We know you want to dive right into the financial philosophies, tactics and battle plans so you can really understand all of those esoteric equations and graphs (ok, maybe not). What we just looked at is an example of the PROBLEM.
Today we want to talk to you about familiarity and why it’s so important. You see this is a two sided coin. One side says that you have an advisor. You’re “well looked after.” They handle your money so you don’t have to, and heck, that’s why you’re paying them. We get that but why not take the time to develop a good understanding of the game and how it works? This is your money we are talking about. This is the other side of the coin, developing an understanding so you can communicate with your advisor and develop a game plan.
When you have a little knowledge behind you then you can see if you agree or disagree with their strategy instead of blindly saying “YES” every time they start using a little jargon in an attempt to explain what they are doing. Now there is a balance required here, we aren’t asking you to get educated to your advisor’s level because that would be redundant; you’re paying the person because they should “know” their job. You don’t buy a TV or a car without doing a little bit of research to brush up on features, pricing and competition, and if you wouldn’t do it there, you shouldn’t do it when you are trying to pick a person that is going to manage the hard earned dollars you’ve been so disciplined putting away.
There is a lot of fear around the industry and this is exactly what the problem is. You usually fear things that you don’t understand or are not FAMILIAR with.
When you start actively taking the necessary steps to learn a new skill or understand something, fear starts to dissipate. When you have spent a few valuable and efficient hours developing a new knowledge area your confidence in said area tends to increase. This works with anything, the only thing that fluctuates is the hours. It takes more hours learn how to drive then it does to ride a bike, but if you keep at it until it clicks then you are competent, confident and rolling along in no time.
The aim of this blog has already been stated but we felt we needed to explain what we are trying to do a little better. We are going to be posting short articles that help you get familiar with and understand the game of investing. We will be going over all of the latest myths and trends. We are going to be giving you questions to ask your advisor in different situations. We are even going to sprinkle a little philosophy and motivation on that for you. We want you to be informed and familiar so you can recognize a good company and a trustworthy advisor when you meet one.
A source of information like this that is published on a frequent basis is long overdue. Better late than never right? We hope you enjoy the education we will be providing you. At 1867 Private Wealth Management we pride ourselves on ethics, integrity, and RESULTS in all that we do. Thanks for reading.