January 18, 2013
We recently had a client contact us who wanted to know what she was earning in our money market fund because she had heard that another advisor was claiming significantly higher earnings on what they had to offer. During my over 15 years in the financial advising and investment business I have encountered this kind of reaction from clients several times. My experience and gut told me that if we were truly comparing apples to apples in terms of financial vehicles, earning a return that the competing advisor was claiming was highly unlikely. However, we always give people the benefit of the doubt and I never claim to know everything!
I contacted several trusted resources including our broker dealer who had several employees who had recently worked for the competitor who was supposedly offering this higher interest rate. All of the sources confirmed that the competitor did not have such a money market fund that earns what they were claiming and that the product must be o…
We recently had a client contact us who wanted to know what she was earning in our money market fund because she had heard that another advisor was claiming significantly higher earnings on what they had to offer. During my over 15 years in the financial advising and investment business I have encountered this kind of reaction from clients several times. My experience and gut told me that if we were truly comparing apples to apples in terms of financial vehicles, earning a return that the competing advisor was claiming was highly unlikely. However, we always give people the benefit of the doubt and I never claim to know everything!
I contacted several trusted resources including our broker dealer who had several employees who had recently worked for the competitor who was supposedly offering this higher interest rate. All of the sources confirmed that the competitor did not have such a money market fund that earns what they were claiming and that the product must be o…