Mark Sutcliffe October 5, 2015 Starting Out Even the experts need good advice I’m not very handy, which is why I don’t do a lot of do-it-yourself projects around the house. When we installed a new kitchen a few years ago, the heavy lifting for me was to pick up a pen and write a cheque to a professional builder. I’m also not an expert on taxes or Canadian law. So I use trusted advisers to look after my accounting and legal requirements. Most people with no legal experience wouldn’t draft up a binding agreement on their own, or represent themselves in court. So why do so many people think they know enough to look after their own investments? I’ve talked with many people about their investment strategies over the last few years. I’m amazed at how many people think they can outsmart the market on their own. It’s almost like a point of pride: they think they can pick investments better than anybody else and that if they ask for help it’s a sign of weakness, like asking for directions when you’re lost. The markets are the sum total of all the available knowledge and intelligence in the world. Why would I, sitting in my basement in Ottawa, be able to make picks that are better than the total of all the experts and other investors out there? Even people with financial expertise use a financial adviser. Look at this video from Dimensional on the value of advice. I don’t act without expert advice in any area where I’m not an expert. I rely on people with more knowledge and information whenever I can. And that’s especially important to me when it comes to my life savings. Share: Facebook Twitter LinkedIn Email IIROC AdvisorReport
Personal Wealth Mark Sutcliffe Beat the market? Most mutual funds don’t even meet the market Apr 26, 2017 Personal Wealth