Choosing the Right Financial Advisor | Part One: Work with Someone You Trust

As financial professionals, we’re often asked one simple question: “do you know what I should buy right now?” In truth, we don’t believe it’s possible to successfully predict market behaviors most of the time. But, we do believe that a qualified financial advisor can help you devise a plan for long-term success. In this episode of Unfiltered Finance, our own Tom Romano, Head of Strategic Relationships and Product Development, is joined by Symmetry’s Michael Storer, Senior Regional Director, and a financial advisor from our sister firm, Apella Wealth, Peter Leppones, CFP®, to answer a more important question: “what should you consider when choosing a financial advisor?”

If you have any questions or would like more information, reach out to us at https://symmetrypartners.com/contact-us/

You can also find us on Facebook, YouTube, Twitter, and LinkedIn. As always, we remain invested in your goals.

Symmetry Partners, LLC, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, excluded or exempted from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. No one should assume that future performance of any specific investment, investment strategy, product or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss.

Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions.

 

Please note the material is provided for educational and background use only. Moreover, you should not assume that any discussion or information contained in this material serves as the receipt of, or as a substitute for, personalized investment advice.

 

Transcript:

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Hello and

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 welcome to unfiltered Finance. I'm your host Tom romano.

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 And thank you for joining us this episode today. We

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 are talking about choosing the right financial advisor and

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 I have the perfect guests for this topic

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 joining us here today first and foremost Mike

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 store who is a senior Regional director

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 at symmetry Partners. I asked Mike to be

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 on the podcast because he works with thousands of financial advisors across

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 the country. He knows which ones

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 are doing the appropriate job and due diligence and

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 planning for their clients and the others who might be dare. I

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 say fake it Mike faking it and of

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 course a long time friend of mine Mr. Peter loponis

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 who's a certified financial planner and financial advisor

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 with Apollo wealth and happens to be

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 my personal financial planner. So gentlemen, thank you both for joining

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 us here today. You're welcome, Tom. Thanks Tom. Great to be here. I thought

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 this was appropriate topic for us to discuss.

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you know coming out of the pandemic I travel a

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 lot for business and I've been on many planes

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 over the last few months and you know, whether it's an

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 airport or

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Are sitting next to someone on a plane and just bring

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 up some small talk and people understand

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 that I'm working in the financial services a business.

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 And the first question. I always get is got any

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 tips. What should I be buying? What

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 should I be selling? Right? It's a very common question and for

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 years, my response has always been and I'm

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 a firm believer of this is the best advice I can give anyone in

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 that moment is to work with

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 someone you trust financial planner financial

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 advisor that's working in a fiduciary capacity. I

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 have a number of reasons why I say that but

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 Mike I'd love to hear it from your perspective. Why should

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 investors people planning for

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 retirement or for any other Financial need be working

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 with a financial professional? That's a great question.

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 I think you hit on it at the in your opening

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 remarks Tom is that

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You know.

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Having traveled the country for many

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 years working with a number of different types of advisors and meeting

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 with clients at the same time, you know clients have

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 different desperate needs in terms of when it

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 comes to financial Financial advice so they can

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 certainly learn about it on on a website if they

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 want to but I found that especially the

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 best advisors are working working with

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 clients and from that

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 perspective. I know who these advisors are.

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And I know they're doing a great job for their clients. And for me,

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 the one thing that comes to mind besides everything

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 else at a financial advisor does because I think about it in

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 my own world is comfort and peace of mind, right? There's lots

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 of different moving Parts when it comes to planning.

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And and what you're going to do with your money for the long term and even myself

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 being in this business, I worry about am I making

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 the right decisions? So I think a lot of it comes down

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 to peace of mind and comfort. I think that that's high

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 level. There's a lot of you can drill down from there

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 but I think for most clients if you think about it, it's getting that

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 pressure off of you and bringing a

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 professional and to make sure that you're meeting your life goals, whatever those might

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 be sure. No, absolutely. I think what I'm hearing you say, I

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 hear things like planning and long-term and Peter

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 I'll shift over to you. So

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 what I'm hearing Mike say and I loved for you to plan

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 on this when someone asks me got any tips,

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 why is that the wrong question?

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well, I think

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the answer they're looking for everyone wants something

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 that's exciting and and sexy that

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 they can tell.

