However, it's pretty hard to identify popular investments of 25 years ago that are still strong today. Although those companies are still around, their stocks haven't turned out to be nearly the cash cows that the best minds of 1971 expected. These days, investors are presented with so many investment options and subjected to such hype and sales pressure that most people have a hard time sorting through all the choices on their own. They need somebody to help them figure out what's best for them. That is what the best part of the financial planning industry is about, including registered investment advisors like ourselves.
Financial planners come in many stripes.
Some are essentially salespeople using financial planning to sell commissionable products. Others have taken up financial planning as a second career in hopes of making a little money in retirement. If you're going to hire a planner, I think you should have high standards. A good planner should be able to play many roles, including investment strategist, psychologist, economist, counselor, and maybe the occasional drill sergeant. Even if you find the perfect planner, it's still your money at stake, and you will ultimately take the consequences of how that money is invested.