We all make assumptions…don’t we?Posted: November 23, 2013
Years ago, my cousin Hap and I were talking about financial advisers and financial planners – we were both relatively new in our careers and wanting to do the right thing about saving for retirement – and saving, period. He told me that he had been working with “a guy” at Merrill Lynch for a few years and just that morning, his “guy” had called him to say that he was now a Portfolio Manager (a timeout, while I just clarify: a broker is someone who arranges a transaction between a buyer and a seller and receives a commission, and a portfolio manager is someone who makes investment decisions using money other people have placed under his/her control). My cousin said “So, Bob, what have you done in the last 12 hours that qualifies you to move from being a ‘broker’ to being a ‘portfolio manager'”. “I got new business cards.” Now, it turns out that Bob had the talent and he has done well as a portfolio manager for my cousin. But some of us treat people who manager our money like doctors: do what they say, even if we don’t think it is in our best interest. Do ask questions, check your assumptions, and take the time to find an adviser who you will be with for a good long time – it is worth the effort.
Check out Friday’s radio show:http://www.voiceamerica.com/episode/74185/is-your-advisor-listening