Does Your Financial Planner Really Need to be Local?

“They usually have two tellers in my local bank, except when it’s very busy, when they have one.” –Rita Rudner I recently attended a seminar about the state of the Fort Worth and Dallas housing market, put on by the real estate editor of the Dallas Morning News. He was talking about how demographic trends […]

I’ll Get a Financial Planner When I Have Money

“If something’s hard to do, then what’s the point?!” –Homer Simpson I try to make my fair share of networking events so that I can foster my weak connections. Most of the people I wind up meeting are mid-level executives, HR directors, project managers, account managers, and the like. I’m usually the oddball in the […]

Why Does Financial Planning Affect Your Net Worth?

“If you don’t know where you are going, you’ll end up someplace else.” –Yogi Berra Hey! Psst! Could you use an extra $185,750*? *It’s an average. No guarantees. YMMV. We all could, right? Want to know how? Read on. $307,750: Median wealth of investors who did financial planning, vs. $122,000 for nonplanners. #MONEYnumber — Money […]

Are There Cases Where It’s Appropriate to Have Someone Else Manage Your Money?

Cliff’s Notes Version: Yes. But not as many as the financial planning industry wants you to think. I’ve made no bones about the fact that I’m no fan of the assets under management fee based structure. I recently received a phone call from an assets under management firm owner who, once he calmed down after […]

Should You Focus on Time or Money in Your Financial Plan?

“Day, n. A period of twenty-four hours, mostly misspent.” –Ambrose Bierce “Income has no meaning when you don’t have time.” –Tim Ferriss When financial planners come up with plans, they’re always about the money. What’s the magic number you need to save to retire? How much can you save for your kids’ college? What will […]

The Psychology of Fiduciary Duty

“Happiness and moral duty are inseparably connected.” –George Washington When I was at West Point, we had to learn a lot about the traditions of the Academy. Some of it was rather arcane (“How’s the cow? Sir, she walks, she talks, she’s full of chalk! The lacteal fluid extracted from the female of the bovine […]