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tony

Honesty Tops Any Checklist When Looking For An Advisor

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Yes, I agree its a good article, but does fall short. He should have also included Garrett Planning Network and National Association of Personal Financial Advisers. IMHO, referring broker dealers is a deal breaker right from the start! I would never suggest to a friend or colleague broker dealers! These professionals are fighting the new DOL fiduciary rules! It is not surprising to those of us here.

 

The author mentioned trust. Yikes, trust is a very complicated issue that I have written a blog post about who or what can all of us "trust" and the financial industry (click here).

 

Bogle said it best, as I wrote in my blog post, trust that the world economies will grow over time and that a low cost diversified portfolio that follows those economies will also grow with it. I am not smart enough to think this stuff up, I am just reporting what Bogle has already said for years. That's why I am a devotee of Bogle, 100%. Bogle say do not trust anything or anybody else beside the economies. Trust should not be part of the client adviser relationship, it should be as transparent as possible. Transparency is the key to eliminating much of the emotion of this professional relationship and what and how your portfolio is set up. They over lap, portfolio construction, world economies and one's advisers investing philosophy.

 

I have discovered that Garrett and NAPFA have the same philosophy of investing as I do, but the experiences of friends and colleagues are mixed. As I said, while these advisers are fee only and should not sell a commission based product, trust is a still an issue with regards to setting up a portfolio with low costs and what the adviser is doing with your money. Here is the most popular blog posts on a story of one of my teacher colleagues attempting to get help from a Garrett Adviser: http://latebloomerwealth.com/2014/09/12/did-garrett-planning-network-pass-the-smell-test/

 

There was a good ending to this story: http://latebloomerwealth.com/2016/04/05/garrett-encourages-reporting-of-unprofessional-behavior-of-advisers/

 

Thanks Tony for the article.

Choosing a financial adviser is almost as important as choosing your spouse!

Steve

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