Personal Finances and Thanksgiving:

We all acknowledge the wisdom of avoiding discussions of politics and religion at a family dinner. Some of us prefer to keep certain things private, while others may be more open to sharing without the urging required. Yet whenever people get together, there’s always that person who starts giving unsolicited financial advice and even investment tips, delivered in a low, hushed voice, and insists on referring you to their advisor.

It’s almost impossible to refrain from a financial discussion when we’re being bombarded with differing and often conflicting forecasts about the prospects for our economy and the volatile stock market. Worries are not too far from reason when we feel the burden of making sound financial decisions to protect and maximize our wealth potential. Ultimately, a referral to a financial advisor, solicited or otherwise, may not be that unreasonable, especially if it’s from someone close to you.

A couple meets with a financial advisor and looks at a tablet screen with concern.

In fact, most people start their counselor search this way, a recommendation from a favorite aunt, uncle, or their accountant. But should you trust someone else with your life savings only on suggestion?

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

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