How many wealth advisors, fund managers, and stockbrokers tell you you are stupid? That you don’t know what you’re doing.
How many are grumpy, bad-tempered, arrogant – in fact, they’re not nice people?
The answer is – there are probably none. Why? You wouldn’t use them.
You don’t need to apply logic, even if they were brilliant…your gut feeling would tell you to stay clear.
The product providers clearly understand that you are more likely to buy because of likeability rather than brilliance. Your wealth manager is friendly, likeable, interesting, well mannered and dressed as you would expect. These are qualities that have nothing to do with outcomes.
When you give your money to a wealth manager are you paying them to be nice or to generate successful outcomes? If you met a wealth manager who was horrible, mean and grumpy but they can generate outcomes better than the average, could better outcomes trump your gut feelings?
Sadly you’ll need to compromise. The best way forward is to carry out your due diligence to determine who can deliver the best outcomes. Then apply the ‘niceness’ test. It is normal, however, for most people to start with the ‘niceness’ test. But if a wealth manager passes your ‘niceness’ test, you will nearly always compromise on getting the best outcome.
The best outcome is a great relationship with great outcomes.
Now that is harder to find.
Or is it?
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