A few years ago, one of the Guerrilla Investors readers coached my wife and I in some financial management tools and techniques.

It was a really useful exercise, and he and I have stayed friends and introduced each other to various resources and business opportunities since then.

That was the first and only time I’ve worked with a coach when it comes to my finances, but I know of people who seem to be addicted to giving their hard-earned money to advisors.

Now obviously there are a bunch of good ones out there, in fact I connected with and had a great chat with one just a couple of weeks ago – he’s the top performing advisor for the top performing office, of the best known wealth management company in the UK.

He’s also a former professional rugby union player.

But I’m also pretty sure there are a bunch of average ones out there, who wouldn’t know a Directors Loan ISA if it smacked them in the face (rebuildingsociety.com offer this).

They also wouldn’t know what a secondary market is, or how to amplify stock market returns through calls and puts (which Greg Robinson at FIRE Revolution teaches).

But they will still happily take a percentage of your total pot, possibly for doing not much more than reading some numbers off to you once a year.

And possibly stop you from withdrawing your funds when it all goes Pete Tong, eh Mr Woodford.

As soon as you start using an advisor, you’re pretty much locked in from what I can see.

You’ll be passing responsibility over to someone else (instead of learning the basics yourself), and as such you will always be reliant on them.

As I say, it’s like an addiction.

But there is another way.

All the best,

Stephen Wallis

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