Yes, we’re a bit late this week with a post, but I think you’ll like this one. It is from a recent addition to my blog roll – Dividend.com.
Once you become a subscriber (at a very reasonable rate), you get an email message every day. Some of the posts are, not to put too fine a point upon it, mediocre. I suspect there is more than one writer of these messages.
Fridays are usually poor, since the content is often a rehash of what happened “during the week just past,” as Lou Rukeyser z’l used to say on his TV show.
After all, the founder has better things to do, what with his book writing, his own investing for himself, his winery, and other sidelines. However, today’s message happens to be exactly what I, IFO, have been saying for several years.
Maybe you’ll listen to me when you hear it from someone else – a real professional. I linked to the web page above, but if you are too busy to click it, here are a couple of good paragraphs:
“[At a discussion during a party, an] engineer-teacher couple volunteered that they know nothing about investing, find it all too confusing, and have used the services of a financial planner to help them since they lost money investing in tech stocks many years ago.
“Because they were so adamant about how completely incapable they were of managing or even understanding their investments or investing, I figured it made no sense, given the time and place, to persuade them that as highly educated professionals they certainly have the brainpower to understand what was going on with their financial assets. But as I usually do when friends or acquaintances talk about the financial help they get, I asked what kind of advisor they used.”
Since many of my readers are as independent as I am, it may come as a surprise to them that there are such people. There are. Believe me. I have more than one friend who could have spoken the same words this blog reported.
He goes on to say that most people like those above have no idea what kind of “advisor” they have. What kind of fees s/he charges. What other products s/he might be most interested in selling to them. What the “advisor’s” fiduciary responsibilities.
Since this was one of the best emails this website has ever written in my experience so far, I strongly advise you to read the whole thing.