After a week like we just went through, now is the time to examine the level of communication with your Advisor/Adviser.
Did they reach out to you? Did you feel like they knew what they were doing? Did you understand what they were saying? Did you hear any contradictions? Did you learn about penalties to sell?
Do you understand why you were losing more (or less) money than “the market”?
Sometimes we stay with our advisors just because they’re a nice person. Or they scare us into thinking we are too dumb. And the advice just seems to be consistently bad, or unfortunate– or both. I’ve seen it many, many times.
Were you scared when the market started dropping? Did you call your Advisor? I see this so often
among people. You’re freaking out & you don’t call us…
If you were sick, wouldn’t you call your doctor? And, you wouldn’t expect your doctor to know you are sick when a virus is going around, would you? Call your Adviser.
Now, while we are at it– did you reply to your Adviser’s late night/early morning email? Say, “thanks”? Or “what does this mean?” Or just a “got it!” Probably not.
As an Adviser, if I spend time to write– I expect you to read it. At least acknowledge it. I’m not doing it to waste your time. I’m doing it to help both of us. That’s the deal. You are paying me for advice, and sometimes I’ll put it writing. If you don’t like what I write, maybe I’m not your guy. If you don’t like to read — maybe I’m not your dude. Got it?
I like words, they’re fun. See?
And so, as your Adviser, if my words make sense & find you, maybe we’ve got something.
Now, did you return your Adviser’s call in 24 hours? 48? 72? No? You hold us to that standard. Vacations excluded– but you did tell us you were leaving, right? Just in case your money needs you…
You can’t be careless & then expect greatness.
It’s time for you to hold up your end of the bargain. Help me help you.
Markets like these last two weeks had me up at 5am through 11pm, getting ready for battle tomorrow. We are living four lifetimes in a single day in markets like these, trust me. By 10am I was eighty-years old– a week ago. I was so delirious I was telling hedge funds to get off my lawn. Frankly, we should be getting combat pay right now. (no disrespect to our soldiers)
So, are we cool?
It’s in the worst times, you see how good the best times could be.