New Delhi, Aug. 18 -- On August 30, Warren Buffett turns 96-his first birthday since stepping down as Berkshire Hathaway's CEO. He remains chairman and is less involved in day-to-day operations, but he still handles some of the investing decisions, including initiating the purchase of Alphabet in the second quarter.

Many investors follow Buffett's investing wisdom, but for financial advisors, clients' desire to mimic his every move can sometimes have a downside. We asked a handful of advisors when they encourage clients to follow Buffett's advice and when they say suggest a different path.

Picking stocks. Financial advisors generally agree with Buffett maxims concerning the benefits of buy-and-hold investing, buying what you know, and a...