Professional financial advisors are so pathetically useless that I can glance at the news, come to an intuitive judgment, and dispense better financial advice than they can.
I’m barely exaggerating. Someone I know, on my advice, bought a sizable quantity of Boeing stock last March after it crashed, and look how much it’s rebounded already, let alone how much further it will increase once Covid is fully under control. If I’d had any money to spare, I would’ve bought some shares too. Now I just hope I can persuade him to repay me with a plate of tendies. Imagine how much passive income some old rich guy could’ve made if he’d hired me as his money manager.
It’s amazing how, even in our era of ruthlessly exploitative and data-driven capitalism, human irrationality is still the predominant force in economics. Not one money manager in history has ever consistently beaten the S&P 500.
I should also mention that financial management companies do their level best to convince people that they need to hire a professional to handle their investments for them, although the best investing option for most people is to put excess money in some super-low-fee index fund or retirement account. This is doubly exploitative because the concept of trusting a professional instead of doing something yourself is integral to modern society, e.g., in healthcare, where “being your own doctor,” as homeopaths suggest, will only cure terminal stupidity by killing you.