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Their friends. I think you've used the term water cooler alpha or

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 Golf Course Alpha everyone thinks somehow because we're

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 sitting here on the inside. We're insiders. We've

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 got more information than than they do

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 as as retail investors, but

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 that's just not the case and and it's not about

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 hitting that home run with the stock because

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 if you're gonna be picking individual stocks, there's gonna

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 be some home runs in there, but there's got to be some singles and

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 doubles there's gonna be some losers too. It just

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 it's gonna happen statistically, but when

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 we talk about a plan and what

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 it can do for you long term the sense of confidence

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 that it's going to give you. That's what you really need. Hey, it's

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 great to be able to say Jesus I bought in at this stock when when it

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 was at 10 and it went to a hundred and in two years. It's a

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 great story, but

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Is better to have a sense of confidence and comfort with your

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 plan and with your financial outcomes, and that's why

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 sitting down and taking the time to go through a plan with a

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 cfp with someone who's a fiduciary is really in your

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 best interest versus getting that that hot stock tip.

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 Yeah, I would agree. The one thing that

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 I always comes to mind when someone says got any tips the first

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 thing I'm thinking well if I had some I wouldn't tell you I'd keep

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 it all for myself, right? There's wildly more Capital

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 to be to be earned when you keep those secrets to yourself right quick

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 short story. Tom and

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 Peter. My son is out in gainfully employed

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 in the Working World now and he has a little bit of money and he

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 asked me about a year ago a year and a half ago to Dad what

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 stocks should I pick? And so I immediately opened

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 up the Barron's journal and

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 I just looked at the stocks to pick now I said, hey, you

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 know, if you want to buy some technology, here's a bunch of Technology names. I said,

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 you know, the market has been involved, but if you want to buy stocks, here's a

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 couple of names that you can just

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Your portfolio. So of course he did that on my advice and

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 then about a year later. He

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 was blaming me because I'm the one that picked the stocks from in the

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 stocks were Downs.

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I just thought that was kind of interesting because it I did

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 exactly the opposite of what I should have said to him right in terms

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 of how we should be approaching these but you know, this was play

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 money for him. So I let him learn a little bit about what it

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 really means to invest in those types of questions of the wrong questions,

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 right as you just mentioned Peter and so I thought it was

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 a really good it was a it was a learning moment for him to understand that

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 you don't just pick stocks and they go up. Oh, absolutely and like

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 I I actually I do that with with clients. I'll

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 say to them.

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If you want to open up a small account and I

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 use the term your Casino money. Hey, you got to go to

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 the casino and sit there and maybe go out to dinner have a drink play the

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 slot sit at a table if you lose a hundred or 200

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 or $300.

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It was a night of entertainment you had a good time.

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I see take your Casino money and put it into an account and

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 buy a couple of stocks and just it's it's

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 good education for you. You might learn some valuable

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 lessons, but you're gonna pay really close attention. Even

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 if it's only five or 10 shares of a

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 company and you'll you'll learn a lot for it. So I think there is certainly a

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 value in that but with large sums of Money Retirement accounts

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 brokerage accounts. Absolutely not none of

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 this stock picking. It's got to be a low cost. Well Diversified portfolio.

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 So I'm hearing you say it's okay to sit in a

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 little bit.

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Any bit tiny bit? Absolutely. No, I didn't. You

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 know, I like to play the market myself, but I'm only doing

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 that with my my entertainment dollars not my

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 long-term assets that that my family

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 and I are going to need at some point in time. Right? So Peter

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 you've been talking a lot about planning right and and

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 I've been in this business for a long time as with you

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 you and I've worked together for many many years. I've noticed

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 the value proposition of financial advisor

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 has changed right at one point. It was that

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 stock picker many many years ago. So this

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 day and age what what do

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 you see as the value proposition to a financial advisor?

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In my opinion, it has to be the plan because that's

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 where we've had success as a firm. I've

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 had success as an advisor clients have had success

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 following that advice and and really

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 it's about the planning and that's the most

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 valuable advice. I give to my clients. Hey, we're with

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 a low cost. Well Diversified portfolio. We're going

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 to get a market return the market for us

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 taking risk. We will get a market return and my

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 return will be no different than my clients because we invest in very similar

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 similarly constructed portfolios, but

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 really

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Whether we get an 8% return 9% 10%

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 return long-term. It's really

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 the plan.

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That is is going to drive all that and just because

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 their portfolio is up a certain year that that's

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 great and they like to see that.

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But again, the plan is going to say well geez, I

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 know now I can retire at age 62. I'm

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 going to take Social Security at 67 when

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 I retire at 62.

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I'm going to be able to pay for my own health insurance until

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 I hit MediCare at age 65. I mean, those are questions

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 that aren't even related to a rate

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 of return or a stock pick or any of that. They're planning

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 questions, but they're extremely important to people the very

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 comprehensive list of questions versus should you be in a

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 60% stock 40% bomb for far beyond that

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 correct? Correct, but it's it's about the the layers and

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 the investment management risk reward asset

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 allocation being allocated appropriately.

