Many years ago, we developed these rules to help our new clients learn the behavior that gives them the best chance of success given the way we invest. Call it behavioral coaching, education on markets, or just plain old “rules to be our client”. We found that when we set expectations up front appropriately, clients better understood our approach and more importantly, why we were doing what we did. So this is the second in a series of short blog pieces on each rule.
Have you ever read an article about a type of person and recognize that the person is you? This is one of those articles. The second rule for being a successful investor is to get advice from a qualified professional…as opposed to your brother-in-law. It’s understandable that people ask someone they know and trust for advice on a topic about which they feel uncomfortable. Additionally, how do you really know the professional is any good? And the last thing you want is to feel sales pressure from someone on such a large decision. We get it. It’s perfectly appropriate to ask trusted friends, colleagues, and family members for a name of a good financial professional but do not ask for investment advice from someone wholly unqualified to give it. The advice is typically uninformed and the relationship may end up irreversibly damaged. Take control and do your homework.
We’ve already written on how to choose an advisor – read that blog again. The old joke amongst planners is that investors spend more time planning next year’s vacation than they do planning the rest of their lives. Most planning work is tough up front and only needs to be revised periodically. Don’t leave it to a friend, relative, or some web site to get the right advice. Work with someone who you can hold accountable.
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