Something interesting is happening right now. We have lost some accounts.
I mean, it’s not like we haven’t ever lost an account before; sometimes people move away, sometimes they want to go in a different direction, sometimes one of us figures out that we are not really the best fit.
But lately we have lost some accounts that really don’t make sense, and that makes me concerned that the Self-Appointed Guru is back in town.
The Self-Appointed Guru is the guy that has been licensed to sell investment funds or insurance for just a few months, and so clearly that makes them an expert. Just ask them, they are quick to tell you how smart and well-trained they are.
The Self-Appointed Guru is the guy that shills the product with the best past performance, assuming that it is reasonable and logical to extrapolate past performance into the future.
The Self-Appointed Guru usually represents a limited number of companies, but that’s okay, because their company always has the best products for all situations.
It’s not uncommon for the Self-Appointed Guru to be full of zeal and enthusiasm for their new employment. It’s a nice change from the job that they had just a few months ago, which was in a completely unrelated field.
So what makes this person a Guru anyway? Why, they did it themselves! After all, they are self-appointed!
Folks, here is the thing. We are seven years into a bull market. As a refresher, here is what that means.
Do you really think that this is the right time to turf your diversified, practical, and efficient strategy based solely on the bold claims of the Self-Appointed Guru?
What could go wrong with following the advice of the Self-Appointed Guru, you ask? Well, just wait and see.
Brad Brain, CFP, R.F.P., CLU, CH.F.C., FCSI