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According to your risk tolerance that's all part of it. But you

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 do when I sit down with clients we talk about the

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 performance we talk about what the markets have been doing and we really start

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 to get into those those items Healthcare Medicare long

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 term care gifting money to people grandchildren

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 setting up a 529

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 accounts. All those types of things. These

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 are the goals and the things that are important to clients and they come

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 through the planning process. Yeah, that's extremely valuable right life

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 comes at you fast, and there's a number of instances in

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 my personal life where I've leaned on you for things that

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 are fun far beyond investable assets.

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So that's that's good. So what so far listeners out there.

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 I mean you're looking for a financial professional that

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 is planning focused.

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But also from a very comprehensive standpoint Beyond

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 stocks bonds mutual funds Exchange Trade

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 funds Etc.

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So let's one of the things that's a

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 change gears a little bit.

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You know, there's over 300,000 financial advisors in

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 the United States, right? The term

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 fiduciary comes up quite a bit and I'm

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 always surprised maybe I'm not as surprised

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 as I once was that investors are don't

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 necessarily understand that sometimes advisors are

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 acting any fiduciary capacity and sometimes

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 they are not before we

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 jump into that.

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Explain to us Peter. What is a fiduciary? Well, it's

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 it's the highest standard of care in in

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 our industry. And I've sort of I've been on both

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 sides of it. So I have to act in my

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 clients best interest not only being affiliated with with a

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 palette but also being a cfp and really

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 what that comes down to at the end of the day

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 is the type of

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Investment product. I'm going to refer to

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 everything as a product that we put our clients into and

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I've got a really focus on the cost the level

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 of care below a fiduciary. It's

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 referred to as the suitability standard. Does that mean if I'm

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 not a fiduciary? I'm doing something unethical absolutely not

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 the last thing I want to do because I again I was there I've worked

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 with clients where I was just doing by this suitability standard. I

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 was not a fiduciary at the end of the

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 day. I'm putting my clients into something that is putting more money back

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 into their pocket meaning the fees

236
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 and the costs associated with those products are

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 much lower. We have

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 no Front End Sales charges. We have no backend sales charges.

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 So I said to clients that are that are coming on board.

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I will bend over backwards to make sure that you are happy but at some

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 point if you don't realize the value

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 of our services or you chose to go elsewhere, you

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 can do that. You're going to be able to take what you have here and

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 move that elsewhere. You're not going to be tied up for three or

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 five or ten years. No surrender charges or big

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 fees to go acting in their best interest and that helps

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 to protect them. And I think it's extremely important that people

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 need to ask

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Are you a fiduciary is your firm of fiduciary? And how

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 do you work? So when?

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Investors are looking for a financial

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 professional to work with right what I'm

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 hearing someone the first things I should look for and they should ask about it potentially

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 even get it in writing. Are you acting any fiduciary

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 capacity? Are you acting in my best interest? Correct? They

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 absolutely should and and interview multiple

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 people Tom has

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 been not only a great client. But I've worked

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 with many of Tom's family members. Why because they come to Tom. Jeez

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 Tom. I've got some questions. Who should I work with? Well talk

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00:13:00.700 --> 00:13:03.400
 to Peter. So if you have a friend or family member who you

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 know works with an advisor ask for that that person's name.

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 And if they will if you have a friend or family member they'll

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 refer them over if they enjoy working with them. So I think that's a

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 good place to start but interview them there's many checklists

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 online and I think one of the things you want to ask about are

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 you a fiduciary understand what that means and it's

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 it's something important because there's

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 plenty of us out. There aren't as many as probably there should

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 be but there's plenty fiduc.

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He's out there for you to work with.

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Absolutely. You made a really good point. I was doing a little research.

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Knowing that we were going to have this.

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Talk today the three of us and you know,

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 the number one way investors find their financial advisors through

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00:13:42.700 --> 00:13:45.500
 through referrals. Right number two is through

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 you know online searches and things like that. So

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 I think that's that's really important

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00:13:51.200 --> 00:13:54.200
 when you're looking for financial audience advisor talk to your family

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 your friends people who have or may have similar Financial

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00:13:57.800 --> 00:14:00.200
 situations as you do but I

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 think you know, the important thing. Is that the very good question. Are

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00:14:03.600 --> 00:14:06.900
 you acting and a fiduciary capacity at all times, right?

