If you’re like most investors I speak with, you’ve put in your time. You’re in retirement or well along the road to planning for it. You’ve made sacrifices. You’ve put the kids through college or have saved enough to do so, and you feel like you’re over the hump. That’s a great feeling. It’s what you imagined that first time you sent a check in to invest. The idea that someday you’d be able to enjoy it. It’s a special moment.
For many others, that moment may never come. That’s because, from my vantage point at least, investment advisers don’t spend enough time understanding why investors do what they do. They lose focus. Then there’s the investor. Why do some investors make sacrifices for the family while others buy the big house and fancy cars? They lose focus.
When I see financial guys jockeying for those ridiculous, raised seats on TV, I wonder why they like predicting the future of markets—thinking they’re smart—instead of thinking of their clients’ futures. And nobody really cares about their cheap predictions and how they look except for themselves. It’s about them, not you.
It’s incredible yet frighteningly true that investors spend more time researching a new car than their investment counsel. They have no idea that the guy on TV stuffs them into fee-generating ETFs and mutual funds while charging an additional fee of perhaps one and a half percent for his service. All in all, you could be paying upwards of two percent. For what? So the TV guy can gather more assets? That’s not why you got into investing way back when—money was too tight. You should treat it the same way today.
Action Line: You deserve to know what you’re paying for, but unfortunately, this industry makes that a daunting task. Allow me to take the weight off your shoulders and show you the way.
Originally posted on Your Survival Guy.