They’re all experts, right? And yes, we do all have at least one successful relative who’s happy to share business and investment secrets at the family BBQ. And, on the whole, this should be encouraged.
But are you sure they have the depth of knowledge? Is their advice suitable to you? And can they help with execution? If you implement your uncle’s advice with no guidance from a professional what are the chances of success and the consequences of failure?
Good financial advisers should be excited to hear about how your uncle got rich and discuss how such a strategy might factor into your plans. They won’t be threatened by the discussion; they’ll add it into your personal strategy if it’s a good idea.