Financial Noise and Confusion

We often see ads on TV or read articles in various papers and magazines. Perhaps like you, when you see those that speak to your occupation, business and industry there can be some frustration and confusion. That is certainly true for me, almost to the point of being disgusted.

Just a small sampling from my perspective are as follows: “We are a fiduciary” (well, good for you, so is Virtus Wealth Management) this is a valid point meaning the firm is responsible to and for the client, and not the company they represent. Many firms are independent and are fiduciaries, just as many firms are not. This is not that unique.

Another one is,” I’d rather die than own an annuity”. Wow, really? All investment and insurance products have their shortcomings. No one product can secure one’s future. Most of the time it will be a combination of financial products. So, to comment that under no circumstances should one own stocks, bonds, real estate, annuities or any other product, in my opinion is very shortsighted.

The other one that gets me are ads claiming one can invest “absolutely free”, no commissions or fees, inferring that there is no cost. Again, really? So, how do these companies afford to pay for these ads. I have followed up with some of these firms to find out how they do it, and in many cases the fees/costs are hidden in various ways and sometimes in the products purchased. One has to realize there are “no free lunches”.

So much of what I see and read, at least to me, borders on deception.  Also, I have read in numerous publications, totally contradictory articles published on the same date. Talk about confusion.

So, what is one to do? Find an independent (fiduciary) firm with advisors you are comfortable with, that are transparent about costs, and have the capability of offering the full spectrum of financial products to meet all your concerns and needs.

I have worked on “both sides of the street”, and from my experience of taking clients through the “full cycle of financial life”, that is my recommendation. Forget the ads and read for entertainment.

The advisors at Virtus Wealth Management are only a phone call away. Our experienced staff can help you get on track with your retirement savings to help you understand what actions you need to take to work toward the retirement of your dreams.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.