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figured I'd share it

doing my annual meeting - old hat, covers the same material I always do, and I'll no doubt bore people to tears, but I came up with one observation I think is unique and possibly meaningful, and it explains a lot:

namely, for most people, expertise is assumed in a money manager

I've asked people about their money managers for YEARS
almost to a person they tell me that they 'trust' their manager/advisor
never once has a person told me "he really is a shady character, but I hired him anyway, giving him my life savings and personal information"
never once have I heard that - never once
always, 'I trust' him (usually a him).

In what other profession is expertise assumed?

teacher - don't think so - we've had too many incompetent teachers that we know are incompetent
bus driver - no
contractor - hardly
pastor - no
police - no
politician - no
doctor - yes (and no - kinda silly, the idea that a "doctor" is good if he spends 90 seconds with you)
dentist - yes and no (you can feel the problem with a problem dentist)
EMS people - yes, heck yes
lawyers - depends
money managers - always, unless evidence is overwhelmingly obvious

If expertise is assumed
fees don't have to be known
performance doesn't have to be measured
benchmarks don't need to be established
meetings can be a joke - focus on the food serviced
jokes and lots of football

almost everything i see about the money managers I've met has been
designed to impact the impression of expertise

sure, a lot do, but assuming this to be true? That is very, very, very unwise.
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