The trouble with religious adherents is that one never knows when their fanaticism will come to an end. For instance, I decided yesterday to short Tesla (NASAQ:TSLA) at $934, only to see it rise to close at $988. Even the head priest, Elon Musk, thinks the share price is too high. Yet the madness rolls on. TSLA has cost me a lot of money this last few years and seems set to do so again.
A middle-aged lady known to me has put aside £50,000 in a SIPP with one of the online non-advisory brokers. I most certainly do not wish to give her advice on what she should buy. All that happens is that should things go wrong I will be criticised and if they go right I will not be rewarded. But I want to see that she gets first class advice on, say, two at most investment trusts that can be left alone for years. This is where first class knowledge and expertise is called for and I do not have it.
Further, she does not have an account with any advisory broker who might be able to assist. So this means that a special fee needs to be paid to an individual at an advisory broker and the order given by her through her online non-advisory broker. What a palava.
Be it also noted that I have only here covered the going in and not even touched upon the getting out.