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00:14:11.300 --> 00:14:14.100
We talked about the planning process one of the things I want to

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 touch upon and Mike will turn to you is that sometimes giving

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00:14:17.700 --> 00:14:20.700
 good advice means saying no not giving

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00:14:20.700 --> 00:14:23.900
 the client what they're looking for. Right and

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 I've seen advisors who act

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 as more of a facilitator

290
00:14:29.700 --> 00:14:32.400
 very high service level but whatever the client

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 wants they they get what are some of the Perils of

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00:14:35.400 --> 00:14:35.500
 that?

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The Perils are that you become all

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 things to all people and as I think

295
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 Thomas you have famously said if everything's

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 important nothing's important and

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 I think from the perspective of advice that we work with

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 it's it's you know

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 when you when you think about that kind of cafeteria style

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 service.

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It becomes very difficult to.

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Address clients needs concerns or

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00:15:05.500 --> 00:15:08.000
 fears because you know

304
00:15:08.700 --> 00:15:11.400
 in terms of of investment investment advice,

305
00:15:11.400 --> 00:15:14.400
 if you're if you've got clients that are in individual stocks

306
00:15:14.400 --> 00:15:17.800
 and you have clients in Diversified portfolios, or they're in a more passive

307
00:15:17.800 --> 00:15:21.200
 investment or they're in a tactical investment. You're constantly

308
00:15:20.200 --> 00:15:23.400
 pivoting to try to answer questions to

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00:15:23.400 --> 00:15:26.300
 all these different constituencies within your practice what we

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00:15:26.300 --> 00:15:29.700
 find in our in our work is that you know advisors that

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00:15:29.700 --> 00:15:32.400
 have a philosophy advisors have a way that

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00:15:32.400 --> 00:15:36.000
 they approach the capital markets and how they construct portfolios I

313
00:15:35.500 --> 00:15:39.000
 tend to do the best because their clients are like-minded and

314
00:15:38.400 --> 00:15:41.300
 it keeps them in their seats even when markets are

315
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 difficult. So having a

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Kind of a carte blanche or

317
00:15:46.200 --> 00:15:49.900
 I like to say cafeteria style investment or at

318
00:15:49.900 --> 00:15:52.300
 least offering makes it more difficult for you to keep your

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 clients in line. I think over time and I think what I

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00:15:56.200 --> 00:15:59.600
 like like best about being at symmetries, we do have that investment philosophy. That's

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00:15:59.600 --> 00:16:02.700
 straightforward. It doesn't deviate and most

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00:16:02.700 --> 00:16:05.000
 of the advice that work with us tend to have

323
00:16:05.100 --> 00:16:08.300
 that same philosophy. The interesting thing about that too is you notice

324
00:16:08.300 --> 00:16:11.300
 when markets are fairly volatile which where this is really important

325
00:16:11.300 --> 00:16:14.700
 is that you know investors that

326
00:16:14.700 --> 00:16:18.000
 kind of adhere to similar investment

327
00:16:17.400 --> 00:16:20.700
 strategy like symmetries is that they tend

328
00:16:20.700 --> 00:16:23.800
 to have less gap between What markets are doing and what

329
00:16:23.800 --> 00:16:26.300
 their Investments are doing because they tend to stay in their seats. They're not

330
00:16:26.300 --> 00:16:29.800
 moving around behaviorally moving in and out of the market or moving in and

331
00:16:29.800 --> 00:16:31.600
 out of Investments. And I think that's sometimes can be the

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00:16:32.400 --> 00:16:35.700
the offshoot of having a strategy where

333
00:16:35.700 --> 00:16:37.200
 you're just trying to be everything to everybody.

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00:16:38.800 --> 00:16:41.200
I'm going to unpack use it a lot of really yeah, I get

335
00:16:41.200 --> 00:16:44.100
 there. Sorry, but no. No, I just want to make sure our listeners get it to get

336
00:16:44.100 --> 00:16:47.700
 some really really good insight there Mike. So first

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00:16:47.700 --> 00:16:50.800
 and foremost you talk about an investment philosophy

338
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 and what I'm hearing you say is that we're talking

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00:16:53.700 --> 00:16:56.100
 about advice, right and if someone wants to

340
00:16:56.100 --> 00:16:58.200
 give advice you have to have a stake in the ground.

341
00:16:59.400 --> 00:17:02.300
You have to have that place where your your view on

342
00:17:02.300 --> 00:17:04.200
 how Capital markets work?

343
00:17:04.900 --> 00:17:07.400
And if you don't have that view you might fall into that

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00:17:07.400 --> 00:17:08.700
 facilitator capacity.

