It’s natural to discuss big picture financial stuff with your family, coworkers and friends, but there is an important piece of context to always remember…
Your financial situation is unique to you.
Even if someone in your social circle has the best intentions at heart, is someone you trust and who’s opinion you value, always filter that advice as to how it relates to you.
Hypothetically speaking, parents might have the absolute best interest for their children, but here are some questions to ask yourself:
· Is their advice current and relevant in the modern financial environment?
· Do they have the same type of time horizon as me?
· Is their current family advisor as good a fit for you as it has been for them?
Your best friend from work might want to share their good fortune with you and slide you a stock tip, but when did they get into that position?
· Is the same outlook two, three, six months ago as rosy and optimistic as it might be now?
· What does the rest of their financial situation look like?
· Can they afford to take more risks that you?
Once you start asking yourself these questions, you start to understand how others’ advice…even well-intentioned advice…might not be a great way for you to go.
The benefits to speaking with a financial advisor is an unbiased opinion that is genuinely interested in your custom situation and aligning your financial goals with a plan.
The “water cooler stock tip” trope is a recurring theme in movies and TV shows for a reason…it’s an easy trap to fall into. There is also a popular trend on social media channels, such as TikTok or “FinanceTok,” that makes financial recommendations that are not right for you or not fact checked. Steer clear of taking financial advice from social media platforms without significant substantiation or a second opinion from a professional.
When we work with you on your financial planning, your success is not about our ego and how much of a return we get…it’s about doing the right thing for you and creating a plan for you!
At Pistone Wealth Advisors, we pair financial planning and investing together because they’re both essential elements that need the other to get the fullest picture of each client. We specifically tailor every plan to each client so that they know exactly what their situation looks like now, and then gets the customized advice for how to get where they want to go. And we’re able to do this by spending time to get to know you first.
If you have specific questions about working with us please email sdeick@pistonewealth.com to schedule a free consultation for you and your family.
Disclaimer: Nothing on this Blog constitutes for market predictions, planning advice, investment advice, performance data or any recommendation that any security, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person. Content in this material is for general information only and not intended for specific advice. Investing involves risk including possible loss of principal. From reading this Blog we cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you, so any opinions or information contained on this Blog are just that – an opinion or information. You should not use this Blog to make financial decisions and we highly recommend seeking a professional you trust who is authorized to provide investment and tax advice.
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Pistone Wealth Advisors are separate entities.
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