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Home > Dear Financial Advisory Office Down the Street:

Dear Financial Advisory Office Down the Street:

April 16th, 2007 at 07:01 pm

To Whom it may concern:

I'd have more confidence in your ability to provide up to date Financial advice if you updated the poster in the window to provide statistics to the end of 2006. Showing me stats from 2000 to 2005 do nothng to inspire confidence in your services and ability to provide up to date advice

Signed

An amused passer by.

Posted in Uncategorized | 4 Comments »

4 Responses to “Dear Financial Advisory Office Down the Street:”

  1. Broken Arrow Says:
    April 16th, 2007 at 07:40 pm 1176752407
    1176752407

    I am very suspicious of people who show only specific years, but especially those years. That's because we experienced the Dotcom bubble as well as the burst then, and that will tend to skew a lot of statistics.

  2. Fern Says:
    April 16th, 2007 at 07:44 pm 1176752682
    1176752682

    Financial services companies (including banks that sell mutual funds) are required by NASD/SEC guidelines to show performance to clients for specific time periods as follows:
    2007 year to date (that would be Jan-April);
    last 12 months
    3 years
    5 years
    10 years
    Since inception

    Performance figures shown to clients must also be "standardized," meaning, the numbers are NET of all fees and charges.


  3. yummy64 Says:
    April 17th, 2007 at 11:30 am 1176809441
    1176809441

    Fern,

    I don't know if we have that law here or not. This was some sort of a chart showing how different sectors of the market did (high tech, oil and gas, bank stocks) - I have to admit once I realised it was out of date I didn't spend much time looking into it. Just told me that as a financial advisor I'd like one that pays attention to the details better than they do...

  4. Fern Says:
    April 17th, 2007 at 01:15 pm 1176815745
    1176815745

    The NASD/SEC guidelines are in force on a national level, not state by state, but maybe what you saw was not mutual fund performance. These guidelines apply to mutual funds.

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