Crowd-Sourcing Financial Advice?

Join Our Mailing List 

By Dr. David E. Marcinko MBA

If you have some eggs about to expire, or a car that has problems, you can turn to an online community to find some solutions. But, what if you have a financial issue, like what to do with a windfall or how to invest for a kids’ college tuition, and need help?

Can you crowdsource financial advice? 

Ramon Ramirez writes on the Daily Dot’s The Kernel about the personal finance section of Reddit, where people ask for, and receive, all types of advice on personal financial matters; The subreddit has 2.7 million subscribers.

Ramirez finds that “for the armchair experts … weighing in on these questions pro bono is all in a day’s work. They are generally affable, seemingly trustworthy, and largely convincing.” But, one professor of personal finance sees a problem: “Six people suggest six different things to do—now what do I do?

Professor Speak

First of all, who are these people that are answering this plea? Are they professionals? Are they certified financial planners? Do they have any idea what they’re talking about?”

Others say the peer-review part of crowdsourced advice is its most valuable aspect.

“Compare this to a traditional financial advisor. If you’re in here asking about what to invest your retirement into, and I’m suggesting funds that personally enrich me, I’ll get called out on it.”

Left unsaid, but surely true, is how investors will increasingly turn to sites like this to validate their advisors’ advice, or learn why they should change advisors.

***

Soldiers

 ***

Assessment

First we had crowd sourced funding, then crowd sourced medicine … and now crowd sourced investing! Prudent, or NOT?

More:

Crowd-Funding:

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

Advertisements

6 Responses

  1. The Dangers of Listening to Financial Pundits

    Just because a market forecaster has a platform on TV, the Internet or in traditional media, that doesn’t mean his or her predictions are accurate.

    http://www.msn.com/en-us/money/topstocks/the-dangers-of-listening-to-financial-pundits/ar-BBla7yP?ocid=iehp

    Kalie

    Like

  2. Go FUND Greece?

    Briton launches crowdfunding bid to bail out Greece.

    http://www.msn.com/en-us/news/offbeat/briton-launches-crowdfunding-bid-to-bail-out-greece/ar-AAckMtP?ocid=iehp

    Artur

    Like

  3. New York crowdfunding firm courts healthcare investors

    According to John Andrews, an improving economy has boosted investor optimism in the market – especially in real estate.

    http://www.healthcarefinancenews.com/news/new-york-crowdfunding-firm-courts-healthcare-investors

    Ann Miller RN MHA

    Like

  4. Crowed FUNDING

    The scalability of all crowdfinance platforms will ultimately depend upon their ability to penetrate the $14+ trillion retirement market.

    Lane

    Like

  5. Crowd Funding

    Internet Crowdfunding and Wealth Management Market Trends in China include emerging firms: Taobao, Baidu, JD Finance, ZhongChou, Suning, Eastmoney; and more.

    Xio

    Like

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: