Do Financial Advisors Utilize the Same Strategies which they Recommend to Clients?

Have you ever pondered the question… does my financial advisor practice what he/she preaches? Do they utilize the same investment products and strategies which they suggest to everyone else? Do they follow the same asset allocation guidelines which they are recommending to others? I think you’ll find the results of my study quite intriguing. Over the past month I’ve spoken with a random handful of financial professionals whom I’ve met over the years to ask them how they invest personally and plan for retirement:

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Enough is Enough with Social Networks

What is it about Twitter that people think their businesses can flourish based upon it? As a long-time blogger with solid experience marketing myself online, I just don’t get the whole Twitter-for-business model. Scratch that—I get it, but I don’t think it has long-term potential. Most of the time it’s simply advisors sending around links to their own websites trying to get their followers to sign on as clients. Taken directly from Twitters homepage, their mission statement reads: “Twitter is a service for friends, family and co-workers to communicate and stay connected through the exchange of quick frequent answers to one simple question: What are you doing?” Employees are trying to do more than just “stay connected” with friends; they are trying to create new friends, otherwise known as clients. When I got a call recently to comment on an article regarding marketing through Twitter, I responded that I’m not jumping on that bandwagon until it becomes mainstream and an absolute necessity for my business.

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Should high net-worth individuals purchase long-term care insurance?

In the past long-term care insurance has been purchased primarily by middle and upper-middle class people. The wealthy tend to ‘self-fund’ their long-term care needs with extra assets which would otherwise be included in their estates. But now, with long-term care costs rising dramatically and over 40% of Americans 65 and older needing some sort of long term care, better planning is needed to protect assets.* If we give further consideration to increasing life-spans and the diminishing effect the recession has had on many households in the $2-5M net worth range, it may make sense for more wealthy individuals to start purchasing long-term care insurance as both a hedge against these risks and a protective measure for future giving ability.

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