Sound Off!

Posted by Lee Eisenberg at 9:10 pm on Thursday, May 4, 2006

I wanted to pass along word that the Financial Planning Association has asked me to give a general session talk at its 2006 conference, to be held this coming October. The meeting, one of the most prominent on the industry’s annual calendar, draws several thousand attendees from throughout the financial planning universe. The subject of the talk will be an outside-in view of how people like you and me – i.e. clients or prospective ones – view the standards and practices of the planning profession: What do we most need or want from an adviser? What are the biggest civilian concerns about the business? How can a financial adviser best serve our interests? What don’t we like, or understand? I intend to do a good deal of original research and reporting in connection with this talk, and I thought I’d start with you. Please drop me a line with any thoughts, questions, or suggestions you think ought to be brought to the attention of the assembled crowd. You can email me at LeeEisenberg@TheNumberBook.com. Thanks!

1 Comment

32

Comment by JayCeezy

May 5, 2006 @ 12:02 pm

Speaking as a civilian, my biggest concern is how the advisor gets paid. A close second is the risk-adjusted performance of the advisor recommendations.

My experiences with advisors have not been great; they immediately assume a low level of financial literacy (they may be right in most cases). It would be nice to have them ask some questions up front, to at least give the illusion that they are interested in my needs before selling me some pre-packaged set of funds that gives them a great commission and annual nut.

We’ve all heard horror stories about 80 year-olds being sold annuities, or some other inappropriate insurance instrument.

Advisor integrity, as well as results that are better than the overall market performance, are my concerns. Real results for a client speaks volumes; just reverse-engineering a basket of funds that have done well prove nothing.

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