Finance News Update, What You Need To Know

7 Things Your Financial Advisor Should Not Tell You

ELSEWHERE: BRUSSELS - The European Union has decided to freeze assets held in the 28-nation bloc by 18 Ukrainians accused of embezzlement. WASHINGTON - US businesses added just 139,000 jobs in February, modest growth due in part to bad winter weather and job losses in financial services, payrolls firm ADP says. WASHINGTON - Severe winter weather hit US economic activity in January and early February, but the outlook in most areas "remained optimistic", the Federal Reserve's Beige Book survey says. BRUSSELS - Eurozone growth accelerated to 0.3 per cent in the fourth quarter of 2013, enough of an improvement on 0.1 per cent in the previous quarter to suggest modest recovery remains on track, the EU's data agency says. DUBLIN - Ireland's unemployment rate sank to a near five-year low of 11.9 per cent in February, in upbeat news for the eurozone nation after its recent bailout exit. LONDON - The Bank of England (BoE) has suspended a worker after a review of its processes, triggered by a probe into the suspected rigging of foreign exchange trading.

There is "proven low predictive power" for success in picking stocks or mutual funds, says Fran Kinniry, senior investment strategist for Vanguard Investment Strategy Group. Clients shouldn't expect advisors to know what will happen next in the markets or the economy. "Whatever you say -- no risk." What financial advisors can do is guide people to save and accumulate wealth . A key role financial advisors must play in helping people accumulate wealth is to coax them to take on risk. "They should be trying to maximize how much risk you are willing to take," Kinniry says.