Are Financial Advisors the Solution or the Problem for Older Investors?
As investors age, two things become increasingly apparent: they need more help with their finances and investments, and they’re more vulnerable to financial exploitation. Depending on who you listen to, financial advisors are either the solution to these problems, or they are part of the problem. On one hand, financial advisors and their firms like to sow self-doubt in the minds of do-it-yourself investors. “Will you know when you’re no longer competent to manage your investments? What will happen to your less financially savvy spouse if you pass away first? You’d better hire a financial advisor while you’re still able to make good decisions.” This paints a picture of competent and honest financial advisors stepping in to save their clients from themselves as they age. On the other hand, we have Ken Kivenko’s Financial Self-Defense Guide for Seniors . Ken is a tireless advocate for Canadian Investors, and his guide is largely designed to help seniors ...