Podcast Episode 17 - Paying Investment Fees And Getting No Advice?

In this episode, I'm going to take on my industry a bit. I absolutely despise when clients pay for investment advice, i.e., hire someone to "manage" their investments and yet they get nothing in return. Maybe, at best, they'll get a "review" of their investments twice a year. They'll get a different "advisor" each time too. The "advisor" will simply say, "you've done this. the benchmark has done that." And a lot of the time the client will simply say "ok" and move on. Yet, the client is paying BIG BUCKS for this kind of "advice", typically under-performing investments AND no financial guidance to go with it! This makes me mad. If you are going to charge investment fees to manage money, then daggum, you better be offering more than simply putting your clients in a portfolio and re-balancing it once a year. That is not investment advice. That is not investment management. And it is certainly not financial planning.