Founder and CEO of Moenio, was recently interviewed by The Miami Herald on Monday, Q&A. Similar to Business Insider, Bloomberg Radio, and the New York Times, The Herald wanted to understand how investors can be certain they are working with not only a good but great advisor.
As Kevin explained, “the key area is to match investors with reputable, experienced financial advisers who will fit the investor’s specific needs.” One area of interest during the interview, as it relates to both Bernie Madoff having many clients on Miami Beach and in Aventura as well as Allen Standford, “how can someone be sure their advisor is not going to Madoff them,” which Kevin replied, “if it looks too good, it probably is too good.”
“For our clients it comes down to three core compentancy’s:”
- Is the performance being delivered good performance – not great, not knocking the ball of the cover – but good, risk-adjusted return. Every client should demand this from their financial advisor
- Are the fee’s fair and, more importantly, transparent? Over a three-year period of time how much did the advisor make versus the client in return. This is the question we ask
- Communication: this is often times not considered important but communication involves reporting (I want to know at any time how I’m doing), sharing of ideas (can I understand what you are telling me and is it in my best interest), and the advisor or team being “nice people.”