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ClubMan said:I agree and trust that the disclaimer and the many repetitive comments about seeking independent, professional advice on various matters hopefully reinforce this point.
onekeano said:Personally I would value the advice on AAM more than most professional advice because invariably you will get both sides of the issue from AAM and if you are getting professional advice generally AAM will generate some good questions to ask the professional which otherwise might not have been covered.
Roy
onekeano said:Personally I would value the advice on AAM more than most professional advice
onekeano said:invariably you will get both sides of the issue from AAM
onekeano said:if you are getting professional advice generally AAM will generate some good questions to ask the professional which otherwise might not have been covered.
With due respect, I am getting a little bit tired of people asking the same question again and again and quoting newspaper articles which are frankly wrong on the issue.
ubiquitous said:If you are prepared to place more value on unaccountable and largely anonymous comments made on a voluntary community forum than on formal professional advice, you should really ask yourself why you should ever bother to obtain and pay for the latter
- William S BurroughsBeware of whores who say they don't want money.
The hell they don't.
What they mean is they want more money. Much more.
Nice quote but I don't see what it has to do with the voluntary nature of AAM. Most people here are not looking for money. Definitely nobody gets it directly through AAM. I totally agree with the view that people should get independent, professional and separate confirmation of information and advice posted here or picked up from any other "unofficial" or casual source - especially when the benefits of such professional advice significantly outweigh the potential costs (e.g. when the potential cost of making a wrong decisions based on partial or inaccurate information are high). However I would not throw the baby out with the bathwater by, as some people might, dismissing out of hand most or all amateur comment/feedback or necessarily assuming that all "professional" advice is necessarily perfect. We have seen many anecdotal first hand reports of this patently not being the case over the years on AAM. I'm sure that it's also possible that some "professionals" have a vested interest in keeping people in the dark and discouraging those pesky clients from poking their noses into things that they might not understand? Much information is free and information is power. By all means use AAM and other sources as opportunities to educate yourself about stuff (such as personal finance and related isssues in this case) but when it comes to making decisions/plans, if in doubt, get independent, professional advice. If you deal with any professional who is dismissive about reasonable questions that you raise or unnecessarily secretive about how they do their job then find another one who is more consumer friendly.ubiquitous said:- William S BurroughsBeware of whores who say they don't want money.
The hell they don't.
What they mean is they want more money. Much more.
ClubMan said:Nice quote but I don't see what it has to do with the voluntary nature of AAM.
I think the increasing popularity of AAM is partly due to wildly variable quality and patchy definitions of what exactly constitutes professional advice - and not just in the area of financial services.
The proliferation of such "professionals" as tied insurance agents; in-house "advisors" at financial institutions peddling questionable products; unscrupulous estate agents; dodgy tradesmen etc. has made many people wary. This is entirely understandable.
ubiquitous said:One prime example is the legions of people who set up limited companies for tiny and modestly profitable businesses because they think there is some advantage to them in relation to limited liability if the business fails. This misunderstanding has been repeated so many times on AAM that I rarely bother correcting it any more.
ubiquitous said:I doubt this. If your advisor isn't telling you the full story on any given subject, then it's time to get a new advisor.
dermot2006 said:Just very curious to hear people's views on this.
ubiquitous said:If you are prepared to place more value on unaccountable and largely anonymous comments made on a voluntary community forum than on formal professional advice, you should really ask yourself why you should ever bother to obtain and pay for the latter.
This is true to a point but I would strongly disagree that it is invariably true. Problem is that you may be getting 'both sides' of the issue but some issues are more subtle and complicated than that and sometimes it can be hard to spot when this is indeed the case.
I doubt this. If your advisor isn't telling you the full story on any given subject, then it's time to get a new advisor.
As a practising professional myself, I have often noticed how people get misled from reading technical items out of context in newspapers and on online media such as AAM. A little knowledge is often a dangerous thing. It is quite frustrating sometimes to see people making serious mistakes as a result of relying on hearsay.
One prime example is the legions of people who set up limited companies for tiny and modestly profitable businesses because they think there is some advantage to them in relation to limited liability if the business fails. This misunderstanding has been repeated so many times on AAM that I rarely bother correcting it any more.
There are many more examples. Brendan said this yesterday in reply to someone who quoted an article from the Sunday Business Post on Irish Nationwide:
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