Barker who is a private client portfolio manager at Cannon Asset Managers told CNBC Africa that, victimhood was now part of South Africa’s broader business culture.
“It is easy assuming the position of a victim as we can easily pass on the blame to the next person,” Barker added.
“If investors learn to take responsibilities for the choices they make, the plans used, and the asset managers who are selected, they will become more empowered."
(READ MORE: What to look for when selecting an asset manager)
He also explained that, it was critical for investors to take self-responsibility as it was the main pitfall facing people who make investments.
“It’s very empowering to take responsibility over the decision you made wisely as this is empowering,” notes Barker.
“People making investments need to do their homework in terms of who they work with and not to be driven by necessity,” he added.
Barker posited that investors should not be caught out in any investment vehicle, but should be able to identify what the stakes are.
He further advised investors to consider partnerships so as to avoid investment pitfalls.
“Investors should partner with specialists and establish boundaries with those specialists as this protects an investor from being misled by own emotions. The investment planner becomes the investor’s emotional gatekeeper,” he said.
“If you go to an investment planner, you need to say I am prepared to take responsibility but you need to be accountable.”