If you wanted medical advice, would you use Google to get up to speed with a view to diagnosing your issue and ultimately treating yourself?
Your time would be better spent researching advisors and charges, and seeking personal recommendations.
All with a view to getting good advice.
I'd argue that if you're going to take advice from any professional advisor you'd want to have a good bit of knowledge yourself first, at the end of the day they are salespeople, no matter how 'independent', and if you don't understand what they're selling you're too vulnerable to being taken advantage of.
"Fundamentals of Investment - an Irish Perspective" - by Brian O'Loughlin and Frank O'Brien.
"Essentials of Investments" - Mcgraw-Hill Irwin.
But isn't there a fundamental conflict of interest between advisor and client, even with the advisors who are paid to give advice? I mean is an advisor ever really going to tell a prospective client that the best thing they can do is go away and manage their own money, by investing in an index fund for example? Surely if an advisor is trying to build up their client base they want to retain the client by selling them something, be it ongoing advice, a money-managment service or a product?Some are salespeople. Some are advisors who get paid to give advice. Unfortunately, both can use the same titles so it is impossible for people to distinguish from the two.
Exactly what I was looking for. I won't be investing for some time - years? - but want to be very clued-in when I do.
But isn't there a fundamental conflict of interest between advisor and client, even with the advisors who are paid to give advice? I mean is an advisor ever really going to tell a prospective client that the best thing they can do is go away and manage their own money, by investing in an index fund for example? Surely if an advisor is trying to build up their client base they want to retain the client by selling them something, be it ongoing advice, a money-managment service or a product?
But isn't there a fundamental conflict of interest between advisor and client, even with the advisors who are paid to give advice? I mean is an advisor ever really going to tell a prospective client that the best thing they can do is go away and manage their own money, by investing in an index fund for example? Surely if an advisor is trying to build up their client base they want to retain the client by selling them something, be it ongoing advice, a money-managment service or a product?
Too cynical? Maybe...
If I call out the plumber to fix the leaky tap I wouldn't expect the plumber to try to tie me into a contract whereby he comes out to fix the tap every year whether it's leaking or not. If I decide to pay the surgeon for the operation I'd hope it's a one-off...I wouldn't expect the surgeon to line me up as a future patient for my annual operation. The comparisons are absurd I know, because the business models are completely different. Steven I've just seen that you're a financial planner and don't mean any offence to you, but surely one-off independent advice isn't the average financial advisor's business model? I find it hard to believe that if the OP went to a financial advisor he wouldn't be advised to enter into some kind of ongoing contract whether he objectively needs that or not, either for ongoing advice, managment services or sale of a product that will provide commission to the advisor. Too cynical? Maybe...