The real message is how you are holding yourself out there without experience, determined to share your experience learning the business by treating your clients as a laboratory. Yes, there is a nicer way to say that, but why not call it as it really is. This guff about ego… I guess the strategy is when you are defensive and have nothing else to say, attack on ego. Look at what I have written: There is nothing in what I have shared that gives you a sense of my practice, results, prowess or lack of prowess, etc. Absolutely nothing. So grow up and take the feedback or get off the blog, and decide if you will go out and get professional support for the benefit of you and your clients. Or decide to be a defensive hack. I hope you engage the former because getting feedback and deciding on a better strategy is never a waste of time, as you seem to indicate in your response. And besides, the industry needs more well-trained practitioners. I hope that you evolve into one of them.

As the shoe company says, just do it… with some professional help. If you want to speak in person, let me know. I will be just as direct and honest, which may not be to your liking.

Good luck.

I am reading here that advisors feel entitled to a learning curb; that they must cut their teeth on someone, eventually. Not true. First, no clients want their financial matters or hard earned money in the hands of a novice, except for mom and dad. This should not be a surprise to anyone with any sense of good judgment. So the question is; how do you go from starting into this business to experience while mitigating the risk to clients or yourself? You do it with joint work with advisors who are more experienced. That is the bottom line, and there are no short cuts. You do it as long as it takes. There is no time clock, only a commitment to results.

Allowing this writer to drone on about his learning experiences lowers the bar for beginners and all practitioners in the business. There are better and smarter options than making a go at it yourself. That is why there is no room for this column – it weakens the business and lowers standards. And this hurts clients who come to us for help. I have written to the editor offering to help in this regard, but no reply.

Sincerely,

Rich A.

We all know there are many Advisers/Brokers who intentionally or unintentionally practice non disclosure or partial disclosure. Instead they seek that strategy that pays the Adviser or broker the most. Many times they are not even aware that they do this. The regulators are trying to eliminate this negative practice of non disclousre or partial disclsoure but it is difficult to monitor all forms of communication of how this info is delivered (or not) to the client. It really comes down to the incorporating the highest ethical standards and professionalism that each of practices on a daily basis with our clients to make our clients successful and give them that “excellent” experience.
Once the foundation is laid to incorporate full disclosure to clients (which is Mikes post )then the advanced stage of the experienced Adviser is what is practiced( Rich A’s post)…. and full diclsoure becomes an instinctive behaviorial trait.
Even as an experienced Adviser I appreciate the reminders of best practices etc., I consider myself at Rich A’s level but appreciate the reminder of best practices and sometimes in the details of a “sophomoric” discussion I find something that I can improve upon. Thanks to you both for your posts!

Rita V

“Not drone on about sophomoric learning experiences”

Learning experiences from someone who took the steps before you is EXACTLY what this blog is about and many of us find it helpful. Not everyone pops out of the RIA womb knowing everything like you Rich.

Thanks again Mike, I hope you have a happy new year.

It has been painful to read these articles written by Mike Patton. The author should focus on learning the business and creating an excellent experience for his clients, not drone on about sophomoric learning experiences. Joint work would do a lot of good in his case, and in the case of many other new advisors. Let’s use this space for something more progressive, more advanced. Publisher: I’ve got a dozen ideas if you are interested.