No one under 60 should give financial advice? That's just stupid, says advisor

No one under 60 should give financial advice? That's just stupid, says advisor

No one under 60 should give financial advice? That One advisor is calling a remark from a renowned U.S. investment strategist suggesting that retirement savings advice should only be received from a financial planner over the age of 60 'stupid.'

In an article posted to Wealth Professional's website on Tuesday, Magnus Heystek of Brenthurst Wealth, is quoted as saying in a Moneyweb article: “Think about it: would you take golf lessons from someone who has never played golf, or see a sex therapist who is still a virgin? That’s why I say: don’t take retirement planning advice from anyone under the age of 60."

The WP reader, under the name Markus, challenges Heystek's point of view asking: "How is a 60-year-old financial planner supposed to advise a client throughout retirement when they themselves are retiring shortly?" in WP's comment section.

Markus asserts that an advisor, at any age, has the ability through training and certification to provide financial advice, as well as connect and share life experiences with their clients - be they steps or year away from retirement.

"The benefit an advisor of any age can provide is living vicariously through their retired clients and sharing that experience (ie: goals, pitfalls, etc) with their pre-retired clients. A 30-something financial planner can do all that as well as advise their retired or pre-retired clients for the rest of their lives," he wrote. 

Another advisor, Renee Rebelo, who was quoted in the article, agrees with Markus, calling Heystek's comments ‘blanket’ statements. Rebelo however, suggests that new recruits take the time to get to know themselves as advisors and seek the guidance of an industry veteran.

“Find an advisor that you look up to, who is aligned with your values and morals to help you meet other financial people in the industry and build your client base too,” says Rebelo, owner of Life Coach Financial in Grimsby, Ont. “They (mentors) can give you the work experience you need and if they have a succession plan, help you move into that too.”

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