jerryking + financial_advisors   63

How I Avoid Confirmation Bias When Investing
Nov 8, 2017 | - The Experts - WSJ | By Ted Jenkin.

(1) Examine all evidence with equal rigor. If you have been sitting on cash during the stock market’s run this year or have been conservative with your investments choices, you may be feeling that you’ve missed out on big returns. And this could lead you to jump into some investments simply because you believe that the market highs will continue (and they have, after all), not because they are the right choice for your portfolio. I can remember a few years back when I thought I missed out on the 3-D printing run when those stocks were blazing.

You need to try to avoid such tendencies to accept confirming evidence without question by looking for real empirical data and evidence–and examining the evidence on both sides with equal rigor. For instance, consider whether the U.S. market is a better bet than international right now. Or, how the GOP tax plan will impact the markets. Make sure you ask yourself the tough questions.

In my case, I forced myself to first consider the downsides to investing in the emerging 3-D printing industry or what consolidation might happen along the way–and the effects it could have on the stocks I was considering. In the end, I took a pass.

(2) Get someone to play devil’s advocate. It has happened to the best of us, no matter our education or background in investing. You are at a dinner party or having a conversation in the kitchen at work when you hear someone say, “I just made 100% profit buying ABC stock, and this thing is just taking off.” When we hear of opportunities to make money, our interest is undoubtedly piqued. And if you hear a tip from a person you trust and like, chances are you will become convinced that it is, of course, a good idea.

Do yourself a favor and find someone you trust just as much to play devil’s advocate and argue the opposite. Ask the person to build a counter-argument using questions such as: What is the strongest reason to do something else? The second strongest reason? The third? What is the worst-case scenario? And can you live with it, if it happens? Then, consider this position with an open mind.

For me, it was a former boss. At times, I would grow frustrated with him because on the surface he would never agree with me when I presented an idea. Over the years, however, I realized it wasn’t really him challenging me as much as it was him challenging me to challenge my own thought process so I could be a better decision maker. His sage advice has made me a better investor today.

(3) Be honest with yourself about your motives. Have you ever heard the saying, “If you can see John Brown through John Brown’s eyes, you can sell John Brown what John Brown buys?” I think it applies to the way I’ve looked at investments in the past–and the motives behind my decisions. We often don’t realize the power of our own motives–and we aren’t honest with ourselves about what they are.

For instance, when I’ve made money in a stock in the past, I’ve felt that those gains justify holding onto to the stock for the long term–even if the stock isn’t performing as well as it once did. So now, when I start doing research about that stock’s prospects, I need to make sure that I am really gathering information to help figure me out the right time to sell the stock. This will help me to determine whether any long-held desire to keep an investment is rooted in sound financial reasoning or is just based on pride or another emotion.

(4) Don’t ask leading questions. One of the biggest mistakes you can make as an investor is to ask questions that set you up to get the answer you want–not the answer you need.....if you find that your financial adviser always agrees with your investment ideas, it may be time to find a different adviser. Healthy and heated debates with my adviser have allowed me to make better personal and business decisions over the years.
personal_finance  investing  confirmation_bias  questions  financial_advisors  worst-case  devil’s_advocates  biases  self-delusions  motivations  hard_questions  counter-arguments  red_teams  open_mind 
november 2017 by jerryking
Should the Middle Class Invest in Risky Tech Start-Ups? - The New York Times
Farhad Manjoo
STATE OF THE ART SEPT. 27, 2017

Jason Calacanis, a start-up investor who has bet on Uber and others, cuts an unusual figure in Silicon Valley..... Calacanis’s frankness regarding his tech-fueled riches. He states plainly what many in Silicon Valley believe but are too politic to say — and which has lately been dawning on the rest of the world: that the tech industry is decimating the rest of the planet’s wealth and stability.

