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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.
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Assessment
First we had crowd sourced funding, then crowd sourced medicine … and now crowd sourced investing! Prudent, or NOT?
More:
- About Crowd-Med
- Will Future Doctors Need a Medical License?
- Is Medical Licensing Really Necessary?
- On Replacing Doctors with Computers and Smart Phones
Crowd-Funding:
MORE: P2P
Conclusion
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Filed under: Investing, Portfolio Management | Tagged: Crowd-Sourcing Financial Advice?, Ramon Ramirez, robo advisors | 7 Comments »
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