Should the Rich Be Seeking More Guidance from Financial Advisers?

While investing is becoming increasingly complex, the rich are opting to manage their wealth themselves, without the assistance of brokers, financial planners or private bankers.

According to Why the Rich Don’t Trust Their Advisers, blogs.wsj.com, Nov. 28, 2007:

Why the loner mentality? Today’s rich are self-made — the survey points out that most of the $25 million plus group are business owners or corporate execs who didn’t inherit their fortunes. They’re used to building and managing their wealth themselves. ***

There is no “right” or “wrong” answer to whether the rich should be using their financial advisers more.***

So if the wealthy lose their shirt in the current market turmoil, they may have no one to blame but themselves.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.