The Financial Industry is a Jungle Full of Parasites
Investors who manage to make some money over time may be unaware just how much they’ve lost due to hidden fees and how much more they could have made following low-cost, proven strategies based on the work of Nobel Prize winning economists instead of feeding the Wall Street beast. Investors who fare poorly often blame themselves, unaware they deserve far better. They think whatever their experience has been, is just the way it is.
We believe the traditional model limits choices available to both clients and broker reps. For decades, we’ve seen the financial industry recruit armies of salespeople, reps, training them to generate commissions and industry profits, placing tremendous pressure on reps to sell rather than solve problems. Reps quickly find themselves on a commission treadmill, always hungry for the next sale in order to “make their numbers (sales quotas).” The saddest thing we see is when clients believe their broker or rep is acting in their best interest even when the broker or rep is not a fiduciary and, in fact, has no requirement to act in clients’ best interest.
Non-fiduciary reps are only required to meet general suitability requirements which are the minimum necessary to avoid regulatory problems. Wall Street is fighting and lobbying hard to not be forced to meet higher standards. If that seems inconsistent with looking out for clients to you, you’re not alone.
A Better Way
We find very few investors are even aware of another world where clients are treated as capable of learning how markets really work and taught how to invest properly in ways designed to maximize investor returns rather than maximize industry profits. If the traditional financial industry model is the problem, then selling the same funds and products in a different way is just more of the same. The solution is coaching. Coaching is a process built on educating clients about how to act in their own best interest and providing a platform to help them reach their goals. Want to find out what you have been missing? Take the Investor Quiz.
Steve learned responsibility early on a farm in East Texas. From East Texas to the Marines, Steve fought for his country in Vietnam in 1965 and 1966. Steve has been fighting for people ever since. Blake has been working with his dad over a decade. Like Steve, Blake has a heart for serving people by solving problems. Blake wrote the briefs for a Medicaid Planning client whose case was challenged by the state, with the state losing in every venue, all the way to the U.S. Supreme Court. Like his dad, Blake was raised to fight for what’s right.
Fighting for Families Facing the Crisis of Nursing Home Care
For over a decade, Steve and Blake have been at the forefront of helping families who face the crisis of paying for nursing home care to preserve assets even when a family member is already in a nursing home and no planning has been done. They publish a newsletter with thousands of subscribers and have taught Continuing Education classes for attorneys, CPAs, CFPs, insurance agents, social workers and nursing home administrators, as well as regular workshops for the public.
Fighting for Investors
After being repeatedly asked to manage portfolios for existing clients, Steve & Blake established Rainey Asset Management to rescue investors from the 7 Deadly Investor Traps faced by investors. Get your copy of the Investor Awareness Guide by email to see if they sound familiar. If so, you deserve better!