Recently, the financial planning community got into a Twitter back-and-forth with Dave Ramsey. Dave, who likely has helped more people with their finances than any other person, tweets this:
— Dave Ramsey (@DaveRamsey) June 1, 2013
The financial planning community responded with several articles, forum discussions, and blog posts, like this one from friend Jason Hull of Hull Financial Planning. Jason, admittedly a huge Dave Ramsey fan, says this in his post:
“…I have serious and deep concerns about the investment and retirement asset management advice that he gives to his listeners.”
I spoke with Jason about the issue and asked him what happens next. Jason believes Dave should debate a professional financial planner regarding his brand of investment advice.
Jason expressed disappointment in the debate Dave chose to have earlier this week with Brian Stoffel of the Motley Fool, who wrote a piece calling Dave’s advice “Dangerous”.
Earlier this week, Dave invited Brian onto his show to have a debate about the content of the article. Dave’s 12% return promise was heavily discussed.
During the interview Dave surprisingly threatens the writer, saying “you keep on with this, you and me are going to have a problem”, and calling him “son” several times. Listen to the interview.
Dave posted the interview on Facebook. Sarah Jane, one of Dave’s Facebook fans said this about the interview:
“That was not a debate. That was Dave inviting Brian onto his show to belittle and patronize him in a very rude and un-Christian manner. I hated listening to that..”
The majority of the other 181 responses from Facebook were similar. However, many did come to the defense of Dave.
Will Dave have a real debate with a fee-only financial planner about the investing arm of his advice?
It seems the community, many of whom are strong Dave Ramsey supporters, are ready for a real conversation with Dave:
- Jason Hull of Hull Financial Plannng – Six Areas Where I Disagree with Dave Ramsey’s Investing and Retirement Withdrawal Advice
- Eric Burkholder of The Legacy Financial Group, Inc. – An Open Letter to Dave Ramsey
- Wade Pfau from the Retirement Researcher Blog – Dave Ramsey’s 8% Withdrawal Rate
- Tim Maurer via Forbes – Dave Ramsey’s Online Brawl Shows Problematic Divisions In Finance World
Hopefully this conversation will continue and not end similar to the 2011 dustup over 12% returns.