Finanical Advisers have failed to Millionaires

1/9/09

Nearly two-thirds of U.S. millionaires say their investment advisers have failed them during the global recession, according to a recent survey by Spectrem Group.

Only 36% of respondents were pleased with their advisers performance last year. The poll was conducted in November of 750 U.S. households with more than $1 million in net assets.

14% said they’ll increase their use of financial advisers.

U.S. millionaires lost an average 30 percent of their assets last year, with 17 percent of respondents saying their assets declined by 40 percent or more, Spectrem said. The Standard & Poor’s 500 Index dropped 38 percent last year, its worst since 1937, and global stock markets surrendered $28.7 trillion of their value, or 47 percent.

I am no surprise to hear this survey result. I,myself is also kinda financial adviser who also feel frustrated by many so called financial experts,professionals,advisers......etc. Ooops, how and why this could happened?! Yes, it is by nature that almost everyone like to be bullish all the time. In fact, they do not want to believe that economy has its period going up and going down. It is very simple fact that every adult should know(Aren't they supposed to?! Or I may making wrong assumed knowledge here). Let me give a Chinese proverb here:

“He who blames others has a long way to go on his journey. He who blames himself is halfway there. He who blames no one has arrived.”

This is good advise to each investors. Or you have to learn who to avoid and who to listen.