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By Dan Ariely PhD
THE IRRATIONAL ECONOMIST
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Of course you don’t need a human financial advisor … until you do. Today, we’ve had unfettered internet access to a wide range of investments, opinions and models for at least two decades. So, why the bravado to go it alone; fifteen positive years for equities, since 2009! Yet, the DJIA, S&P 500 and NASDAQ just plunged and plummeted today!
The financial advisor’s role is to remove the human element and emotion from investing decisions for something as personal as your wealth. Emotion drives the retail investor to sell low (fear) and buy high (greed). This is the reason why the average equity returns for retail investors is less than half of the S&P 500’s returns.
No, of course you don’t need a human financial advisor … until you do.
And when you do, it may be too late.
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Filed under: "Ask-an-Advisor", Ethics, Financial Planning, Health Economics, Investing, mental health | Tagged: CMP, Dan Ariely PhD, djia plunges, emotions, finance, financial advisors, Financial Planning, human advisors, Investing, investing psychology, irrational economist, mental health, money, NASDAQ plummets, personal-finance, Predictably Irrational, psychology investing, psycholoy, robo advisors, S&P 500, S&P 500 plunges | Leave a comment »
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