Welcome!

Microsoft Cloud Authors: Pat Romanski, Andreas Grabner, Nick Basinger, Kevin Benedict, Liz McMillan

Blog Feed Post

Financial Experts – What Kind is Best?

That seems like a silly question…”I want a financial expert that makes money for me. Isn’t that what financial experts should do?”

To my way of thinking that’s exactly what a financial expert IS and what a financial expert DOES.

But for many in the financial advice business this is not so. Let me illustrate with a meeting that I participated in several years ago.

A friend of mine, who is in the insurance sales business but calls himself a financial planner, came to me because his business was struggling and well on its way to failing. He wanted my help to “right his ship”, rescue his company, and his net worth. I agreed to look into the situation on a limited basis.

One of the first things I did was sit in on one of his meetings, during which he made the following statement, “I know investments; I’m a financial expert.” His prospective customer was temporarily comforted by these words of authority, assurance, and promise of expertise – until the prospect probed a little further.

You see what my friend MEANT was that he was an expert at SELLING and PROMOTING investments. He had told me frequently that he could sell anything to anyone, but he had no clue about how to make money for anyone.  What that prospect wanted however, and what every smart client wants, is a person who is an expert at making investments that make money for the client. My friend had no expertise whatsoever at doing the latter – all he could do was sell investments and wish for the best.

Financial promoters sell you something and whether you make money at it or not, is a wish, not even a hope – though frequently they say things that sound right (I know investments…)

Financial experts provide investment management that directs you to the correct investments which produce a significant rate of return for you.  How can you tell the difference?

  • A financial promoter earns commissions on the investments that you make. A financial expert does not.
  • A financial promoter places your money with other people who manage it. This could be mutual funds, variable life or annuity contracts, wrap fee accounts and so forth. Then both the promoter and the manager earn income from the arrangement. I don’t know about you, but in the potato chip and dip business, it’s called double dipping.
  • A financial expert charges asset or management fees only when he/she is actually selecting the investments that go into your account. Choosing mutual funds in an asset allocation is NOT managing, this is promoting.
Conservative, intelligent, investment opportunities abound now and have done so since late 2008. Do your investment results over the last 5 or 10 years reveal that you rely on a financial expert or a financial promoter? Shouldn’t you trust you future and your retirement to a financial expert? E-mail me [email protected]. I’ll respond to your inquiry personally and confidentially.

Read the original blog entry...

More Stories By Dana Barfield

Dana is the president of The Barfield Group, which has provided industry leading Financial Advice, Investment Services, and helped people Plan for Retirement for more than 20 years. He is a frequent speaker and writer for a variety of industry, regional, and national publications on business ownership and wealth building related topics.

IoT & Smart Cities Stories
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DSR is a supplier of project management, consultancy services and IT solutions that increase effectiveness of a company's operations in the production sector. The company combines in-depth knowledge of international companies with expert knowledge utilising IT tools that support manufacturing and distribution processes. DSR ensures optimization and integration of internal processes which is necessary for companies to grow rapidly. The rapid growth is possible thanks, to specialized services an...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Scala Hosting is trusted by 50 000 customers from 120 countries and hosting 700 000+ websites. The company has local presence in the United States and Europe and runs an internal R&D department which focuses on changing the status quo in the web hosting industry. Imagine every website owner running their online business on a fully managed cloud VPS platform at an affordable price that's very close to the price of shared hosting. The efforts of the R&D department in the last 3 years made that pos...