Some Advisors Don’t Know What They Are Doing

Matthew JarvisAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Everyone has an opinion on how you should run your practice. Here is how to know which suggestions are worth following.

My family and I lived on a boat floating around Florida and the Bahamas for six months.

As we were getting ready to set sail, I completely expected the salesman at the boatyard to try and sell me the most expensive options and upgrades. I was skeptical of every high-priced “must-have” accessory.

What caught me by surprise was all the other boaters – people just like me – who we encountered at the dock in the various marinas who would approach me and ask, “You know what you need to make your trip?” then they would list off expensive items I was missing.

At first, I was frantically scribbling notes, trying to keep track of all the wisdom my fellow mariners were sharing. But I reached a point when I realized all those guys were blowing smoke.