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Financial Happenings Blog
Tuesday, July 21 2009 is an American website I regularly refer to in gleaming important issues that need to be addressed with clients and those seeking general information through our website and email service.

On their site they regularly publish video pieces for those who prefer to take in information visually.  The latest video covers the topic of whether investors whould be looking for a new financial adviser.

Why not to change adviser?

This is an interesting topic given the turmoil of 2008.  Tom Cock, the presenter of the video, suggests that one reason for not jumping the gun is because you lost money in the bear market.  I think this is backed up by research conducted by Dalbar which looks at the habits of investors suggesting that investors on average tend to switch investment strategies at the wrong time and actually harm the returns they should have received.  Reminds me of the saying "Jumping out of the frying pan into the fire".

Tom Cock goes on to say that you should be careful chasing the next "hot idea" promoted by some advisers or by moving to an adviser or investment strategy that has a solid 1 year track record.  He suggests that anything less than 10 years is noise.

So why should you change adviser?

Tom proposes 3 key criteria:

  1. An adviser who can save you money.  i.e. provide the same or similar advice for a lower cost
  2. An adviser with a better long term strategy.
  3. An adviser who is more in tune with your individual needs.

If you would like to view the video please take a look at - Should you switch financial advisors?

If you want to see how this firm stacks up on those 3 points please take a look at our website or get in contact directly.

Scott Keefer

Posted by: AT 05:25 pm   |  Permalink   |  Email
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