Chapter 1: Doing Your Homework
Many people are uncomfortable managing their own investments. They may be overwhelmed by the myriad of unfamiliar terms and investment vehicles, and they may lack the confidence to select their own investments.
Selecting a financial advisor can be equally difficult. There are many different choices—from the large publicly held Wall Street brokerage firms (also known as “wire-houses”) with well-known brand names and offices on every corner, to the small independent boutiques comprised of financial planners and/or investment managers. As the industry has expanded in the last 30 years, financial advisors have adopted many job titles, and they can earn many different credentials. Distinguishing among all the choices of firms and financial advisors can be bewildering—like sorting through all the makes, models, and options on a new vehicle. At least with vehicles, it’s easy to obtain an apples-to-apples comparison. Not so with financial advice.
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