RIP Charlie Munger
I'll always remember him for this talk he gave on the Psychology of Human Misjudgement.
If you have an hour, it's well worth the time:
@Schwab4RIAs PLEASE improve your Solo 401k offering.
1. Add a Roth Solo 401k option
2. Make it easy for people to contribute to their account (Moneylink)
These items are table stakes in today's world and I can't believe they're not yet available on your platform.
In 2007, Charlie Munger gave a speech at the USC Law School.
It contained his most crucial ideas for living deliberately.
If you can master these 9 principles, they'll change your life (and help you live a better one):
@parkridgewealth@jasonzweigwsj@MichaelKitces Agree. As long as fees are in line with the services being provided, AUM can work great.
Also, wealthy people paying too much for financial advice isn't something the world should be too concerned about.
@parkridgewealth@jasonzweigwsj@MichaelKitces Advisors acknowledge this mismatch on the low end and impose fee/asset minimums. They're less concerned about the mismatch on the high end.
@parkridgewealth@jasonzweigwsj@MichaelKitces Agree that legal services are generally more transactional. My point is that the fee charged by any professional should tie to the actual services being provided.
In many cases, AUM is a poor proxy of the actual work being done for the client.