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Wealth Professional | 25 Apr 2014, 01:38 PM Agree 0
A WP reader reacts to the controversial remarks from a renowned U.S. investment strategist, who believes no one under the age of 60 should provide retirement savings advice.
  • Bob White | 26 Apr 2014, 03:02 PM Agree 0
    I am soon to be sixty, started in the business at 23, and I can assure you that I did not know everything that the retire people would experience and the needs they would actually have. That said I did know the math and the simple concept if they did not save for the time they would no longer be working, they would have the funds required for the basic life need such as food.

    How does one get the experience at age 60 to provided the higher level of advice? Oh! they had to live, learn, experience and growth up through the ranks to accumulate all the knowlege and skills.

    You can not turn 60 and jumpo onto the financial services industry and become a specialist in retirement planning, when you may not know the difference in CARR and capital gains vs. interest taxation.

    So the comment that a younger advisor should not give advise is in simple terms is "CRAP" Financial and retirement planning is putting together a great number of factors that are learned. Dealing with Financial strategies, legal issues, taxation and social and emotional conditions. Unless the younger advisors family members all die when they were born, they experience all the issue of the parents, grandparents, aunts, uncles etc.

    If we listen to the advice of Magnus Heystek, then you should not sell life insurance until you experienced death, not practical advice.

    All this said, the senior advisor has lots to offer junior advisors through knowledge, experience and skills.

    In my 38 years in the business I have and still see people of many years in the business who hold them self out as advisors who have less skill set to help people than younger advisors, because they are product peddlers.

    Any one can hold out as an Financial Advisor, we needs to address that issue, before regulators do that for us.

    Magnus Heystek, should sit back in his rocking chair and dream up some other stupid comments that we can all take shots at.


  • Ryan Grant | 28 Apr 2014, 12:32 PM Agree 0
    Makes perfect sense: I never use a lawyer that hasn't been to jail and I always ensure my physician has a serious illness!
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