Its companies — especially the Frightful Five of Apple, Amazon, Google, Facebook and Microsoft, which employ a select and privileged few — look poised to systematically gut much of the rest of the economy. And while Silicon Valley’s technologies could vastly improve our lives, we are now learning that they may also destabilize great portions of the social fabric — letting outsiders wreak havoc on our elections, fostering distrust and conspiracy theories in the media, sowing ever-greater levels of inequality, and cementing a level of corporate control over culture and society unseen since the days of the Robber Barons.......Calacanis is offering a much more dismal view of the disruptions caused by tech — and a more radical, if also self-serving, plan for dealing with it. To survive the coming earthquake, he advises, you need to radically re-examine your plan for the future — and you need to learn Silicon Valley’s ways rather than expect to defeat it......“Most of you are screwed,” he writes in “Angel,” arguing that a coming revolution in robotics and artificial intelligence will eliminate millions of jobs and destroy the old ways of getting ahead in America. “The world is becoming controlled by the few, powerful, and clever people who know how to create those robots, or how to design the software and the tablet on which you’re reading this.”....His book is intended as a guide for getting into the business of investing in very young tech companies at their earliest stages, known as “angel investing.” Mr. Calacanis is peddling a kind of populist movement for investing — he wants doctors, lawyers and other wealthy people, and even some in the middle class, to bet on start-ups, which he says is the best way to prepare financially for tech change.
Farhad_Manjoo  middle_class  angels  books  Jason_Calacanis  social_fabric  Apple  Amazon  Google  Facebook  Microsoft  Silicon_Valley  financial_advisors  start_ups  risks 
september 2017 by jerryking
He Saves Fashion Models From Financial Chaos - The New York Times
By STEVEN KURUTZAPRIL 8, 2017
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personal_finance  financial_advisors  fashion 
april 2017 by jerryking
You must do these two difficult things to invest as patiently as the greats - The Globe and Mail
TOM BRADLEY
Special to The Globe and Mail
Published Sunday, Jan. 15, 2017

Great investors have differences, but they share a number of key attributes.

They have an independent view. They feel no obligation to invest in something because others are doing it or because it’s a part of an index. Indeed, they prefer when a stock isn’t popular or heavily traded.

They buy when opportunities present themselves, not when the money is available. Cash doesn’t burn a hole in their pocket.

They buy assets that, in their reasoned opinion, will eventually be worth considerably more than they’re able to purchase them for. The key word being eventually. Their time frame is only slightly shorter than that.

They don’t get hung up on short-term events, although they do monitor them closely so they can take advantage of opportunities. Price movements and/or liquidity events may allow them to buy more or sell, and any new information can be used to update their valuation models.

You get the picture. Patient capital is focused on long-term value creation. It’s comfortable being out-of-sync with popular trends. And it doesn’t get distressed by market dislocations, it gets excited.

If working with a financial adviser, they have to understand and believe in the patient-capital approach. No prattling from them about quick stock or ETF flips. No recommendations of "hot" fund managers nor cold feet when short-term results are poor.

You want advisers and money managers who can live up to the traits listed above and, ideally, who are working in organizations that exemplify the same traits. You and your adviser have a better chance of being “patient capital” if the firm’s sales, marketing, product development and investment strategies are aligned.
Tom_Bradley  investors  long-term  strategic_patience  liquidity_events  personality_types/traits  dislocations  undervalued  opportunistic  unanimity  personal_finance  financial_advisors  contrarians  independent_viewpoints  financial_pornography  best_of 
january 2017 by jerryking
Hedge Funds’ Idea Man - WSJ
By JULIET CHUNG
Jan. 4, 2016

The 54-year-old Brazilian immigrant is part of a larger ecosystem of consultants who sell their investment beliefs to hedge funds. The funds, hungry for returns or cheap hedges for their portfolios, get fresh ideas that comprise or inform their wagers. The consultants, in exchange, often expect to share in gains tied to their ideas, they and their clients said.....The ideas don’t always result in profits. ...Such arrangements make some veteran investors in hedge funds uneasy.

