Get Wise to Your Advisor - How to Reach Your Investment Goals Without Getting Ripped Off

Informationen zum Autor Steven D. Lockshin is the founder and former CEO of Convergent Wealth Advisors, one of the nation's leading wealth management firms, providing investors with objective advice, flexible investment solutions, and transparency. He helped pioneer the open architecture approach to investing and was an early adopter of asset allocation strategies for high-net-worth clients. Klappentext The financial services world is changing. Technology is enabling an automated approach to investing that should bring down the cost of commodity services. No longer do you have to fund the lifestyle of a broker or advisor to have him tell you how to diversify or where to find the next investment that cannot be missed. This book will provide the tools for calculators that tell you most of what you need to know; from how much insurance you need to have to how you should diversify. The book will help readers with the following:* Understand what you have* Plan your long-term goals* Start to save (maximizing your 401k)* Reduce debt* Run your Monte Carlo Simulation* Determine the appropriate asset allocation* Set up your auto-rebalancing and periodically (annually, perhaps) re-examining your asset allocation to account for globalization* Deploy the asset mix through low cost, tax-efficient strategies* Look at it once per yearThis book will provide a better understanding of your investment decisions. But, we all cannot be do-it-yourselfers. Advisors serve as an important resource for consumers when they are both capable and understand their duty to serve you, the customer, first. To complement their moral station, they must have the skills to deliver appropriate advice. The book, much like the company Steve founded, will simplify standards for consumers and audit advisors to those standards. Zusammenfassung The financial services world is changing. Technology is enabling an automated approach to investing that should bring down the cost of commodity services. No longer do you have to fund the lifestyle of a broker or advisor to have him tell you how to diversify or where to find the next investment that cannot be missed. Inhaltsverzeichnis Preface ix Chapter 1 Is This Any Way to Choose an Advisor? 1 Bad Financial Medicine 3 A Murky Industry 7 "You Should Meet My Guy" 11 Key Points 17 Chapter 2 Wall Street's Dirty Secrets 19 The More Things Change . . . 23 "You Don't Understand . . ." 28 Misplaced Interests 33 Brokers and Advisors 35 Wall Street Brokers versus Main Street Consumers 37 Peddling Products 39 Omission versus Commission 42 Key Points 45 Chapter 3 The Wall Street Whitewash 47 Image Is Everything 49 Shopping Shortcuts 52 Vegas Rules 59 Key Points 65 Chapter 4 Hold Your Nose: Other Advisor Options 67 Bank-Based Advisors 70 Private Banking and Trust Departments 72 Asset Managers 74 Insurance Salesmen 76 Fee-Only Planners 78 Other Options 79 Technology's Triumph 81 Key Points 86 Chapter 5 The Case for Independent RIAs 89 The Trouble with Fee-Only Advisors 92 The Case for Independent RIAs 94 Buyer Beware 99 Do All RIAs Live Up to Their Title? 102 Disorienting Disclosure 105 RIAs: A Good Place to Start 115 Key Points 115 Chapter 6 Our Lazy Brains: Why We're So Bad at Choosing Advisors (and Investing Our Own Money) 117 The Gut versus the Mind 121 Salesmanship 101 125 What You See Is All There Is 128 My Advisor Is Handsome, So Why Am I Broke? 130 Why We Stink at Managing Our Own Money 136 Key Points 142 Chapter 7 How to Be Your Own Investment Advisor 145 Don't Let Costs Mug Your Returns 156 How to Wi...

List of contents

Preface ix
 
Chapter 1 Is This Any Way to Choose an Advisor? 1
 
Bad Financial Medicine 3
 
A Murky Industry 7
 
"You Should Meet My Guy" 11
 
Key Points 17
 
Chapter 2 Wall Street's Dirty Secrets 19
 
The More Things Change 23
 
"You Don't Understand " 28
 
Misplaced Interests 33
 
Brokers and Advisors 35
 
Wall Street Brokers versus Main Street Consumers 37
 
Peddling Products 39
 
Omission versus Commission 42
 
Key Points 45
 
Chapter 3 The Wall Street Whitewash 47
 
Image Is Everything 49
 
Shopping Shortcuts 52
 
Vegas Rules 59
 
Key Points 65
 
Chapter 4 Hold Your Nose: Other Advisor Options 67
 
Bank-Based Advisors 70
 
Private Banking and Trust Departments 72
 
Asset Managers 74
 
Insurance Salesmen 76
 
Fee-Only Planners 78
 
Other Options 79
 
Technology's Triumph 81
 
Key Points 86
 
Chapter 5 The Case for Independent RIAs 89
 
The Trouble with Fee-Only Advisors 92
 
The Case for Independent RIAs 94
 
Buyer Beware 99
 
Do All RIAs Live Up to Their Title? 102
 
Disorienting Disclosure 105
 
RIAs: A Good Place to Start 115
 
Key Points 115
 
Chapter 6 Our Lazy Brains: Why We're So Bad at Choosing Advisors (and Investing Our Own Money) 117
 
The Gut versus the Mind 121
 
Salesmanship 101 125
 
What You See Is All There Is 128
 
My Advisor Is Handsome, So Why Am I Broke? 130
 
Why We Stink at Managing Our Own Money 136
 
Key Points 142
 
Chapter 7 How to Be Your Own Investment Advisor 145
 
Don't Let Costs Mug Your Returns 156
 
How to Win the Game by Not Playing 163
 
Software-Powered Investing 179
 
Math First, Emotion Second 183
 
Why You (Probably) Still Need a Financial Advisor 184
 
Key Points 185
 
Chapter 8 Choosing an Advisor: Know What You Don't Know 187
 
You Are the Family CEO 191
 
Core Principle: DUTY--Clients before Profits 193
 
Core Principle: SAFEGUARDS 198
 
Core Principle: PROFESSIONALISM 201
 
Decoding your Advisor's Answers 205
 
After the Interview 215
 
Key Points 217
 
Chapter 9 Fees and Ice Cream: Baskin-Robbins Got It Right, Why Can't We? 219
 
Chocolate and Vanilla 221
 
Baskin-Robbins 31 3 Flavors? 223
 
Key Pricing Ingredients (Building a Custom Sundae) 227
 
Chapter 10 Change the Game 231
 
Why Wait? 240
 
Afterword: Advisors in Perspective 243
 
About the Author 247
 
Index

Product details

• Authors: Steven D Lockshin, Steven D. Lockshin, Lockshin Steven D.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 23.08.2013
• EAN: 9781118700730
• ISBN: 978-1-118-70073-0
• No. of pages: 272
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; Finanzwesen, Finance & Investments, Finanz- u. Anlagewesen, Personal Finance / Financial Advising, Private Finanzen / Beratung