Tom Cruise wanted to do a stunt. The Safety officer for the film said ‘NO’. What did Tom do? Get another Safety guy who would say ‘YES’
If you have choice and power over your choice, like Tom, you can change the outcomes if you don’t like the facts.
The title “We must face facts — even the ones we don’t like” comes from an article by Tim Harford in the FT.
In the world of wealth management, are the salespeople more likely to tell you something you want to hear or not? Do they follow the old adage ‘the customer is always right?’ On the basis they either manage your money or are pitching to manage your money, do you think they are more likely to tell you what you want to hear? I think we all know the answer to that!
If you want better outcomes, then you must face facts you don’t like. If your investment journey with wealth managers, private banks, investment advisers, stockbrokers…whoever manages your money, is made to have zero or minimal friction, so your journey is easy, how will you ever spot any problems? All too often advice isn’t really advice, it’s salesmanship.