With a projected valuation of as much as $100 billion, Facebook’s imminent IPO may portend great things for social media. But many planners feel less bullish about its prospects for delivering investment returns.

“We have seen multiple studies that show that the majority of people who invest in IPOs don’t make any money,” says Thomas Muldowney, founder of Savant Capital in Rockford, Ill. “We don’t encourage it.”

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