Comments on: The financial community and Total Candor http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/ A Conversation About Income, Wealth, and the Steps in Between Sun, 25 Dec 2011 17:20:47 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: AJ http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/comment-page-1/#comment-957 AJ Sun, 07 Oct 2007 14:15:32 +0000 http://totalcandor.com/blog/?p=79#comment-957 Thanks! Your points to ponder and ideas above are appreciated. Several great places to start. Thanks! Your points to ponder and ideas above are appreciated. Several great places to start.

]]> By: Michael http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/comment-page-1/#comment-922 Michael Fri, 05 Oct 2007 13:13:13 +0000 http://totalcandor.com/blog/?p=79#comment-922 Great questions. Yes, there certain are keys to identifying whether you're sitting with a trusted advisor or if you've got Gary. And sure, I believe by reading my book or attending a seminar you'll understand them. But why wait? How did you find this person? Yellow pages ad? Free seminar? Or a referral from a good friend? Do you know how your advisor is paid? If not, you should ask. If you got to end of the meeting and still had to ask, that's an indicator. How's the advice you're getting? Is it product specific or client specific? In other words, is the advisor all about a certain product or did he/she take the time to really understand you, your goals, your family, and so on? Are you getting investment return promises and guarantees? Nothing is guaranteed. Are the recommendations notoriously high-commission high-fee products or is he/she steering you into low-cost index funds? None of these items alone is a definite indicator, but taken collectively, you can get a good feeling (or not so good) about who you're working with. Plus, remember that investing isn't the totality of financial planning and none of this is rocket science. Focus most on the how much you save aspect (which only you control) for the maximum chance of achieving financial success in life. Great questions. Yes, there certain are keys to identifying whether you’re sitting with a trusted advisor or if you’ve got Gary. And sure, I believe by reading my book or attending a seminar you’ll understand them. But why wait?

How did you find this person? Yellow pages ad? Free seminar? Or a referral from a good friend?

Do you know how your advisor is paid? If not, you should ask. If you got to end of the meeting and still had to ask, that’s an indicator.

How’s the advice you’re getting? Is it product specific or client specific? In other words, is the advisor all about a certain product or did he/she take the time to really understand you, your goals, your family, and so on?

Are you getting investment return promises and guarantees? Nothing is guaranteed.

Are the recommendations notoriously high-commission high-fee products or is he/she steering you into low-cost index funds?

None of these items alone is a definite indicator, but taken collectively, you can get a good feeling (or not so good) about who you’re working with.

Plus, remember that investing isn’t the totality of financial planning and none of this is rocket science. Focus most on the how much you save aspect (which only you control) for the maximum chance of achieving financial success in life.

]]> By: AJ http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/comment-page-1/#comment-919 AJ Fri, 05 Oct 2007 02:23:58 +0000 http://totalcandor.com/blog/?p=79#comment-919 Thanks Michael. So, my follow up then is around understanding those three groups. Does your book lay that out for us? I would argue at face value, it's hard to know what you are dealing with when it comes to an adviser...that is until you have some history with him or her. I've read your suggestions around how to understand whether Gary is sitting in front of you. One would hope that most of us could see Gary...but possibly not. So, I wonder 'am I working with spectacular...or just adequate'. I follow my quarterly and yearly returns making sure they are in my range given my risk level but then wonder..could I be better off? Are the management expenses of the funds my adviser has me in too high...or too low. And then I think about your discussion again from WHEB where you are talking to young students to get out there as fast as possible. Aren't they at an even higher risk? How do we mitigate this? If the answer is go to a seminar and read the book, don't worry, I'm planning to..but I guess these are general discussion questions because I wonder at times and think I'm in pretty good control of my finances... Thanks Michael. So, my follow up then is around understanding those three groups. Does your book lay that out for us? I would argue at face value, it’s hard to know what you are dealing with when it comes to an adviser…that is until you have some history with him or her. I’ve read your suggestions around how to understand whether Gary is sitting in front of you. One would hope that most of us could see Gary…but possibly not. So, I wonder ‘am I working with spectacular…or just adequate’. I follow my quarterly and yearly returns making sure they are in my range given my risk level but then wonder..could I be better off? Are the management expenses of the funds my adviser has me in too high…or too low. And then I think about your discussion again from WHEB where you are talking to young students to get out there as fast as possible. Aren’t they at an even higher risk? How do we mitigate this? If the answer is go to a seminar and read the book, don’t worry, I’m planning to..but I guess these are general discussion questions because I wonder at times and think I’m in pretty good control of my finances…

]]> By: Michael http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/comment-page-1/#comment-909 Michael Thu, 04 Oct 2007 13:50:07 +0000 http://totalcandor.com/blog/?p=79#comment-909 Great question AJ. In a way, financial advisors are no different than doctors, lawyers, teachers, or bartenders. Most are adequate, some are spectacular and a few others . . . well, not so much. So, yes, Gary is most definitely part of the financial community. Heck, he'd be the first to tell you he's a leading advisor. It's just that Gary happens to represent the third group, those who continue to look out for their own welfare first and foremost. Great question AJ. In a way, financial advisors are no different than doctors, lawyers, teachers, or bartenders. Most are adequate, some are spectacular and a few others . . . well, not so much. So, yes, Gary is most definitely part of the financial community. Heck, he’d be the first to tell you he’s a leading advisor. It’s just that Gary happens to represent the third group, those who continue to look out for their own welfare first and foremost.

]]> By: AJ Shattuck http://totalcandor.com/blog/2007/09/the-financial-community-and-total-candor/comment-page-1/#comment-903 AJ Shattuck Thu, 04 Oct 2007 02:44:07 +0000 http://totalcandor.com/blog/?p=79#comment-903 So, this raises an interesting question. Although I've not yet read the book yet, I have read about Gary here on your blog. Would you consider Gary to be part of the financial community? Is Gary changing a bit with the times...i.e..finally seeing that the partnership can be beneficial for both parties.... So, this raises an interesting question. Although I’ve not yet read the book yet, I have read about Gary here on your blog. Would you consider Gary to be part of the financial community? Is Gary changing a bit with the times…i.e..finally seeing that the partnership can be beneficial for both parties….

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