How advisors are paid, and by whom, has long been a matter for controversy
It’s a question we get a lot from advisors: Can you trust the cash flow statement? The answer is no. The question usually arises after a discussion of how untrustworthy the income statement and balance sheet are. What follows is an even longer discussion about how untrustworthy the cash flow statement is.
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I recently attended the CIFPs annual meeting where current trends in the industry where discussed. One of the topics was the strategic move to require all CFPs to put their clients' interests first. On the surface, this seems like motherhood and apple pie. Beneath that surface, however, something far more contentious lurks.
As financial advisors you are responsible for helping business owner clients build their wealth, manage their liabilities and inform them on ways to develop and grow their businesses.
To specialize or to generalize? This question faces financial advisors at different stages of their careers, from getting that first customer service job after college to mid-life transitions that fulfill one’s true professional calling. There is no right or wrong answer.
I think doctors have a very tough job; they are overwhelmed with patients and are trying their best to keep up with demand. Imagine though if they could choose how to run their practice -- determine pricing, services, amount of clients, etc.
Anyone with kids knows pop star Justin Bieber was discovered via YouTube. Before long, his songs were getting millions of hits from a growing fan base and he was courted by Justin Timberlake and Usher at age 12. When I was 12, I wasn’t even courted by girls with pigtails.
Canadians fancy the idea of being their own boss, but feel if only finding capital wasn't as hard as getting clients.
It seems a number of readers have recently either taken my points out of context or missed the point altogether. Lately, I’ve been writing about cost and why it is important to keep expenses down. People have written back and talked about the importance of planning, the randomness of returns for actively managed products and the overall quality of advice they give.