Professor Ron Rhoades, my esteemed colleague (he’s esteemed, I’m certainly not) at Garrett Investment Advisors, has written prolifically about the need for a true (Bona Fide) Fiduciary Standard for investment advisers. His efforts and those of many others are starting to move the needle.
if you are making plans to trim your waistline, you may want to pare your exposure to stocks back to your planned allocation as well. Your plan should tell you to rebalance by selling some “riskier” stocks and buying more “safer” fixed income investments. But, which fixed income investments are safer?
When Professional Guidance Pays Off.
Even if you’re a staunch DIY investor, a financial professional can provide very useful input for retirement planning, estate planning, taxes, and more.
“As long as they don’t run away with our money or invest it in a Ponzi scheme, they have little in the way of accountability to us when something goes wrong. And even then it can be hard to fight back.”
Carolyn McClanahan’s conclusion– the focus on saving for retirement is a fallacy that needs to go the way of the rotary phone, but we still need to save and plan for the future because we have no clue what will happen in our life or the world. Embrace the fact that uncertainty is the only certainty. Basically, we need to enjoy life today and save for the day we become disabled and can no longer work.