Five Things Your Financial Advisor Should Be Doing
There are a good number of articles on the internet about how to choose a financial advisor. I thought I would write one on what you should expect from your advisor if you already have one. We believe there are some key areas that all comprehensive advisors should be monitoring for their clients.
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Is The Stock Market Game Causing Bad Behavior In Our Children?
Our first introduction to the stock market came from playing some version of the stock market game in high school for many of us. To be sure, there are some great things about this game, but it can start students on a path of bad behavior when it comes to investing.
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Amending Warren Buffet’s Golden Rule
One of the more damaging pieces of advice to the average investor is Warren Buffet’s famous investment rule: “Rule No. 1: Never lose Money. Rule No. 2: Never forget Rule No. 1.” While this folksy wisdom has a great ring to it, it can be easily taken out of context.
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Is Your Advisor a Part-Time Fiduciary?
When you visit a doctor, you probably assume that he/she must do what is in your best interests and not what maximizes that doctor’s income. And you would be correct. Unfortunately, the same cannot be said with financial advisors. Being a fiduciary means that an advisor must legally put the client’s interests first.
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More Conflicts At Big Brokerage Firms
Did you ever wonder how a financial advisor makes their investment recommendations? There are thousands of mutual funds on the market today. How does he/she pick one over the other? If your advisor works for a big brokerage firm like Morgan Stanley or Merrill Lynch, some of the decision-making is taken out of his/her hands.
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