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sschullo

Are Millennial Investors Smarter than Baby Boomers?

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Ouch, Tony. I believe it. That must have been so frustrating for you!

A smart, savvy teacher, a union VP, told me he knows I'm right but he 'needs' someone to blame. And besides, his 'guy' is a former teacher who grew a big financial company so he "has to be doing something right". 

I'd defer them to Aspire and its advisor, our Tony Isola, who speaks the right language. That helps them out and hands them off to an initialed agent at the same time.

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12 hours ago, Bashdash said:

A concern of mine with helping someone set up a self direct account is once the market starts taking and they start placing blame.  Index funds of course go down too.  Maybe with a professional this wouldn't happen they might think?

Too risky to help someone set up an account.  There has to be SOME desire to read, learn and ask questions before self directing.   I would say it might be slightly uncomfortable when a 2008 occurs and everyone comes running back to complain about their "low fee" index funds.  ( they wouldn't know that their "high fee" funds would have done just as bad)

 

 

I considered this while talking to these teachers.  I didn’t help choose their funds. I just talked about how they could use sites like Vanguard to help them figure out the level of risk they’re comfortable with and possible asset allocations to match.

However, to your point, if a 2008 happens tomorrow, and they did little to educate themselves further than filling out the questionnaire on Vanguard’s website, there’s a good chance they’ll second guess the move into a self directed account.  I’m new to this myself but I’ve done a lot of reading lately ( just finished “A Random Walk Down Wall Street” which was excellent). I’m learning that the psychological part of investing is just as important as asset allocation.  For some people, believing that a professional is watching out for your investment might be what they need to stay the course and sleep well at night.  

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I totally understand why somebody wouldn’t get involved and I wouldn’t try to change their mind.

However, for me personally, I think people are guaranteed to act unreasonably in certain circumstances. I don’t like the idea of allowing that improper reaction to stop other people/me from doing the right thing and sharing helpful/accurate information. I prefer to limit the fallout of an unreasonable/illogical reaction to the individual person having that reaction.

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