“If your manager’s renting a lot of ideas, you have to question the value-add they bring to the partnership,” said Chuck Bryceland of New York-based Bessemer Trust, which advises wealthy families and individuals on investments, including in hedge funds. “We want our people generating primary trade ideas and doing the primary work themselves.”
investment_advice  investment_research  ideas  Wall_Street  money_management  private_banking  hedge_funds  shareholder_activism  traders  exclusivity  idea_generation  value_added  financial_advisors  high_net_worth  Bessemer  Bessemer_Trust 
january 2016 by jerryking
Do We Need To Fire PIMCO
SEP. 28, 2014 | Business Insider | OSHUA BROWN, THE REFORMED BROKER
Bill_Gross  Pimco  financial_advisors  wealth_management  personal_finance 
september 2014 by jerryking
Life Coaches for the Entrepreneurial Set - NYTimes.com
By PAUL SULLIVANFEB. 10, 2014

In order to work with me meant works,” Clients need to carve time out out of their schedules to work with me. Such coaches, after all, represent a somewhat amorphous profession. They are not psychotherapists who will mine the past for solutions to the present, nor are they strictly business consultants tasked with, say, fixing part of a company. Rather, they are people without prescribed credentials, though often with experience in the client’s field, who have won trust through experience or reputation to guide a client to an agreed-upon life, career or business goal.....many successful entrepreneurs who turn to coaches, wanted to do better. To some this means having more money; to others it means more family time. To still others, it could mean going to the next level in a career, starting a company or simply finding a way to be more present at work and at home.
entrepreneur  life_skills  coaching  financial_advisors 
february 2014 by jerryking
Due Diligence Gets Tougher: A loose term now means a whole lot more work
Aug 5. 2002 | The Investment Dealers’ Digest | by Barbara Etzel.

What constitutes enough due diligence anyway? It may be vague enough for attorneys to argue about, but there is no doubt that the bar has just been raised due to the steady diet of scandals and investors' mistrust of Wall Street. Attorneys say that the level of due diligence will continue to increase. That is because it will be up to advisers on all types of deals, stock and bond offerings as well as mergers and acquisitions, to make certain the company is complying with all the new laws that are being instituted. Corporations will need a policy for setting up internal controls and to have an independent audit committee. Their top officers will be required to certify the accuracy of their financial results, and those who falsely do so will face jail time and million-dollar fines. Companies will also be taking a closer look at their internal disclosure policies. That means that underwriters and their attorneys must understand what the company's policies are and make certain they are following them.
due_diligence  scandals  Wall_Street  investors  mistrust  financial_advisors  internal_controls  audits  disclosure 
september 2012 by jerryking
Wealthy client advisor
Nov/Dec 2003 | Journal of Tax Practice Management | by Mike Swaim.

Business owners and high net worth individuals are best served when their advisers provide them with timely and pertinent information.....Be a true advisor, not just an analyst, offer solutions.
financial_advisors  wealth_management  high_net_worth  indispensable  owners  solutions 
august 2012 by jerryking
A Road to the Rich
February 1998 | Financial Planning | Russ Alan Prince & Karen Maru File,
Gary Rathbun, president of Private Wealth Consultants in Toledo, Ohio, is profiled. One of Rathbun‘s most successful marketing strategies has been to work through intermediaries. Rathbun has created a niche for his investment advisory business by effectively positioning Private Wealth Consultants as a financial advisory firm with expertise in assisting wealthy individuals make charitable gifts. Private Wealth Consultants engages in 4 steps to creating relationships with nonprofits: 1. Demonstrate an ability to work with wealth donors. 2. Demonstrate expertise with charitable giving techniques. 3. Describe how to promote planned giving strategies to prospective donors. 4. Explain how the financial planner will profit from the arrangement.
financial_advisors  wealth_management  high_net_worth  charities  nonprofit  niches  investment_advice 
august 2012 by jerryking
The Future Unboxed
November 1999 | The Journal of Financial Planning pg 46.| by Lewis J. Walker
future  wealth_management  financial_advisors 
august 2012 by jerryking
Team Building
January 2005 | Worth | Matt Oechsli, author of Mastering High Net Worth Selling and president of Oechsli Institute, a consulting firm
financial_advisors  high_net_worth  wealth_management 
august 2012 by jerryking
Giving Great Advice
Janaury 2008 | HBR | Interview of Bruce Wasserstein by Tom Stewart and Gardiner More.

HBR’s editor, Thomas A. Stewart, and senior editor Gardiner Morse
spent many hours at Lazard and interviewed Wasserstein, setting out to understand how he creates value as a manager, as a deal maker, and as a counselor to CEOs. How does he attract and
manage talent, build and sustain knowledge businesses, size up companies and industries, and craft advice?

