The last 10 years of long-term investing in the U.S. market have provided no investment returns whatsoever for investors. Most of the advice financial advisors were given by third-party investment managers is worth as much as this piece of paper you're reading right now. More so, a money market rate of return in client accounts over the last 10 years would have given you more referrals than you could possibly handle today.
The future economic climate is sure to be as hard, if not harder, for financial advisors to navigate for their clients. I would hate to risk my current client relationships, or my business career, on the chance that the markets will perform better over the next decade. What about you?
Ric Lager is founder of Lager & Co, co-creator of the No More Pies! investment series for advisors and author of Forget the Pie: Recipe for a Healthier 401(k). No More Pies provides a call to action for advisors who want to rethink their investment process, reduce their reliance on outside money managers and improve client retention. The seminar also presents a roadmap for advisors to take a hands-on approach with their practice. For more information on Ric Lager and No More Pies, please visit www.nomorepies.net.