As An Investor, When Have You Taken Advantage Of?

As An Investor, When Have You Felt Taken Advantage Of?

                     By: Brendan Magee


I recently met with a client who is within 10 to 15 years of retirement who  had a number of investing problems they were dealing with. The problems were bothering them so much they told me they were grinding their teeth at night. The problems were as follows:

1. They had no idea what the brokerage house was doing with their money or if it was in any way helping.

2. Rarely heard from their adviser except when he was calling up to place a trade in her account.

3. Wanted to move their money away from their current broker but was terrified to do so because they had very little investment knowledge and was afraid they would make things worse if the money was moved.

Worst of all though they felt taken for granted. Having been a client for almost 12 years they noticed other advisers inviting people out to dinners or for coffee to say thank you and help their clients have more confidence about their investments. They wondered why their loyalty didn't even warrant a thank you. So they felt taken for granted.

My question is, has there been times in the past when you have felt as an investor your financial adviser was taking you fro granted? Please write back describing the situation and what you did to resolve the situation.

The best story wins a fabulous prize!!

Brendan Magee is the founder and president of Inevitable Wealth Coaching. To respond to the question, submit a question or comment e-mail brendan@coachgee.com or call 610-446-4322

Are You An Investing Role Model?

Are You An Investing Role Model?

by: Brendan Magee

Charles Barkley is known as a great basketball player and as an NBA television analyst. He's been quoted numerous times, but one of his most famous quotes is "I am not a role model." He was responding to questions about how he was behaving on the court and the impact his behavior could have on kids who look up to him. 

I ref basketball games, and have been doing it for the past 14 years. I have done high school, some college, as well as grade school level games. The other night I am officiating a game of seventh and eigth graders and early on in the game I called a foul against a kid who tried to block another players shot. There wasn't any doubt that he fouled him, plus it's just one foul and we were not at a critical point in the game.  So let's just play on.

The player reacted by turning around to me and screaming in my face for which he was assessed a technical foul. In behavior he very much resembled a lot of the pro athletes we see on television being paid millions of dollars  acting like a jack ass.

Kids don't know any better. They repeat behavior they see adults engage in, and this kid I am sure saw nothing wrong with how he reacted. Just about everyone, including his coach, disagreed with him. 

So pro athletes may not consider themselves role models, but their behavior absolutely has an impact on the behaviors and decisions kids make. 

I got to thinking people need good role models in all walks of life, investing especially. Whether you are the parent, uncle, etc. we want to pass down to our children a foundation for making good and prudent decisions with money.

So my question is this and I can't wait to read some of your responses. What are you doing to be a good investing role model for your children? 

Brendan Magee is the founder and president of Inevitable Wealth Coaching. To answer the question, submit a question or comment e-mail brendan@coachgee.com or call 610-446-4322.