“too much.” You may think you can rely on word of mouth or a golden reputation to point you to the best. Unfortunately, this is just not true. Both you and your advisors get hurt in the process.
The best advisors recognize you may not be right about everything, and will even dare to say it to your face! The very skilled ones will show you how and why you’re veering off into treacherous thinking, and you will feel grateful – not angry.
• Instead of seeking the very highest return, you learn how to assess risk inside that breathtaking return.
• Instead of asking who are the “best,” you learn how to discern who will work best with you.
• Instead of insisting on “best in breed,” you learn the fallacy of that term. “Best in breed” is a powerful phrase in a sales brochure, but not a reality that stands the test of time.
• Instead of placing yourself onto an assembly line that dispenses template advice, you learn to recognize those advisors who take the time to fully understand you and your goals.
The lesson learned is that finding an advisor who will work well for you is not just a function of good chemistry, good friends’ recommendations, and good intuition.
Why do certain wealthy investors expect fee concessions, free advice, and first call, preferential treatment, and so on? Why do some individuals cancel appointments with scant notice, feel no obligation to thank firms who entertain them, fail to reply to emails, or never bother to return phone calls? Is it because you believe that your assets entitle you to more? After all, you pay more, purchase more, hire more advisors and lawyers, and so on.
Watch out! Because of this attitude of entitlement, many advisors do not enjoy working with ultra‐high‐net‐worth investors —unless there is a big payoff, such as a nice fee or commission that goes along with new assets to manage!
When it comes to your wealth, you are the newly appointed CEO of My Wealth, Inc.4– whether you want to be or not. If you are to be a successful CEO, you need to consider what you will pay for, and what you will be lucky enough to get for free. Then consider the cost of this so‐called free advice. What hidden incentives are being paid to your advisor so he or she will push a particular product that includes a big payout? Is that investment the best one for you – or just the most lucrative one for the person selling it to you?
An investment that is not appropriate for you should not be sold to you. Once you finish this book, you will be smart enough not to buy it!
Advertisements try to convince you that you can get something for nothing – a free lunch. You are invited to have your investments/retirement/401(k) receive a complete “analysis” – for free. Many firms invite you to a “free” dinner where “investment secrets” will be shared, or offer “free” referrals to top managers or funds. Unfortunately, these offerings are usually bundled into a commission or an incentive fee, or “given away” to gain you as a client. Because you are so grateful, impressed, or eager to do something (anything!), you decide to place assets with the firm.
Let’s put this “free lunch” another way: If you do not want to pay for excellent advice (as opposed to products), what firm will even attempt to provide it to you? Advice without an investment product embedded in it often gathers dust on the shelf of the financial services supermarket. Recent research on mega–concert ticket prices seems to prove that we tend to pick the lowest price even if the exclusions – like shipping or other fees – are added in later.5
Once you read this book, you will know how to tally up the cost of advice and decide if it’s worth it.
Конец ознакомительного фрагмента.
Текст предоставлен ООО «ЛитРес».
Прочитайте эту книгу целиком, купив полную легальную версию на ЛитРес.
Безопасно оплатить книгу можно банковской картой Visa, MasterCard, Maestro, со счета мобильного телефона, с платежного терминала, в салоне МТС или Связной, через PayPal, WebMoney, Яндекс.Деньги, QIWI Кошелек, бонусными картами или другим удобным Вам способом.
