Fraud
A recent podcast
with screenwriter Ed Solomon made me think if this guy is insecure I should
stop beating myself up. Ed wrote two
blockbuster movies – Bill and
Ted’s Excellent Adventure and Men in Black and he still
doesn’t feel confident when he writes a new screenplay. This blog will examine why I feel his pain
when I write this blog and why advisors have insecurities when they make client
recommendations.
Expectations
This is where the rubber meets the road. Our expectations are often too
optimistic. Unfortunately the 100 year
flood occurs every 7 – 9 years. An
essential characteristic of successful advisors is their optimism, many
advisors hope to double their revenues every three years. Clients add to the challenge by making the
mistake to expect the returns that their “friends” boast about at cocktail
parties. The current environment where
the return of FANG
stocks dominates the financial press doesn’t help. My optimism has caused me to make a lot of
mistakes with my family’s portfolio. Do
as I say NOT as I do.
Blame
When things go differently than planned in our financial and
personal life we seek out someone to blame.
In our personal life we blame our parents and in our investment life we
blame our advisors. Both might share
some of the blame but we have to take some of the responsibility too. We can’t appreciate the difficulty of being a
parent until we become one too. We also
need to educate ourselves on the investment recommendations our advisors are
making rather than blindly taking their advice.
Scott Peck had
it nailed – “Life is difficult”. The
Wealth Consigliere drafted off of Dr. Peck with the statement that investing is
difficult. I wish all investment
advisors would add the TV disclaimer of “don’t try this at home” to their
brochures.
Mr. Rogers
I’m still scared and uncertain. Recently I've been finding finding solace in an old TV friend, Mr.
Rogers who loves me just the way I am.
If you don’t remember Mr. Rogers I recommend you watch two powerful
documentaries to remind you. Won’t You Be My
Neighbor? and Mr. Rogers and Me
. It is a beautiful day in our neighborhood if we step back and appreciate all
we have.
Our lack of confidence is a universal scourge. We need to loop Mr. Roger’s welcoming message
in our head. I love ME just the way I
am!
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