Wasserstein describes his approach as discovering whether a deal or strategy “makes sense.” Such sensemaking seems to underlie every move he makes, and it has paid off handsomely. Following is an edited presentation of HBR’s conversations with Wasserstein...first to execute deals really well and then to market that track record.

How do you develop individual talent? The idea is to create a hothouse where young talent is nourished by our culture and people are encouraged to think creatively, think deeply,
think about the long-term client relationship—but above all, think. I want them to reflect on what they are doing and why, and then wonder,“Can we do better?”

Talk about the advice business. What are CEOs looking for as you’re helping them understand the landscape? What do they
need that you’ve got? The point of advice is to create value. The
first thing in that effort is not to assume the banker knows more than the client. The second thing is to remind the CEO that corporations have to change in order to prosper and that inaction isn’t prudent—it’s radical. What we can do is help the CEO think through an array of options, partly by asking
the necessary questions, but also by inserting some very practical observations about the effects of specific decisions.
Good advice is at least as qualitative as it is quantitative....On the other hand, there’s the more qualitative part of the advice. This strikes me as being an underdeveloped side of most investment-banking relationships. Knowing the characteristics of the industry and possible consequences of a deal comes from having seen what’s happened in many companies and industries over time. So, for example, you might say, “Look, you need a very different mentality to manage this type of business than your other businesses. You have a process-oriented mentality, but you need a more market-oriented approach. Are you confident that you’re going to be able to keep the number two guy in the company you’re acquiring? Because the number-one guy will probably leave.”

Deals that make sense. Can you elaborate on that? Law school taught me to focus on dissecting premises. Anyone who’s a good logician can build an argument on just about any premises.
The argument may be taut, but the premises may be faulty. When we do deals, I always ask, “Are the premises sound? Is the risk exposure worth it for this particular company, and have
I protected my client’s back?” We proceed by identifying and evaluating qualitatively and quantitatively the key elements of risk in the transaction—overall economy risk, strategic
risk, operating business risk, financing risk, people risk. Similarly, you need to fully understand the upsides. What are the opportunities in cost cuts, synergies, internal development,
additional investments, or revenue enhancement? It’s useful to apply all the paraphernalia of mathematical science in an analysis, but focusing on the sense of things is a much better use of time. Part of determining the sense of a deal involves understanding the macroclimate, the broader context, which I think gets too little attention.

...We think of each deal in terms of a flow chart with a series of black boxes. Each box represents a facet of the deal—for example, valuation, financing structure, approach to the other party, negotiating tactics and deal process, taxes, legal structure, contracts, market reaction, and regulatory hurdles.
advice  argumentation  Bruce_Wasserstein  cost_of_inaction  dealmakers  deal-making  downside_risks  financial_advisors  financial_risk  howto  investment_banking  J.D.-M.B.A.  Lazard  logic_&_reasoning  M&A  market_risk  mergers_&_acquisitions  operating_risk  problem_solving  product_risk  risk-assessment  synergies  team_risk  upside 
july 2012 by jerryking
How to Build Your Financial Dream Team - WSJ.com
DECEMBER 31, 2011

How to Build Your Financial Dream Team

By KAREN BLUMENTHAL
financial_advisors  howto  teams  financial_planning 
january 2012 by jerryking
An insider’s guide to choosing a financial adviser - The Globe and Mail
ROB CARRICK | Columnist profile | E-mail
From Saturday's Globe and Mail
Published Friday, Oct. 14, 2011
Rob_Carrick  high_net_worth  financial_advisors  howto 
october 2011 by jerryking
Money Advice for Boomer Women: Get an Adviser - WSJ.com
SEPTEMBER 7, 2006 | WSJ | By VICTORIA KNIGHT. Many Could Reap Benefits From Professional Help With Financial Issues.

In addition to holding a growing slice of the U.S.'s wealth, women are generous with referrals and, though they are less willing to take risks than men when it comes to investing, women are more likely to stick to their decisions, advisers say. Studies by OppenheimerFunds, Prudential Life and Allianz Life, among others, back up the anecdotal evidence.
women  financial_advisors  baby_boomers  investment_advice  anecdotal 
october 2011 by jerryking
Did your adviser get a million-dollar bonus? - The Globe and Mail
TIM KILADZE
From Tuesday's Globe and Mail
Published Monday, Dec. 06, 2010

With an aging population, a hot equity market and a plethora of
investors looking for advice in the wake of the financial crisis, Canada
is ripe for wealth management services.

