Personal finance and Thanksgiving:

We all recognize the wisdom of avoiding any discussion of politics and religion at the family dinner table. Some of us prefer to keep certain things private, while others may be more open to sharing without the required urgency. However, when people come together, it is always the person who starts giving unsolicited financial advice and even an investment advice, delivered in a soft quiet voice and insists on referring you to their advisor.

It’s almost impossible to hold back in a financial discussion when we’re bombarded with varying and often conflicting predictions about the prospects of our economy and the volatile stock market. These worries are not too far from reason when we feel the burden of making sound financial decisions to protect and optimize our wealth potential. So, in the end, a referral to a financial advisor, requested or otherwise, may not be so unreasonable, especially if it comes from someone close to you.

A couple meets with a financial advisor, looking anxiously at a tablet screen.

In fact, this is how most people begin their advisor search, a referral from a favorite aunt, uncle or their accountant. But, should you trust your life savings to another person based solely on an offer?

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We tend to trust those around the proverbial dinner table. Still, even if the experience with their financial advisor was successful, what assurance do you have that the same advisor will deliver similar results for you or that your uncle even completed any meaningful due diligence on his advisor?


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