Political Disconnect with Disastrous Financial Implications
If the last twelve months have shown us anything, it’s that there is a tremendous disconnect between what most American think and what politicians do, what mainstream media reports and what is true, and between government and union interests and what prompts job creators to build businesses and create jobs.These things have damaged our country, our economy, and our children’s future opportunities, and each continues to do so. But, by no means is this damage permanent or irrecoverable!
There is another equally damaging disconnect in the financial area – the difference between what financial peddlers (like Wall Street, Big Banks, and Insurance companies) sell, and what is good for investor’s portfolios and plan for retirement.
Reminds me of the peddler Ali Hakim, played by Eddie Albert, in the musical Oklahoma. Hakim’s goals are to sell his goods at the best price possible and cozy up to unsuspecting pretty girls like Ado Annie. Some would say this is just the free market at work (on both fronts) and those saying this would be completely correct. However, there is a small, but significant enhancement to that free market activity that would make it more valuable, much more valuable, to and for all concerned.
What if Hakim also looked out for the best interests of those with whom he interacted? How much more benefit could everyone have received, including Hakim himself, if he used his considerable knowledge and experience to benefit others, instead of using his advantage to bamboozle them?
The average investor has relied on a peddler to provide investment and retirement guidance. This is evident in the significant incomes the peddler has produced for him or herself, and the mediocre to disastrous results investor portfolios achieved. Investment peddlers have induced a perception of having the best interests of their customers in mind, when what they really do is sweet talk unsuspecting Ado Annie investors into the financial hay loft for fleeting “affection”.
In my mind, we have an obligation to provide expertise which places our client’s interests as our first priority – this is what the renowned Mayo Clinic does for patients. Morever, based on our selection of business model and licensing, this is also our legal obligation – to always do what is in our client’s best interest. Does your advisor have your back…or just his/her own? Do you need sound retirement advice? Call or email me to improve your fortunes.