Thursday, March 13, 2008

It Is Still Your Money!

Trust me!
"A couple who stayed with their adviser for seven years even though they never received information quantifying their returns. During that time they were reassured by the fact that their investments increased enough for them to withdraw the cash they needed without falling below their original deposit.

When the couple finally worked up the courage to ask about their account's performance—the husband called—they didn't get a good answer. The adviser made excuses, saying the returns were too difficult to compute because of all the withdrawals. Many investors would have yanked their money then and there. But the couple couldn't bring themselves to do it, and for six months they kept asking, until he finally produced a number. How'd they do? Far worse than the markets. Still, it took them three more months to actually work up the courage to call the adviser back and quit."
BW - Saying Goodbye to Your Money Guy

Hopefully this does not apply to you but if it does - wake up! I am not sure about you, but I work hard for my money. And what I take great pains to earn and save should ideally be invested carefully and dilligently. Many things in my life hinge on this investment portfolio so I have no issues with being a little paranoid about the health and well being of my finances.

If you don't get regular feedback from your advisor, you should insist on a monthly performance and activity summary. Your advisor may be great (or suck like in the example above) but you are still responsible for checking on your portfolio occasionally. It is still your money!

A financial advisor brings financial maturity and market understanding to the table. He/she should be providing holistic financial advise that is pertinent and applicable to your financial well-being. In the end it is still advise, which you as the customer should understand, digest, review, discuss and then agree or if requried, disagree with. It is still your money!

Like any other professional service you should seek quality, efficient and excellent customer service. If you are unhappy with the service you are getting - change your financial advisor. After all it's your money!

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