How do you move from a golf handicap of 25 to 10 or from 10 to 5 or 5 to scratch? The answer is help.
Imagine going to a golf professional to help you improve your game and they tell you that what you need is a new set of clubs, in other words, the clubs are the problem, not you. And by the way, they can sell you a new set of clubs! Do you smell a rat?
Do you want to improve your tennis? The tennis pro says, it’s not you, it’s your racket. If you purchased a new racket your game would improve. Another rat.
Of course, it’s total nonsense.
You go to a wealth manager or private bank….they tell you, your investments are poor (they don’t use those words, but that’s what they want you to think) and the way they work is much better, so you’ll get better returns by buying what they are selling.
Investors fall into this marketing quagmire every day. Neither is it the consumer’s fault because the stories sound brilliant.
It is more important to ask for help to assess whether what you are doing is OK? What things can you do yourself to improve outcomes? Wherever possible try to avoid investment firms that offer restricted advice.
Everyone wants an impartial conversation, it’s natural but far from everyone can offer such help and guidance.
Welcome to The Wealth Coach.