Anyone for Advice?

Posted on
13th June 2018
By Travis Miller

Anyone for Advice?

What about Self Advice? (By Travis Miller, 13th June 2018)

The element that I found interesting from the Royal Commission was the reliving of the quality of advice debates.

In various ways we Self Insure (don't buy insurance),  Self Account (do our own tax return), Self Train (do our own fitness program) etc. then why is there not more discussion on Self Advising? 

There is unlimited content and views from "experts" about Personal and General Advice, why its good, why its bad, blah, blah,,,

What is Self Advice?  Well it is pretty simple, you learn about investing / investments / investment strategy, if you then don't understand something your learn more and then you implement the plan as appropriate for your personal situation.

There has never been a better environment for self advising as execution is cheap, administration is cheap, reporting is cheap, education is cheap/free, opinions are free, market access is easy and information is everywhere.

I know lots of advisers and I am certain they would prefer advising a well informed and financial literate client than a client that leaves them thinking "Did they understand the recommendations?" 

Regardless of whether you self advise or work with an adviser and/or any other combination in between, what is the downside from individually improving our financial literacy as part of the advice solution?