Just an update on a long term outcome I have written about for the last seven years. When I first wrote that the financial advisor bubble was going to pop back in 2006, the ranks of this profession were swelling at record rates.
Reuters is severely underestimating the eventual downside of this profession just as happed with the similar profession of real estate agents. The investor class is headed for the garbage heap.
Financial advisors/brokers are a tax on society. They produce nothing and are consumers of capital. In other words, they destroy wealth. That is clearly a tax. And, what is even more ridiculous is that numerous studies have been done that prove advisors underperform the market about 90% of the time. So, not only are they a tax but they are an insidious one through systemic incompetence that helps people lose more money than were they not to seek any advise.