The financial industry’s most trusted sources have given Dr. Weiss praise for his independent approach and unrivaled accuracy. The Wall Street Journal calls him “FEISTY.” The New York Times says he was “the first to see the dangers and say so unambiguously.” Fortune said he provides “The most comprehensive source” of information. And Worth says “Weiss’ record … is so good compared with that of his competitors, nervous buyers need look no further.”
Currently, Bill is the president, managing director and senior investment counselor of Plimsoll Mark Capital, a Maine-based firm that provides financial, tax and investment advice to wealthy families.
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Author Bio: Sam started Financial Samurai in 2009 to help people achieve financial freedom sooner, rather than later. He spent 13 year working in investment banking, earned his MBA from UC Berkeley, and retired at age 34 in San Francisco. Everything Sam writes is based on first-hand experience because money is too important to be left up to pontification. Visit his About page to learn more.
Agreed, there is a point for a lot of people where saving 1-2% in fees isn’t worth the extra time spent managing a very large portfolio. When I have $50 million of investments I don’t plan on being involved in the day to day operations the way that I am today.
While I understand your argument I would have a few opposing viewpoints on this:
Vanguard, the leader in no-load, low expense funds, believes that advisers are worth about 3% of your AUM for the value that they provide. Interesting….
On a side note, I just read last month that Index funds have come to take 20% of the market funds and growing. It makes me smile seeing that this growth here as in theory as the limit goes to infiniti again we will see lower fees, money taken out of the bankers pockets, and less volatility as everyone would just be following a benchmark and going for long term horizon (though we all know everyone has different risks, timing, needs etc) and of course we will always be chasing unicorns and looking for value stocks with our extra “troughs” of wealth to make the big returns but still I just don’t really see how the active management module can expect to grow when all the disruptive technology is out to displace the industry. Look into “RobinHood”, it’s an App I read about and downloaded on my iphone, they give 100% free trades to clients. The way they say they can do this is by keeping the interest on the investors un-invested money in their portfolios. That’s going to continue to drive the cost down if something like that takes off. Honestly, I think that the reason the finance industry is doing so well is mostly because of the 401k and the requirement for people to be in them (if you’re smart and you forfeit your match by not paying in – it’s practically a requirement). But looking at all the charts, you see that the majority of people’s wealth is in their home equity and their 401k, and the finance industry has been able to take over the 401k (think of who manages your portfolio – just yesterday I read that Fidelity stated the majority of their big young earners called “super savers” were using date funds – Fidelity and other brokers are getting the majority of their business right there from those 401ks). But hey, there is some merit to that because the majority Americans (and probably the world) are not financially literate so they need forced savings and someone else managing their wealth. It just surprises me how easy it is to dollar price average on the long term yet someone is willing to pay approx 1% in fees for an actively managed fund when the basic aren’t that hard. Maybe I’m just the minority though. My portfolio overall is up approx 8% this year compared to my 401k being down approx 8% (which I use the target date fund – go figure ;) ). So I’ve again beaten the actively managed fund and with a 16% absolute value spread no less.
These are great counter points Austin.
Check out: Who Is The Typical Financial Samurai Reader
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