@Devon_Eriksen_ Devon, what’s your view on AI enabling collectivist governments or organisations to process data and allocate resources as effectively as free markets?
@MarkMcGrathCFP@roicmatters Although I don’t pay for it, I often get a second opinion on financial decisions from certain advisor friends.
I find there’s quite a lot of blind spots, especially if your a “tightwad” like me who is making financial decisions for your whole family.
@MarkMcGrathCFP As an advisor, I watch the markets daily.
Not for myself but for my clients.
We have a passive/factor philosophy, and our clients know that the market will do its thing.
But I watch, because I know they will be, I want to anticipate how they’re feeling.
@dollarsanddata@parker_barnett9@dollarsanddata You may be interested in this perspective. This is a slide from my latest video that demonstrates how a US centric portfolio has much higher "Failure" rates from the perspective of a retiree when compared with a global index or factor diversified portfolio.
@Rick_Ferri@MarkTMeredith Can someone help with this:
If most AUM based firms take ~4 years to make a profit from on-boarding a batch of new clients, does that mean that fixed fee firms (that charge less per client) take longer to make a profit?
@MarkMcGrathCFP That’s unsuitable advice, surely she would sue him?
We have a financial ombudsman in the UK, not sure if you guys have a similar thing ?
@AbrahamOnMoney I’d call it “Preventing behavioural bias”, most people understand that we all have bias and they will have examples of the problems bias can cause in their own area of expertise that you can relate to.
@gags_sandhu@Rick_Ferri@NewRetirement@XillionApp The really hard thing is that investment/product providers all use different data sets. There is no uniformity of information. Normal investment accounts are easy, but pensions and other legacy products are a nightmare.
I guess AI could brute force it like we humans have to do.
@MartinSLewis@MoneySavingExp I think there is an error in this otherwise brilliant guide.
The 1 year of NI contributions gets you the equivalent of £303.90 of state pension. I think you have last year's figure here?
https://t.co/CtkGU3gLNN
@Rick_Ferri As an adviser, I spend a lot more time trying to convince clients it’s safe to retire - so long as they are willing to be flexible - than trying to convince them that a 7% constant withdrawal rate just won’t work.
To be retirees, see monsters around ever corner.