There's no reason for me to have a financial adviser. I'm very analytical, and I like to get involved in research. For many such investors, the Internet is making them bolder. But such confidence may also cause some to gamble away their retirement nest eggs, financial experts warn. It's almost like being at the blackjack table.
People can get in and out immediately, and with a profit.
And they can reverse their bet at any time. Of course, such a warning holds for investors of any age. But if stocks enter a bear market, Siegel said, it could prove particularly disastrous for retirees, who are so dependent on their savings. Other financial experts warn that older investors online could be vulnerable to stock fraud. The Securities and Exchange Commission in late October accused 44 stock promoters of fraudulently recommending stocks on the Internet, and regulators are concerned that older Americans are particularly vulnerable to such schemes.