I have been sending numerous e-mails to people, letting them know about my article reporting on The Silencing of Academic Researcher Wade Pfau by The Buy-and-Hold Mafia.
Yesterday’s blog entry reported on my correspondence with Joachim Klement, Chief Investment Officer at Wellershoff & Partners, Inc. Set forth below is the text of the e-mail that Joachim sent to me in response to the e-mail of mine described in the earlier blog entry:
I presume that there are lists of financial planners available, lists of people who belong to various professional organizations and this sort of thing. Say that I sent an e-mail to each person whose name is on such a list and asked whether, like you, they would be willing to occasionally contribute at a discussion board established for the daily exchange of ideas among financial planners who believe that investors should adjust their stock allocations in response to big shifts in valuation levels.>
Based on your knowledge of the profession, does it seem to you that this concept would get off the ground?
Are you able to say what list it would be best to work from? Any idea what percentage of planners would give a positive response? Would people be reluctant to share freely or are these ideas popular enough today that people would speak freely and frankly? Wade Pfau recently posted a comment to my blog saying: “in the last Financial Planning Association survey, something like 30% of planners say that they consider valuations when advising clients on an appropriate withdrawal rate.” Is that encouraging news? I personally find it shocking that the percentage is only 30 percent. But 30 percent would be a big enough number to get something going if a significant percentage of the 30 percent were open to becoming even a little bit active.
My question is — Do you think the time is ripe for something like this, based on what you know about your peers? I am a journalist. I ALWAYS want to move forward to exploration of the new. Professionals in this field tend to be a lot more cautious. But perhaps things have moved enough in recent years for something like this to get off the ground.
Are you able to offer any assessment of the practical possibilities here? Please do not tell me what I want to hear just because I want to hear it. If people in the field are not ready for this, I would be banging my head against a wall to push at this time. If the time is ripe, I believe that putting together a community of like-minded financial planners would make all in this group feel less isolated and would help them learn of more effective ways to promote the ideas and to advance their practices.