NO MORE MR NICE GUY
DO YOU LIKE TO BE AROUND NICE PEOPLE? Work with them? Spend your social time with them? Is this a trick question?
IT IS SAFE TO ASSUME THAT, ALL THINGS BEING EQUAL, we would prefer the company of nice people. I know I would. Not phony nice but genuinely nice, good people. It makes my life easier and more pleasant.
IN THE LAST COUPLE OF MONTHS, I HAVE HEARD FROM A FEW too many people that their advisor “really is a nice guy (or gal)”. They enjoy their advisors company. Their advisor is attentive and responsive. They are always pleasant to work with; they send notes or comments on special occasions; provide tickets to a game or event; etc… They do many of the things that a friend would do – nice things!
I HAVE HEARD THIS COMMENT FROM PEOPLE STARTING TO WONDER if their advisor is making too much money off of them. Or in some cases, they are not sure how much their advisor makes. They know they make something. They comment about their adviser’s “niceness” as if it might be justification for maintaining the relationship.
GENERALLY SPEAKING, WHEN IT COMES TO NICE PEOPLE, DO YOU GIVE THEM MONEY? Because they are nice? Do you do this for friends? Or acquaintances? How about the mother of one of your children’s friends or schoolmates that you see somewhat infrequently. You always enjoy her company – she is very pleasant and, well, nice. Do you, say, give her $1,000 each year?
OR HOW ABOUT YOUR NEIGHBOR THAT YOU TALK with maybe two to three times a year for 20 minutes a time? Do you make sure he gets $2,200 a year?
SURELY THIS IS NOT AN APPROPRIATE COMPARISON THOUGH. Your nice adviser earns their fee (whatever it is) with their help. Or do they? Some people aren’t so sure. If this is you, it is wise that you make sure you are getting your money’s worth.
TO BE BLUNT, WHEN IT COMES TO YOUR FINANCIAL ADVISOR, get over the fact that they are nice. Once you begin to wonder how much they are making on your money and questioning the value of their guidance, ignore their “niceness”. It doesn’t matter.
YOU DON’T GO AROUND HANDING OUT MONEY TO OTHER NICE PEOPLE AND YOU SHOULDN’T DO IT FOR YOUR ADVISOR EITHER.