There’s just one problem: There are only so many high-quality advisers
to go around.

The competition to attract those top advisers is heating up, pitting
independent investment dealers against the big banks in the race for
Canadians’ $1.7-trillion in investable assets. Signing bonuses for elite
advisers can now easily exceed a million dollars.
financial_advisors  high_net_worth  Canaccord_Genuity  Richardson_GMP  Macquarie  wealth_management  high-quality 
april 2011 by jerryking
Well-off investors a determined lot
Oct. 06, 2010 The Globe and Mail MARLENE HABIB. pegging the
personality of each client isn’t straightforward, notes Hamish Angus,
managing director of ScotiaMcLeod.

“If you put four HNW clients in a room, you will get four different sets
of needs. The key is to provide highly personalized and tailored advice
with a collaborative approach, to bring together a team of financial
experts at the table with the clients’ other professional advisers, such
as tax accountants and lawyers, to provide creative and customized
solutions on an ongoing basis and give clients alternative solutions.”
high_net_worth  financial_advisors  wealth_management 
october 2010 by jerryking
Provide true value or advisers are 'toast'
April 12, 2010 | G & M | DAN RICHARDS. "punctuated
equilibrium" is working its way through the fin. industry. The late
scientist, Stephen Jay Gould, identified this concept. His insight was
that while change is a constant, the pace of change isn't - for
millennia, species have gone through centuries of slow, almost
imperceptible change, interspersed with short periods of incredibly
rapid and intense shifts. In the last 30 yrs, most industries have had
to adapt to an entirely new set of rules. Change agents like Wal-Mart,
Costco, & Amazon.com have reshaped retailing. Mfg has been
transformed by globalization & China. The Web has decimated the
traditional biz model for newspapers. Svcs. have seen the effects of
off-shoring. The investment industry is going through that same epochal
transformation. Defining tomorrow's winners is their ability to
demonstrate clear, compelling, discernible value: not a plan itself, but
what a plan accomplishes, and the communication of what the plan achieves.
financial_advisors  Dan_Richards  indispensable  competitive_landscape  generating_strategic_options  adaptability  Charles_Darwin  evolution  value_creation  theory_of_evolution  financial_services  disequilibriums  change_agents  constant_change  value_propositions  Communicating_&_Connecting  accelerated_lifecycles 
august 2010 by jerryking
Be The Advisor Who Helps Business Owners Respond To Change
Dec 1, 2008 National Underwriter | Life & Health | by John H Brown.

