We have been programmed to believe we need Wall Street’s expertise and services. Major advertising campaigns, slick PR, and 700,000 salesmen have brainwashed us into […]
The mafia would love this arrangement. It gets to rob you and if it is caught your only recourse is a court that is controlled […]
You have heard of diploma mills. They sell BAs, MBAs, and PhDs to individuals who want to look more educated than they really are.
Did you […]
The World Series of Poker just concluded in Las Vegas. The winner of the $8.4 million first place prize was Ryan Riess a 23 year old professional player from Michigan. There were 6,352 entrants who paid $10,000 each to participate in the world’s biggest poker game.
Poker is a fitting metaphor for people who invest their retirement assets in the world’s biggest casino – Wall Street. No one can predict the next card and no one can predict the future performance of the stock market. Poker and investing retirement assets are a combination of skill and luck. And, both are forms of playing the odds. What are the odds you can beat your opponent’s hand? What are the odds the stock market will go up in the next 30 days?
Why is this a retirement issue? Wall Street invests trillions of dollars of retirement assets in 401(k) plans, IRAs, and personal accounts. Its companies are extraordinarily adept at convincing investors to give them control of their retirement futures. You win if you retire when you want to, live the way you want during retirement, and have financial security late in life. You lose if you have to defer your retirement date, reduce your standard of living during retirement, and run out of money late in life.
The Skilled Professional
For years I have told investors if you are going to play in Wall Street’s poker game you want a professional playing for you. It is no accident that a professional won the World Series of Poker. And, I believe Ryan Riess was the seventh winner in a row who was in his 20’s. It takes skill and stamina to stay in the game.
A professional represents more skill and less luck when he plays. He has spent years memorizing the odds and playing millions of hands of poker to hone his skills. And, he probably had coaches to accelerate his learning curve. […]
You are interviewing an investment advisor who can help you achieve your financial goals – in particular, retirement goals that will determine when you retire and your standard of living during retirement. What could be more important than that? You really like an advisor’s personality and communication skills. He understands your needs and says what you want to hear when you select an advisor.
How do you know this advisor is not a skilled sales person who knows how to develop relationships and develop trust so people buy what he is selling? You don’t know and you may not know for several years when you have the benefit of 20/20 hindsight. By then it is always too late. The advisor has earned thousands of dollars of income from your assets and you have a lot less money than you should have.
How real is the problem? More than 50% of investors terminate new advisors within three years when expectations do not match what they were sold. Following are five tips that will reduce your risk of selecting the wrong advisor. […]
It seems that news sources have been inundating us with the opinions of economists that have stated if the Bush tax cuts are not maintained […]