Just a couple of years ago, “financial planner’’ was on lists of the best jobs. It paid well and was satisfying work. But that was pre-Madoff, and pre-meltdown.
Now those same advisers are having a lot less fun, working harder than ever trying to prove their integrity - and justify their fees - to clients who have lost big in the stock market’s two-year slide. The industry says it is changing in response, and the planner of the future may operate very differently than the easy-money adviser of the past.
The question for investors is more immediate: Is your guy (or gal) worth what you’re paying? Should you dump your adviser?
Don’t sever a helpful, good relationship simply because your accounts are worth less than they were two years ago. But there are ways to tell if you should keep the connection:
◼Do the numbers. The bottom line remains the bottom line. If you are paying an adviser to invest for you, that adviser should earn more money for you (or lose less) than you could do on your own.
Calculate your average annual return for the past five years, three years, and …
Read the original article at Boston
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