2StepsFwd1StepBack
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Joined: 31 Jan 2012
Location: Michigan
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quote:
Originally posted by coaster
The circumstances leading up to Johnny's bankruptcy can't be blamed on the advisor and the advice given, because, frankly, the consequences suffered assume a level of irresponsibility or stupidity on Johnny's part that's astounding, and it would have to be the former, because the latter was ruled out by the framework of this discussion, and the former leads full circle right back to my views about education's and society's responsibilities in producing a financially responsible member of society by encouraging, training, and developing an individual's ability and desire to ask "what if?" regardless of whatever advice may have been given, because that individual will want to, and will, figure it out for himself/herself. 
Bingo.
I don't think the Advisor has an obligation or responsibility to tailor his advice based on the Advisee's lifestyle or level of financial responsibility (or lack thereof). My immediate question that kept popping into my mind as I continued to read these responses was, "how does the Advisor determine what is responsible and irresponsible behavior among LJ's lifestyle to determine how to tailor his advice?"
Case in point... my Advisor believes I should be contributing to retirement rather than contributing to my daughter's college fund and son's special needs' trust. For reasons I won't rehash, I cannot contribute to, both, the retirement fund and college/trust funds right now. And for personal reasons and beliefs, I choose to contribute to the kids' funds rather than retirement at this time (hope to change that).
Does that make me irresponsible? Or, is it irresponsible if I spend the extra monthly cash from withholding to buy a shiny Shelby Mustang? What if that Mustang was for my daughter who got straight As all through high school while watching our for her little brother at school?
Should my Advisor withhold other pertinent and potentially helpful (or detrimental) advice because he's making a judgement call against my decisions? And if said Advisor is paid directly by me for his services, then is his decision to withhold bordering on unethical/unprofessional?
Apologies if I am oversimplifying this, as the OP seems more philosophical than practical. Just my $ .02.
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Tue Feb 21, 2012 3:12 pm |
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2StepsFwd1StepBack
Full Member
Cash: $ 13.25
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Joined: 31 Jan 2012
Location: Michigan
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quote:
Originally posted by coaster
re the advisee: must be held accountable for the consequences of his own actions; even actions taken due to bad or incomplete advice where the consequences of said actions could and should have been foreseen by simple common sense, simple fact-checking, cross-checking, and so forth.
LOL! I, now, have my reason for when my Advisor hurtfully (but jokingly) questions what I'm doing lingering around on a financial advice discussion board?
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Tue Feb 21, 2012 9:26 pm |
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fast
Senior Member
Cash: $ 45.05
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Joined: 20 Oct 2009
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quote:
Originally posted by coaster
Great posts above from two different viewpoints well-expressed.
Very short response as time is pressing:
1) re the advisor: certain standards need to be upheld; these standards are expressed by regulation, policy, codes of conduct and ethics; and adherence by oversight and enforcement. If the advice given is in accord with all the above, the advisor cannot be held responsible for advice not taken, or advice taken but the consequences of said advice not taken. Bad or inappropriate advice willfully given, knowing that the consequences will harm the advisee cannot be tolerated. (and is not, when proper oversight and enforcement is followed).
2) re the advisee: must be held accountable for the consequences of his own actions; even actions taken due to bad or incomplete advice where the consequences of said actions could and should have been foreseen by simple common sense, simple fact-checking, cross-checking, and so forth. After all, part of individual responsibility is the decision made whether or not to take the advice given, and when that decision is made by default without consideration of whether or not it's a good decision, then the decision-maker can't be held blameless.
There's entirely too much finger-pointing and blame-shifting in our society, starting with the very top. And if it's seen to be the norm, then that's why people do stupid things, because it's accepted that they won't be responsible for suffering the consequences of their own actions.
Very nice!
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Tue Feb 21, 2012 11:59 pm |
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fast
Senior Member
Cash: $ 45.05
Posts: 220
Joined: 20 Oct 2009
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quote:
Originally posted by 2StepsFwd1StepBack
I don't think the Advisor has an obligation or responsibility to tailor his advice based on the Advisee's lifestyle or level of financial responsibility (or lack thereof). My immediate question that kept popping into my mind as I continued to read these responses was, "how does the Advisor determine what is responsible and irresponsible behavior among LJ's lifestyle to determine how to tailor his advice?"
What I'm looking for is at least an attempt by the advice giver to convey that he or she recognizes that there are both advantages and disadvantages to following much of the advice that is given.
A good choice does not always entail a perfect outcome. Often (I would think), people weigh the pros and cons of a decision and when the advantages outweigh the disadvantages of each option on the table, people tend to refer to one of them as the best alternative, not because it's a perfect outcome with no disadvantages but rather because in their assessment, the pros sufficiently outweigh the cons.
When I hear it said that certain decisions are stupid and others are the better choices, I'm not so sure I'm all that inclined to agree when the disadvantages of making a good decision is held back. What I expect (misplaced expectations?, lol) is for the advice giver to acknowledge that there are at least some negative repercussions to what is otherwise regarded as superior advice.
At any rate, I’ve enjoyed the discussion.
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Wed Feb 22, 2012 12:13 am |
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fast
Senior Member
Cash: $ 45.05
Posts: 220
Joined: 20 Oct 2009
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quote:
Originally posted by coaster
"Just give me the facts; ALL the facts, please; and what the probabilities are for potential risks and rewards; then let me make up my own mind."
We're definately on the same page now.
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Wed Feb 22, 2012 12:39 am |
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franks.benjamin
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Location: uk
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You talk about society being the fundamental driver behind the comments made about financial advice that comment just might include me, as I by virtue of originating this thread am talking about advice givers.
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Fri Apr 13, 2012 6:43 pm |
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