No one can be expected to be an expert in all areas of their business life. A good lawyer, a capable tax advisor, and an insurance professional should all be important members of your “money team.” I would argue that an experienced investment advisor should be part of that same team assembled by every individual investor.
I have been blessed with the very smart clients. I have learned a great deal from the money team that I have put together. One of the most important things that I have learned is that when I don’t know something, I acknowledge it without hesitation.
When you are investing other people’s money, you can’t hope to eventually “figure this out.” You have to be sure that you have the right answer the first time. The full disclosure of all investment risks is always the right answers.
The specialization in the business world today cannot be ignored. High level proficiency does not transfer between professionals these days.
If you are not especially gifted with investment management knowledge, take heart. You don’t have to know everything. There are professional investment advisors who do know.
You don’t have to take the time away from your family or career to figure out an investment management problem. The answer is already there. The complete explanation of every investment option can be clearly explained.
Have a conversation with an investment management expert. Develop a relationship with a knowledgeable, experienced, and trustworthy investment advice professional.
Your company 401(k) retirement plan account is likely one of the biggest pieces of your investment assets. There are independent investment advice professionals who can answer your investment questions about “what to own.”
More important is an investment management game plan of “when to sell.” This is the age of specialization. There is no reason on earth to continue to ride the stock market roller coaster up, and back down, every few years.
Ric Lager
Lager & Company, Inc.
