How To Talk With Irrational PWM Clients?
myself so wanted to hear thoughts from some of our WSO private wealth members.
Anyone in finance inevitably gets asked personal finance questions from friends and family. Over the years, I've helped quite a few with the basics of portfolio diversification and generally explaining to them how the market and various investment options work.
However, every once in a while, you'll get the irrational friend or family member who is ready to YOLO with his entire savings on any of the following: dogecoin, Tesla, gold, or some other over-hyped stock or idea.
While it would seem easy to talk most people out of this, I find this to be the hardest type of person to convince. Any tips for walking someone back from the edge when they have an insane investment idea?
What do you do with your PWM clients when someone wants to make a dangerous YOLO bet with their portfolio? Would love to hear your strategies. Also would definitely enjoy thebrofessor's thoughts.