In this episode, I’m going to take on my industry a bit. I absolutely despise when clients pay for investment advice, i.e., hire someone to “manage” their investments and yet they get nothing in return.
Maybe, at best, they’ll get a “review” of their investments twice a year.
They’ll get a different “advisor” each time too. The “advisor” will simply say, “you’ve done this. the benchmark has done that.” And a lot of the time the client will simply say “ok” and move on. Yet, the client is paying BIG BUCKS for this kind of “advice”, typically under-performing investments AND no financial guidance to go with it!
This makes me mad. If you are going to charge investment fees to manage money, then daggum, you better be offering more than simply putting your clients in a portfolio and re-balancing it once a year.
That is not investment advice. That is not investment management. And it is certainly not financial planning.
Given that we’re knee deep in the middle of the NHL playoffs and the Bruins are up 3-1 against the Leafs, our songs of the day will be three hockey songs from various, punkish bands.
Time To Go – Dropkick Murphy’s
The Orange and Black – The Boils
The Boys in the Red and the Black – The Pubcrawlers.