Free Advice is no advice : Prashant Mendiratta

freeadvice1People are usually in a  habit of seeking advice on most everything that they face in life; legal advice, financial advice, health advice,education advice and all. Some of the advice are not so critical in nature like advice which mobile phone to buy, what to wear. World Wide Web is full of small businesses offering free advice on almost everything in life.

We should be though careful in the manner of seeking advice. There are no free lunches in this world any more so don;t expect anyone to give you any free advice. If you seek a free advice and you get it; it could mean either the advice giver is not a competent person on the matter of giving advice or the advice given would be of little value.

Still many people just keeping free advice without first asking “How much the advice is going to cost me?”. Oh.. he is an old friend of mine; I could ask him almost anything and I’ll get a genuine advice. Only the most foolhardy person would think and speak that way.

How in the world a professional like a financial advisor would give you a free advice on how to manage your freeadvicefinances. A financial adviser is in it for money and why would he give an advice free of cost. A true professional would never give his advice unless the payment terms of this action are agreed to. He wouldn’t even give his opinion on the subject. He might small talk on th subject which would in all probability carry no real value.

Many people have written and spoken about the perils of seeking financial advice from your bank.

This is almost always a very bad idea.

Banks are a terrible source of advice because they don’t really provide advice, but are instead in the business of selling their own products to their customers.

These products range from mediocre to terrible, in many cases.

freeadvice2With the regulator and various consumer bodies consistently uncovering evidence of bad advice, we think investors would be crazy to go to their bank for financial advice.

Let us see if the shoe is on the other foot and because of the success you have attained in your profession people look up to you for free advice. There are siutation when you can’t bluntly say that “Please call up my secretary to seek appointment!”. So here are some techniques :

- Talk like a politician. Follow how they speak. Speak for a longtime without revealing any useful information.

- Tell them you have read this article; which says “FREE ADVICE IS NO ADVICE” and everyone else should read it too. :)

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