Does your advisor have skin in the Game

I was reading a number of industry articles and blogs today. One in particular struck a cord for me. It is a blog authored by Kim snider of Texas. http://kimsnider.blogs.com/
She was citing some work done by Kinnel who works for Morningstar.
She points out that many fund managers Don't have any skin in the game. That means that they are not buying what they are selling. The study showed that 59% of foreign stock fund manager had no skin in the game, 65% of Tax bond fund managers had no skin in the game, 70% of balanced fund managers had no skin in the game, 78% of muni fund managers studied had no skin in the game! WOW! How do you like those numbers!!!
I promise I will never sell a client a product I would not want to own or have my parents own!

Should you trust a financial fund manager that does not own a significant amount of the products that they manage. I would expand on that and apply it to brokers, insurance agents and advisors. Should you use any professional who doesn't put his skin in the game. I for one believe in what I offer my clients and have always put my skin in the game.

I thought it was great because it really made me think. Whats the difference between just being a salesman and being a really great advisor. A mere salesman is only concerned with selling you something. A great advisor or planner views themselves as a partner helping you grow your assets and meet your goals. I strive to be a great advisor. I view myself as a partner in helping you meet your goals. If you agree that that is what you want in an advisor I'd definitely be happy to speak with you about working together to HELP you meet your most important goals. For a great advisor its not just about the money. Frankly, I made more money before I became an advisor. You know what, I'm definitely happier doing what I am doing now! I spend a great deal of my time ,energy and assets on educating my clients. Sometimes it pays of financially and frankly sometimes it does not pay off. This is the way I would want to be treated so it is the only way I will treat my clients!!

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