The “Madoff” Effect
As if life as a financial planner wasn’t hard enough - and trust me, unless you have a scad of multi-millionaires as clients, life if hard enough - it seems that the efforts of Bernie Madoff have made things even tougher.
This article on CNN explains how clients are now demanding ever more accountability and separation of adviser from money.
Never before has the role of a custodian been so important in selling investments!!
As the article mentions, there is a feeling that regulators didn’t do enough and now clients are taking a bigger interest in the well-being of their money.
To quote a very old investment trueism, “The return of your money is more important than the return on your money.”