UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next
Author: gnhannah Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75339  
Subject: Re: Friend for a Financial Planner Date: 8/28/2000 12:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
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 ChFC
Chartered Financial Conslutant
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement