Warren Buffett edged out spouses as the best person to turn to for financial advice.
One nice thing about being married is that you have someone available with whom to discuss the most important issues in your life, including the financial ones.
According to people who participate in defined contribution plans, spouses are the best source of advice on financial issues, even better than professional financial advisors.
According to Spectrem’s latest report from its Defined Contribution Market Insight series, Financial Attitudes and Concerns of Retirement Plan Participants, spouses lead the way in terms of giving the best advice on financial issues.
Participants were asked to rate several different groups of people with whom they interact in terms of how helpful they are in financial matters. The rating system was to place a person on a scale from 0 (Not At All Helpful) to 100 (Very Helpful). Spouses were rated at 66.29 overall.
Although that’s not a significantly high rating, being placed just over the two-third mark on the overall scale, it’s better than where financial advisors ended up, at 59.64.
Still, financial advisors rated above all other categories of acquaintances, including parents (45.36), friends (39.84), co-workers (36.69) and siblings (34.17).
Guess who scored even higher than spouses on the advice scale? Someone with proven ability in making sound financial decisions, that’s who. Namely, Warren Buffett, who got a score of 67.69. (What’s a guy got to do to score higher than that?)
Syndicated talk show host Dave Ramsey scored a 53.94 rating, well below Buffett’s. PIMCO founder Bill Gross rated at 46.02, below the break-even mark, while Jim Cramer from CNBC came in at 45.93. Donald Trump, famous for being famous, had the lowest rating at 39.43.
Overall, defined contribution plan participants aren’t much for seeking advice anyway. Almost 60 percent consider themselves self-directed investors, making all of their own decisions with the benefit of a professional advisor, and another 30 percent are event-driven investors, who look to professionals only in special cases such as retirement planning or alternative investment strategies.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.