"The median annual return of those who got professional help was almost three percentage points higher than the return for those who invested on their own, even after taking fees into account." Should I hire a financial adviser or go it alone? Nov 28, 2011."
Yes and the cost of health insurance will go down under Obama Care.
Don't believe it for a moment...
There is an amazing amount of money being charged by financial advisors in both fees and commissions. They can and do fund "study" after study where they like the results. Those 'studies' are generally cited by someone in the financial advisory field. As is the case in our financial advisor proponent here: 5MinuteMoneyTips - (don't you think a little disclosure would have been appropriate?)
My name is Jake Posey and I am a busy father, husband and think about money way too much. I am a former financial advisor and have taught personal finance at a local college. I’m currently working in a managment position at a large national bank and teaching business courses at the college level.
There is also research that take the opposite position.An Audit Study, a working paper by Sendhil Mullainathan (Harvard), Markus Noeth (University of Hamburg), and Antoinette Schoar (MIT), was recently published by the National Bureau of Economic Research (NBER), a private, non-profit, non-partisan research organization.
Seeking financial advice is bad for your wealth. New research by top academics concludes that the advisor industry mostly reinforces bad behavior, rather than fixing it, even when clients start with a well-diversified, low-fee portfolio. High fees and commissions incentivize advisors to promote performance chasing and costly actively-managed products.
see: forbes.com/sites/rickferri/2012/03/30/financial-advisors-encourage-bad-behavior/The Cost of Bad Financial Advice
Bad Financial Advice Costs Investors Thousands
Creating a simple and effective portfolio is actually quite easy (using Vanguard funds as I have suggested); Finding an honest, knowledgable advisor is not. Why risk it?
I am not saying they are all crooks, or that I doubt the conclusions of a CNN study (gotta laugh). I am saying I still have not seen that unicorn...