Just before the pandemic, the family of one of our members sold their 70-year-old business profitably. His share was large. He hired two money managers, each to look after a third of his money while managing the remaining third himself.
At that time, the market is down about 20%. One of his advisers has his portfolio down 40%!! It takes special talent to do that, doesn’t it?
Equal, lose, win – the adviser gets paid.
This is not an uncommon story. That’s the way the world works.
How can we protect ourselves against that sort of thing?
We need advisers for a long list of issues. For example, life insurance, estate planning, retirement planning, debt reduction, record keeping, employee benefits, mortgages, annuities, incorporation, trusts, tax planning, human resource retention, preparing business plan, marketing, branding, social media, hiring, negotiating with landlords, negotiating with suppliers, individual investment plans, registered education savings plans, wills, etc., etc., etc.
But for money management, that is, for investing, to quote David Swensen
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