of their life.  These professionals are the people you should turn to in good times and bad…not the television or radio.

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