The problem of dishonesty is real, and not just in the narrow realm of investment. The practice of systematic deception has gone, in one generation it seems, from rejected to accepted to expected. As comedienne Lily Tomlin says “No matter how cynical you get, it's almost impossible to keep up.” Have you heard the expression “old-fashioned honesty”? Why old-fashioned?
Dishonest investment analysts, dishonest investment managers, dishonest broker dealer firms - and we're not talking about small firms flying under radar, we're talking about some of the biggest names in the securities world. (I'll be nice and not mention names but you may know who they are.) So, yes, I understand why you're asking for help. And here's my answer.
Um…you must find a financial professional you trust. You see, there is no alternative to trusting somebody unless you intend to commit years of time and energy to becoming an expert yourself. And consider what might happen to your investments while you learn. Here's how I suggest you conduct your search:
* Seek out someone who has been in the profession for at least 10 years, which suggests not only that he or she has at least a modicum of experience but also that this person might be around a good while longer.
* Find someone who has demonstrated a commitment to building expertise by having accomplished not one but several professional designations - those recognized industry wide, not merely intra-company.
* If she isn't a referral from friends, then you should speak with at least three of her already existing clients - and you might do so anyway. Their experience may or may not represent those of other clients, and not ultimately even your own if you were to become a client…but you've got to try.
* You should pay careful attention to how much this person seeks to learn about you and your goals. How well he listens may be a pretty good measure of how much he cares.
* Ask yourself, do you like this person? Do you like his support staff? IS there a support staff?
* What's your sense of it? Does she really make your benefit a high priority?
The decision you're making is one from which you (and your survivors?) will hopefully benefit for decades. Take your time. Address all of these recommended issues, not just one or two. Choose carefully.
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