Almost all people who use a FA don't understand this, and will yank their money away when the FA inevitably has a year or two of underperformance.And thus the hand holding phone calls. After the first few, when our FP called us with a state of the market call during one of the larger hits to the market, I told him not to waste his time calling us. We were happy to take the time to discuss something pertinent, but the fact that the market does not go up in a linear fashion was not an epiphany for us.You are right in that just like the mortgage industry not all tools are appropriate for all people. That does not mean that those tools should be pulled for the people who know how to use them properly.However, I think those that need babysitting in investing really do need a FA...those hand holding phone calls might get them to back off from the ledge. Wonder how many FAs kept people from pulling out a few years ago when so many were cashing in at lows. Me, I was buying more.IP
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