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A Witty Soul
By Jon Menaster | March 9, 2007
Well, after my counterparts amazing introduction I thought I should introduce myself to the crowd. I am, was, and always will be the unique individual known as Ryle. I hope to bring to the forefront that which you have not yet contemplated into existence; or perhaps shed some new light on an issue you think you understand. My interest lately has been surrounding issues of finance. I want to educate people primarily due to what I have discerned thus far, that being most people have no more than a cursory understanding of how the whole investing/finance game is played in the first place. In the end, to paraphrase a favorite author of mine (two points for correctly guessing who in the comments) the brokerage/mutual fund industry is designed to extract fees from its clients; nothing more, nothing less. I very much agree, and I think everything else surrounding the industry (advertising, talking heads, etc.) are all designed to make people constantly move their money around, which of course generates commissions for all those involved.
Lest my introduction descend into a rant, I must part ways here with you all. I look forward to our next meeting.
–Ryle
Topics: Investing |
March 9th, 2007 at 5:43 pm
Ahhhh! My ire has been evoked, or invoked, or just plain voked. Yes, it is true, some (if not many) broker/dealers and mutual fund wholesale and retail agents are working for their own best interests, not those of the clients. However, there are those of us out there–ahem!–who recognize that financial education is is glaring absent from our curriculum, and finance, moreover, can be a complicated topic. People need advice–just as we do not all prescribe our own medicine, or change our own oil. It comes down to the moral fiber of the advisor, not the industry. If people did not see value in the the services provided, we would be as extinct as the full-service gas station attendent. It is rather the opposite; there is a dearth of expertise, and a glut of need. Have a heart, dear Ryle, and distinguish between those who help and those who exploit. Witness, the Motley Fools; they, too, charge for their advice. Cheers!
March 12th, 2007 at 5:27 pm
You are correct, perhaps I should have taken a second to make the important distinction - not all financial agents are merely out to make money, but perhaps the majority of them are. People do need advice, and as my old Morgan Stanley financial agent told me, most people do not have the time nor the inclination to manage their finances. In that case, finding a qualified financial planner is a must. If only there were an easy way to distinguish between the honest and the crooked!