What Does A Good Investor Coach Do For You?
Posted by Mike Lanway on Tue, Feb 21, 2012 @ 08:48 AM
What are the right things for an investor to know? The 20 Must-Answer Questions for Investors’ Peace of Mind!
Question #11 asks: Are you working with a financial coach versus just a financial planner?
How do investors become successful? Well, many successful investors have a mentor, a coach, someone who understands the right things to know, and tells you what’s really going on in your portfolio and why!
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As their investor coach, my clients know that I listen to them, that I care about their concerns, that I study on their behalf, and that I can tell them what’s going on inside their portfolios with real world, academic/economic/scientific answers to their questions.
Years ago, when a client asked why their account did this or that, I’d have to say, “I don’t know, but our investment company is good at what they do, and we just have to trust them. It was a case of “You trust me and I'll trust the investment company,” because they were the only ones who knew what was really going on inside the portfolio.”
It was incredibly frustrating that I couldn’t explain what was going on! Each time I’d ask the investment company for an explanation of what they were doing and why, they wouldn’t tell me, saying that they had a “trade secret," and if they told me what they were doing, it wouldn’t be a secret anymore. So they’d tell me to just trust their experience and their track record.
That’s it! That’s all I had to offer. And believe, that’s how it is for the vast majority of advisors out there ; they don’t know what’s going on inside the portfolio because no one will tell them; all they can do is trust the investment companies. Looking back on it now, it’s just plain pitiful! Well, I am done with that! No more blind trust just because an investment company has a good reputation; I want to know what’s going on! Period!!
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The first thing a good investor coach does is tell you what’s going on inside your portfolio! So I found a good investor coach for myself, and I’ve spent the last few years listening to him explain, from an academic standpoint, how things work and why. He taken the sum of the Nobel Prize-winning work of four individuals, plus the work of other respected economic scientists, and has translated them into easy-to-understand formats for me to share with others.
So it’s from my own experience that I’m telling you, if you want the fog of investing lifted off of your account and out of your life, where you don’t know what’s going on, and all you’ve got is a blind hope that somebody managing your money really knows what they’re doing with you money, then you have to find a good investor coach.
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We are here to give you get the knowledge you need to have the success and peace of mind you want!
Have a great weekend!
Mike