Financial planner John Pak of Otium Advisory Group in Los Angeles, California says a cue that someone is taking money advice from the wrong person is that the advice is out of date.
"You would not believe how many people came into my office quoting someone else, something they read, or something they heard on the radio. I'm thinking to myself, 'wow, I haven't heard that 2014 or 2015,'" says Pak.
Markets are always moving and the economy is always changing. And that means that money advice changes quickly, too.