I was a psych major, and I was surprised that a financial related article was published in their popular magazine, Psychology Today. It was so good I wrote the following response. But first read their article: Click here.
We live in Palm Springs and we see widows that are left with a bundle of money and nowhere to turn. They are prone to the “sharks.” An elderly woman we know was “advised” by her broker to invest $40,000 in Apple stock when it was $600 a share, in September, 2012, thinking it was going up to $900 a share! You know the rest of that story. That broker had no business putting an 80-year woman in one stock with so much risk. The NAPFA professionals you mentioned in the article would not do that!
We have recommended that people hire a fee-only financial adviser with genuine fiduciary responsibility here in our community. And he is a member of that great organization you mentioned in the article. It’s worth inserting a link to http://www.napfa.org/ here again and another great professional organization run by a female financial adviser with the same standards as NAPFA, called Garrett: http://garrettinvestmentadvisors.com/
You cannot believe the service you provided by this wonderful article. We need more articles like this. There are honest financial professionals out there that truly look after your financial best interests in these two organizations.
Steve