Road To Independence

The end of a year is always a good time to reflect upon the value that we as advisors bring to our clients. 2009 will certainly have its own set of challenges, but with this current bear market, helping our clients maintain their sanity has to be one of the most important items on our agenda.
With this in mind, I’d like to elaborate a bit on a recent meeting I had with a client.
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I am in the final stages of selecting a new custodian and I’m rethinking my long-time belief in diversification.

On the custodian front, I have spoken with six and have viewed a Web demo from four. There are pros and cons with each and a lot of different points to remember. To avoid confusion, I created a spreadsheet to keep track of their answers on various issues. These issues include the charge for buying and selling investments, reporting capabilities, the breadth of product offerings, etc. The charge for investing ranges from a low of $7 to a high of $35. Most of them, but surprisingly not all, include cost basis on their statements.
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There are a lot of things converging all at once. My Web site is officially launched, my new office is under construction and will be ready soon, and my decision whether or not to change custodians is quickly approaching. Add to this the challenge of managing money under the current environment and a new team in Washington and there is a lot to do. Where do I begin?
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This past week was spent largely on creating a Web site, talking to prospective new custodians, placing a large life insurance policy, servicing my clients, and trying to get a stubborn transfer from a contra firm. Where do I begin?

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