I do not understand why people smart enough to invest let somebody else manage their assets. Most people cannot tell you what they pay a financial manager.
The first criteria to me in my mind for a good financial manager would be that all his clients are millionaires, seriously, I’m not joking. They should all be millionaires if he’s any good.. He should be able to slam the S&P 500. And he should have minimal fees that you can actually point to and say, yeah that’s how much I’m paying. They’re supposed to have a fiduciary responsibility, but as we know, most don’t. They’re there to churn the account, buy and sell, to create fees.
Examples like this guy fortify my beliefs why historically I’ve never let anybody manage my assets, and have become an accredited investor. (there’s lots of us here) I just retired in June. I have a lot to do on my bucket list yet I still intend to manage my portfolio, for the near term. However, as I get older I do see an appeal to having someone I trust manage my portfolio. Maybe that is in my future but I still see no reason to pay someone to manage your assets when you are in your wage earning years.
Michael Smith
2025-08-30 13:38:38 +0000 UTC
There has to be something else we're missing.... The real reason for his anger towards Elon because anyone with half a brain cell would realize after 14 years that he's not cut out to invest money as his job.