from Bloomingdale resident & Certified Financial Planner Chuck Donalies: "The Frugal Planner's Weekly Dispatch: What Financial Advisors Actually Do"

From: Chuck Donalies, CFP® [mailto:chuck=frugalplanner.com@mail10.suw15.mcsv.net] On Behalf Of Chuck Donalies, CFP®
Sent: Friday, March 11, 2016 9:00 AM
Subject: The Frugal Planner's Weekly Dispatch: What Financial Advisors Actually Do

The Frugal Planner's Weekly Dispatch What Financial Advisors Actually Do Volume 2, Issue 11 March 11, 2016 Like what you see? If so, please share with your friends and family? Here's an illustration of what a true financial advisor should do for his or her clients. Thanks to Bob Seawright for this image! What Does a (True) Financial Advisor Actually Do? I often meet with prospective clients who know they need some financial advice but they don't really understand what a true financial advisor will actually do for them. I completely understand why prospective clients confused and it's not their fault. I blame brokers and "advisors" who sell financial products and financial media that all too often focuses on short-term trading of the hottest stocks. Both groups mentioned above have conditioned consumers to think investment selection is the number one job of financial advisors (Hint: It's not). The chart above, created by financial advisor and blogger Bob Seawright, is a great illustration of the services consumers should expect to receive from a financial advisor. Notice how "Security Selection" is the smallest part of the pyramid - the complete opposite of what brokers and the media would have you believe. If you're working with a financial advisor and not getting all of these services then I encourage you to look for another financial advisor! Beating a Dead Horse (Not Literally, That Would be Gross) In last week's Dispatch, I discussed the Department of Labor's much-needed fiduciary rule and its opposition by the financial services industry and House Speaker Paul Ryan. Don't worry, I'm not going rehash the issue. However, I want to share with you a Dilbert comic that illustrates perfectly why the financial services industry is terrified of the fiduciary rule. How are brokers and other financial salespeople going to make a living if *gasp* they are forced to act in your best interest?? Scott Adams illustrates (literally!) why brokers in the financial services industry are scared of the Dept. of Labor's proposed fiduciary rule. Copyright © 2016 Donalies Financial Planning, LLC, All rights reserved. You are receiving this email because you are special. You're a beautiful and unique snowflake. That makes you a client, friend, family member, colleague, prospective client, or some combination of these things. Don't like what you see? Feel free to unsubscribe at any time. Our mailing address is: Donalies Financial Planning, LLC 52 R Street NW Washington, Dc 20001 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list