The Integritive Advisor, the quarterly journal of The Association for Integrative and Financial Life Planning, has published an article by me in its September issue. The article is entitled Humble Money Experts Are the Best Money Experts.
Juicy Expert #1: When it comes to admitting and correcting mistakes, I have found that the people who make a living in the money advice business leave a great deal to be desired.
Juicy Excerpt #2: As of today, not too many will tolerate uncertainty in financial advice. I think that needs to change. The reality is that we just don’t know it all. And pretending that we do is hurting both the people listening to money advice and the people giving it.
Juicy Exerpt #3: We’re trapped. We pretend that we know more than we do to stop ourselves from feeling the pain of uncertainty as to what to do with our money. But by doing so we block access to the one true remedy for that pain – enhanced knowledge of the realities.
Juicy Excerpt #4: These people are smart and good people. They are trying to help. I don’t think they really are helping, however. I think they are faking it. I think they are caught in a trap and that we all need to work together to find a way to get that trap opened.
Juicy Excerpt #5: Buffett said what he said and Arnott said what he said and the “ex-perts” went back to offering the same “nutty” and “mythical” advice that they were offering on the day before these statements were put forward.
Juicy Excerpt #6: Maryland Financial Planner Michael Kitces told me that he has spoken with a number of planners who are privately questioning the Passive Investing verities. But we need this questioning to go public. It does no good for the experts to have doubts if those doubts are not shared with the public.