3 ms·

It seems pretty preposterous to me that people could be surprised by finding out they have shady offshore bank accounts and what not. If you have a money person

It seems pretty preposterous to me that people could be surprised by finding out they have shady offshore bank accounts and what not. If you have a money person and he's not telling you what he's doing with your money that seems like it would set off red flags. Regardless of if people really are completely ignorant of their own finances and financial strategy I think they are still responsible for it. If I told a judge that I wasn't paying attention to my toxic chemical collection which I kept on the front lawn next to a neighborhood park I wouldn't expect that defense to protect me from legal liability.

zhdc1 5y ago
> It seems pretty preposterous to me that people could be surprised by finding out they have shady offshore bank accounts and what not. I wonder about this. Complexity increases fees, so it's not difficult to imagine that people are willing to offload their finances to advisors, who then use overcomplicated tax avoidance strategies to increase their slice of the pie, as well as lock their customers into their services as much as possible. It wasn't too long ago that we had a financial crisis caused, in part, by financial products that were too complex to price or analyze for proper risk mitigation.