When Tony and I started our registered investment advisory firm back in 2002, we had a clear idea of who would be walking through the door. There was no shortage of former amateur day-traders with the powder burns from the technology stock blow-up still on their hands. Certainly that’s who would come piling through our door. Boy, were we wrong.
The vast majority of people with investing horror stories came to us from the hands of “investment professionals.” People who should have known better; who maybe did, and maybe didn’t, but the result of their conflicted advice was still the same. Good advice considers all options, and picks the best one; conflicted advice means one person loses so the other can win.
Everyday people trying to do the right thing and investing for their future were (and are) being taken advantage of; everyday people, like teachers. Tony and I have made it our mission to educate and empower investors, so they can make informed decisions and not be taken advantage of ever again. We’re not alone. Our colleagues at Ritholtz Wealth Management embrace the fiduciary responsibility due to clients. Mavericks, Dan Otter and Scott Dauenhauer of 403 (b) Wise work tirelessly to get the word out, as well. Recently we spoke with them for a podcast for their show, Teach and Retire Rich.
We hope that in talking openly about these issues we will help prevent people from getting seduced or strong-armed into inappropriate, costly investments. Give the podcast a listen; pass it along if you know someone who can benefit from an easy-to-understand lesson. You might help someone take that first step towards financial strength.