Job one of your financial advisor is to stand between you and “The Big Mistake”. In a Morningstar article entitled, “Job One” (click here for the full article) Carl Richards talks about what he calls “The Big Mistake” and how those are all but impossible to recover from.
Most investors can afford to make small mistakes, such as using a small portion of their account to try day-trading or investing a portion of their portfolio in a particular stock they have a good feeling about. It is the duty of a financial advisor to prevent clients from making the big mistakes, like buying high and selling low.
In the medical world, doctors take the oath to “first, do no harm.” Similarly, your financial advisor should be helping you avoid the big mistake for your lifetime. No one wants to get to retirement and not have the choice to stop working because of a big mistake that could have been avoided.
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