13 Answers to 13 Questions

1. I operate as the Chief Investment Officer for my clients by collaborating with them and other professional advisers on retirement, life, and finance issues.
2. Every relationship I begin is very similar to the way you’d start a friendship, through a conversation or series of conversations whereby we are mutually attempting to discover if there is enough synergy to merit working together.
3. Interesting people who are intellectually curious, technologically savvy, and aware that the use of money is the only reason to have it.
4. Curmudgeons, lemmings, and the mentally apathetic.
5. Regularly as needed ranging from multiple times per month to every quarter, but no less than annually depending on the clients wishes. I prefer email, telephone, and web conference but will also meet face to face when necessary.
6. 40-60% of my time is allocated to working with clients and tasks directly related to maintaining our relationship.
7. If I’m awake, I’m available. From morning to night. I regularly speak with clients and their advisers outside of traditional working hours. Conversely I may not be available to chat on a Tuesday at 9 am if I’m talking with my wife and kids.
8. I’ll cap the number of client relationships at 75, currently I have about 60 (as of March of 2010).
9. Almost none. While this type of activity may lead to new prospects it does not enhance relationships or add value to my existing clients.
10. The simplest explanation is I attempt to buy assets at less than they are worth. What I buy and when I buy it is driven by my global macro economic view and fundamental analysis.
11. 30-50% of my time is allocated to investment and economic research.
12. In addition to the mandated continuing education requirements of FINRA and my broker dealer Commonwealth Financial Network, I subscribe to a myriad of magazines and newsletters, blogs, financial and economic websites, various podcasts, and read over 100 books a year. In order to synthesize the information into an actionable investment thesis I deliberate internally (which sometimes includes talking to myself) then engage in discussions to vet the ideas and learn new ones.
13. Typically I’m compensated with a quarterly fee based on the assets I oversee but can also utilize a flat, hourly, or one time consulting fee when appropriate. All compensation is clearly disclosed, documented, and discussed in advance.