The US and world economies are changing fast. As an advisor to business owners, you know that, as a group, they are not as uneasy about the stock market's wild fluctuations as are the rest of your clients. You must reach out to your business owner clients. It is your job to understand that owners can still achieve their goals, to implement the strategies necessary to reach those goals and to share that information with your clients. Once business owners are clear about their objectives, you can evaluate the business and personal financial resources available to fund those objectives. Central to any company's planning is the need to motivate management to attain specific performance standards, such as meeting budget or reaching a specific sales goal or perhaps a departmental profitability objective. The current financial storm is not life threatening for most of your business owner clients -- if they respond.
ProQuest  financial_advisors  small_business  JCK  entrepreneur  passions  passion_investing  impact_investing  indispensable  owners  generating_strategic_options  objectives  control_systems  rewards 
february 2010 by jerryking
Marketing Your Business for SUCCESS
Nov/Dec 2005 | International Journal of Pharmaceutical
Compounding | by Russell A Waddill.
(1) product/service, (2) target customer, (3) value proposition
(competitive advantage in the market), and (4) value chain (how you
deliver your product/service to the customer).
ProQuest  JCK  marketing  small_business  financial_advisors  value_chains  value_propositions 
february 2010 by jerryking
BREAKTHROUGH Business Development
Breakthrough Business Development
By Duncan MacPherson and David Miller, John Wiley & Sons Canada Ltd.
blog  business_development  financial_advisors 
february 2010 by jerryking
Snowbirds: What you should know before heading south
Jan 25, 2010 | The Globe and Mail | by Terry Ritchie, who is a
certified financial planner with Transition Financial Advisors
specializing in Canadian residents making the transition to the U.S.
Group, Inc. He is co-author of The Canadian in America, The Canadian
Snowbird in America and The American in Canada, all published by ECW
Press Canada.
snowbirds  crossborder  financial_advisors 
january 2010 by jerryking
Financial Adviser: Family Offices Turn 'Multi-Family' - Financial Adviser - WSJ
September 28, 2009 | Wall Street Journal | by Kevin Noblet.
"Faced with shrunken portfolios and high costs, many families with these
dedicated investment offices are joining forces with other families, or
outsourcing certain functions, or turning over their entire operation
to a bank or brokerage house. "
wealth_management  family_office  high_net_worth  financial_advisors  high-cost 
september 2009 by jerryking
Financial Adviser: A New Landscape Of Wealth Managers - Financial Adviser - WSJ
September 28, 2009 | Wall Street Journal | by Kevin Noblet.
"Some of the biggest winners were smaller old-line private banking
outfits, which benefited as last fall’s financial crisis rocked some of
the giants to their core. Bessemer Trust, formed more than 100 years ago
to manage the money of the Phipps family, partners of Andrew Carnegie,
shot up to No. 13 in the ranking from No. 20 last year. Northern Trust,
long a favorite home for Midwest fortunes, climbed from No. 13 to No. 8.
Fiduciary Trust, started during the Great Depression to serve the
anxious rich, leaped to No. 29 from 37."
wealth_management  high_net_worth  financial_advisors  Bessemer_Trust  boutiques  competitive_landscape  decreasing_returns_to_scale  economic_downturn  event-driven  emotional_connections 
september 2009 by jerryking
When you're drowning in knowledge, it's experience that counts
Aug. 20, 2009 | Globe & Mail | by Dan Richards. The key
to success today is no longer knowledge and information alone; more than
ever it's the discipline, experience, perspective and insight to know
what to do with that information, something that only comes from the
battle scars earned working through multiple market cycles....The bottom line is simple: If knowledge alone drives success, then years of experience may be less critical than intellect and analytical prowess. But in a time of market uncertainty such as we see today, intellect and knowledge alone aren't enough. Financial advisers and money managers also need the acumen that only years of hard-won experience can bring.
business_acumen  commoditization_of_information  Dan_Richards  discernment  experience  financial_advisors  information_overload  insights  investment_advice  money_management  pattern_recognition  uncertainty  wisdom  self-discipline  judgment  perspectives 
august 2009 by jerryking
Financial lessons from the King of Pop
Tuesday, July 14, 2009 | Globe & Mail | THANE STENNER. (1)
Spend within your means. (2) Don't let emotion get in the way. (3) Keep
your estate in order. (4) Hire good help, and stick with it.
high_net_worth  financial_advisors  lessons_learned  Michael_Jackson  Thane_Stenner 
july 2009 by jerryking
When the love is gone
November 18, 2008 | Globe Investor Magazine | by Rob Carrick
Rob_Carrick  financial_advisors 
may 2009 by jerryking
FT.com / Reports - Me and my adviser: It’s who you know that counts
Published: March 27 2007 02:08 | Last updated: March 28 2007 11:34 FT by David Wighton in New York
high_net_worth  real_estate  relationships  private_banking  Citigroup  financial_advisors 
march 2009 by jerryking
Trolling for Big Fish
New York: Sep 1, 2003. pg. 1, On Wall Street., by Kip Gregory. :
The Net can help you succeed in the high-net- worth market. Here's how.
Kip Gregory heads The Gregory Group (www.gregory-group.com) in
Washington, D.C., which helps financial advisors and their firms
increase productivity. His book, Winning Clients in a Wired World: Seven
Strategies of Leveraging Technology and the Web to Grow Your Business,
will be published later this year by John Wiley.
high_net_worth  howto  books  financial_advisors  book_reviews  management_consulting  customers  customer_acquisition 
march 2009 by jerryking

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