Hi, Josh:I am a financial planner who has been in the unenviable position of managing money for friends and family until I got smart and quit accepting their accounts. I now refer my close friends and family to a trusted collegue. Why? Because inevitably there comes a day when an investment just doesn't work out. That's just the nature of investing. And the closeness of our relationship is at odds with my need to be objective when I give investment advice. The more detached the relationship, the more objective the advice.Sooner or later your friend will be in the position of having to break bad news to you and you will likely feel a strain in your relationship. Buy your life insurance from your friend and maybe even the financial plan. But if you value your friendship with this person, implement the plan elsewhere.Just my two cents worth.Gary Hannah ChFCChartered Financial Conslutant
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