Financial Planners are irrelevant today. These dinosaurs are so tied up with compliance they can't afford to make any calls or decisions that are not aligned with their dealer group or extensive research, IE they will not dare sell out or shift clients funds without a clear instruction from someone so they can avoid litigation later. If you haven't figured it out yet Financial Planners are just compliance machines who can not give investment advice that is outside the vanilla boring field so it will take a miracle for them to exit clients from Magellan funds without someone else to blame. No one I know with money uses a financial planner. These dodo's just manage sales and do compliance. They don't have time to advise.
Magellan will be a buy at some stage. There is much more to them than just a fund manager. Hamish and or his entities needs to start buying, when he does or these reach $15 so will I.
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