Wall Street Journal Editor Fires Investment Adviser

In a recent Wall Street Journal article, editor Kevin Noblet describes he and his wife’s disappointing experience hiring a new investment manager, then firing him after only nine months. “By the time we fired our adviser in June, I was unhappy—and embarrassed. If anyone should know how to pick an adviser, I should. As an editor responsible for wealth-management coverage at The Wall Street Journal, I know what questions investors should ask about their services and fees, and how to check their records.”

Why was Noblet’s experience such a disaster? Many factors played a role. For one, the adviser was careless not to consider the tax implications of the trades he was making. But more importantly, Noblet chose an adviser who thought he could time the market… buying and selling based on short-term predictions, and destroying investment returns in the process.

I was having lunch with an investment banker client of mine today. I told him how I felt at a competitive disadvantage when competing for new clients because I don’t believe in trying to time the and the market, or even pick stocks. I talk about lowering fees, managing tax implications, and diversification. The kind of stuff that puts profit-hungry investors to sleep. My client shrugged and chuckled, and told me that was exactly why he hired me.

– Hank Nicholson, CFP

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