Comments on: I Am No Longer A Financial Advisor

By: Four Pillars Investing

Four Pillars Investing — Mon, 17 Nov 2008 10:04:11 +0000

[...] Preet is a financial advisor no longer! [...]

By: Preet

Preet — Sun, 16 Nov 2008 21:46:43 +0000

@ Truth – I think I’ll stand behind the many posts on this blog that would indicate my true motivation. Ironic that you would tell someone to “man up” standing behind a veil of anonymity.

By: Truth

Truth — Sun, 16 Nov 2008 12:57:32 +0000

Man up, you couldn’t face all your clients telling them to buy and hold and now they lost half their savings nearing retirement and now your running away.

Good Riddance.

By: The Financial Blogger | Financial Ramblings

The Financial Blogger | Financial Ramblings — Sat, 15 Nov 2008 11:31:57 +0000

[...] over Where Does All My Money Go is no longer a financial advisor! (maybe I should get his old book then [...]

By: anand

anand — Wed, 12 Nov 2008 13:25:51 +0000

Good luck on you new career path, I am sure you will be far more successful in future because you are a honest, sincere and intellectual person.

By: Cdnsage

Cdnsage — Wed, 12 Nov 2008 12:09:29 +0000

Preet,
I first discovered your educational blog after reading an article about you (Jonathon Chevreau)in the National Post. It immediately became must reading. Your truthful post(s)- especially your last one!! – combined with insightful industry commentary by John de Goey have led me to the exact same conclusion re: the state of the Finl Planning industry.

I had toyed with shifting gears into Finl Planning but discovered there is far too much inertia against quickly shifting to a ‘fee based’ or alternative model where the non-HNW clients can truly benefit from prudent advice, sound coaching, balanced perspectives … without the inherent bias in the commission system. As you stated the delivery model is broken. Technology (internet, discount brokerages, blogs) has empowered the DIY and is aiding in improving the average knowledge level … for those to care to seek out information. However the sheer amount of ‘financial pornography’ (Chevreaus’s comment) in the mainstream media continues to confound those willing to go it alone. Never mind people whose eyes gloss over the neverending list of Mutual Funds … people like my Mom come to mind.

Maximizing trailer fees, preserving AUM at all costs, ignoring the mounting evidence against the sound role of ETFs etc is NOT SOUND ADVICE. There is no incentive to change the system by those within the profession. Too much rides on it (think Saab, Audi etc) to hasten adoption of a more transparent model. The complete unwillingness to concisely disclose costs and ‘man up’ to this necessary dialogue underscores the rot in the system.

Best wishes on the new endeavour … for all our sake I hope it is …

1. Change agent;
2. Straight talker;
3. Champion of education;
4. ‘Pain in the a$$’ to existing industry structure;
5. All of the above

Over and out,
Adrian

“Heads we win, tails you lose” should be the

By: My New Job Part I : WhereDoesAllMyMoneyGo.com

My New Job Part I : WhereDoesAllMyMoneyGo.com — Wed, 12 Nov 2008 04:20:16 +0000

[...] through the comments section and through personal emails about yesterday’s announcement that I am no longer a financial advisor. I will respond en [...]

By: Nerd Money

Nerd Money — Wed, 12 Nov 2008 03:29:05 +0000

Now you have everyone intrigued Preet! Best of luck in whatever path you journey on. I selfishly hope you’ll continue to update this blog because I like it so much.

By: Thicken My Wallet

Thicken My Wallet — Wed, 12 Nov 2008 02:12:57 +0000

Congrats on the move. Looking forward to hearing more.

By: Rob

Rob — Tue, 11 Nov 2008 23:02:50 +0000

I’m a fairly new subscriber to your blog and sincerely hope you do, indeed, keep up with the blogging. It’s an amazing reference, including the “lap of the blogs”. My best wishes to your in your future endeavours!