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Investors Beware: The Media Noise can be Deafening

Most people would argue that living in a digital world, with instant access to an endless stream of information has made us smarter and more self-empowered than past generations. Investors believe that it has “leveled the playing field”, enabling them to make investment decisions based on the same information once only available to the investment pros. The incessant quest for information has reached such a fever pitch that the media outlets, including the cable channels, print media, and now the blogosphere, are churning out content 24/7, and it still isn’t enough to satiate peoples’ ravenous appetite for information. So, it’s all good? WRONG.

There is a much stronger argument that can be made that, for people in general and investors especially, information overload not only makes it more difficult to make rational decisions, it often leads to behavior that can be harmful, if not devastating to your financial health. While there has obviously been a marked increase in the quantity of information, the quality of the information will always be in question. Where you have quantity without quality, all you really have is “noise.” And for people who really should be listening for legitimate financial advice and relevant information, it can be deafening.

How to Choose the Right Investment Advisor

With the proliferation of investment and personal finance websites, investors have access to a boundless number resources and tools once only available to financial professionals. And, while an increasing number of investors consider themselves to be at least somewhat self-directed in their investment decisions, the ever expanding world of investments and the increasing complexity of the financial markets require much more than a part-time approach to planning.  With so much at stake, it would be important to seek the guidance of a qualified and trusted investment advisor, if for no other reason than to validate their own plans and decisions. Choosing the right investment advisor can, therefore, be one of the more critical decisions a physician makes.

When looking for any professional advisor, it is important to be able to match their characteristics, temperament, client profile and experience level to your own profile. In the case of an investment advisor, the more you know about your financial situation, your investment objectives and preferences, and your tolerance for risk, the more thoroughly you will be able to evaluate an investment advisor to determine if they are a match.  Before meeting with an investment advisor, conduct a thorough assessment of your current situation and establish clearly defined goals and objectives.

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