2 things

[j_koch]

1. Looks like prickish Republicans in DC and the TX legislature are getting put in check (by their own party)....for which I give them credit.
http://austin.bizjournals.com/austin/stories/2009/01/05/daily12.html?surround=lfn

2. I would

Comments

[roofless]

I recommend adding Arthur Levitt's book as well: Take on the Street: How to Fight for Your Financial Future
http://www.amazon.com/Take-Street-Fight-Financial-Future/dp/0375714022

He was appointed chairman of the SEC by Clinton, and had a lot of grand plans & ideas on how he would change the system & 'take on the street'. It was much more difficult than he thought.

the big "professional investment" firms, even if they promise or can deliver a higher ROI.

haha, they promise & can not/b> deliver. Quite a common misconception.

[j_koch]

"they promise and can NOT deliver"

that is what I figured, and have experienced..."assume a 7% annual return rate" seems to be all marketing and hype, but no delivery.

I have always wondered if/how the Series 6+, CFP and other financial planning certifications, etc really prepared the individuals to make well justified recommendations, etc.

and I don't see how it ever will until Wall Street becomes more disciplined in how it rewards well managed companies. Right now its only focused on day to day, maybe month to month, but not longer than quarterly performance comparisons vs expectations. No large organization (small, medium, or large corporations) should be making management decisions based on how they will be perceived quarterly by Wall Street. They should be managing for the long term health and viability of the company and all its STAKEHOLDERS (employees, retirees, customers, etc) not only its SHAREHOLDERS. Unfortunately, it appears to be the tail (Wall Street) wagging the dog (the companies mgmt decisions).

[roofless]

I have always wondered if/how the Series 6+, CFP and other financial planning certifications, etc really prepared the individuals to make well justified recommendations, etc.

The problem really lies more with the way the industry is set-up. There may be well-intentioned, knowledgeable investment advisors that come into the industry, but they are immediately immersed into a sales/reward/commission based system that doesn't reward performance so much as it does pushing a particular product.

When I first got into the industry, I was at a conference where one of the more advisor friendly fund companies was giving an education based presentation - where as the advisor would then take the information, formulate a strategy, and then use this fund companies indice related funds to create a portfolio. During the Q&A section, a seasoned investment "advisor" raised his and and asked "but what is the product that we need to sell

[j_koch]

I complete agree, especially with:
"The problem really lies more with the way the industry is set-up. There may be well-intentioned, knowledgeable investment advisors that come into the industry, but they are immediately immersed into a sales/reward/commission based system that doesn't reward performance so much as it does pushing a particular product."

I have see that many times over with friends who have gone through the certification testing and taken financial advising positions.

I don't have enough $$$ in my account for any "well-intentioned, knowledgeable investment advisors" (which I am sure do exist), to waste their time with me. But if I am smart enough to become rich enough to be able to get a fee-based account and therefore access to a "well-intentioned, knowledgeable investment advisors", I am going to be pissed if they assign me a kid like the one that wrote the posted article and Liar's Poker.

[dirtywest]

Craddick was DOA this year. He's made alot of enemies by being an unconscionable prick. Most Republicans ate humble pie in November, so they're trying to get back to the basics and kill off the remaining assholes in the party.

As a Repube blog reader, I'm enjoying the behind the scenes bloodletting that's currently going on. Maybe we can finally get back to fixing our country?