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00:17:10.300 --> 00:17:13.300
The other thing that she said I'm glad you

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00:17:13.300 --> 00:17:16.300
 said it as you talked a lot about behavior and what I'm hearing you

347
00:17:16.300 --> 00:17:19.500
 say is the study we've used many times the dial

348
00:17:19.500 --> 00:17:22.500
 bar study for our listeners. Could you talk a little bit about what that dial bar

349
00:17:22.500 --> 00:17:26.000
 research shows us sure is that it shows that the the investor

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00:17:25.200 --> 00:17:26.600
 over, you know?

351
00:17:27.600 --> 00:17:30.100
Many time periods. I mean they updated every year but it goes

352
00:17:30.100 --> 00:17:33.600
 back a number of years and it looks at what investors

353
00:17:33.600 --> 00:17:36.200
 do in terms of investing in

354
00:17:36.200 --> 00:17:39.600
 the let's say the S&P 500 as an index versus what the

355
00:17:39.600 --> 00:17:43.300
 index does and we find year in and year out that investors

356
00:17:42.300 --> 00:17:45.200
 tend to underperform the

357
00:17:45.200 --> 00:17:48.500
 index and the question always is Peter and you know this why

358
00:17:48.500 --> 00:17:51.500
 and it's because they're holding period is

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00:17:51.500 --> 00:17:54.600
 tends to be I think it's less it used to be in the old days three

360
00:17:54.600 --> 00:17:57.300
 three plus years now. It's three minus here. It's less

361
00:17:57.300 --> 00:18:00.200
 than three years of holding period of time, which means they're

362
00:18:00.900 --> 00:18:03.500
Behaviorally trying to in some

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00:18:03.500 --> 00:18:06.400
 ways time the market and so what we

364
00:18:06.400 --> 00:18:09.000
 try to do at least in as I talk

365
00:18:09.100 --> 00:18:12.300
 to advisors is to try to educate them and educate clients as

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00:18:12.300 --> 00:18:15.300
 well that you know, we want to close that Gap we

367
00:18:15.300 --> 00:18:18.200
 call that the the performance Gap right?

368
00:18:18.200 --> 00:18:22.000
 There's a gap between what investments do and what the investor

369
00:18:21.300 --> 00:18:24.300
 does right? We know this plenty of Dad out

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00:18:24.300 --> 00:18:27.100
 there to show that so how do we do that? Peter had talked about a little

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00:18:27.100 --> 00:18:30.300
 bit earlier is we look at things like, okay, what's important? How do

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00:18:30.300 --> 00:18:33.600
 we close that Gap? It comes from financial planning. It comes

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00:18:33.600 --> 00:18:37.000
 from portfolio selection, not necessarily portfolio

374
00:18:36.300 --> 00:18:39.400
 management, but portfolio selection in terms

375
00:18:39.400 --> 00:18:42.600
 of picking the right model of the right strategy for for clients

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00:18:42.600 --> 00:18:45.000
 education and communication with clients. I

377
00:18:45.100 --> 00:18:48.900
 think those are great ways that we see that behavioral Gap

378
00:18:48.900 --> 00:18:51.700
 closing through time and that and

379
00:18:51.700 --> 00:18:54.900
 ends up being a an experience

380
00:18:54.900 --> 00:18:57.000
 that clients will be with their advisors for a long time

381
00:18:57.300 --> 00:19:00.400
 because you focus on the things that matter not the investment

382
00:19:00.400 --> 00:19:00.700
 itself.

383
00:19:01.800 --> 00:19:02.700
a great computer

384
00:19:03.500 --> 00:19:06.800
You're the the man in the seat here. So talk

385
00:19:06.800 --> 00:19:09.200
 to us a little about that. Right? I mean that dial bar study is

386
00:19:09.200 --> 00:19:11.600
 pretty telling every year investors are underperforming.

387
00:19:12.300 --> 00:19:15.900
You focus on planning. How does planning help with the

388
00:19:15.900 --> 00:19:18.200
 long-term thinking that is required for

389
00:19:18.200 --> 00:19:20.500
 successful experience. It comes into

390
00:19:21.800 --> 00:19:24.500
Not only the planning but educating clients and

391
00:19:24.500 --> 00:19:27.600
 communication and the example I'll use and we were

392
00:19:27.600 --> 00:19:27.800
 all.

393
00:19:28.500 --> 00:19:32.200
working from back home during the the pandemic and

394
00:19:33.900 --> 00:19:36.200
the markets dropped about a

395
00:19:36.200 --> 00:19:36.800
 third

396
00:19:37.800 --> 00:19:40.700
so about 33% in about a month's time thinking

397
00:19:40.700 --> 00:19:43.600
 the numbers are 33% over 34 days 1/3.

398
00:19:44.300 --> 00:19:47.300
And we're sitting here stuck at home. We think the world is going

399
00:19:47.300 --> 00:19:50.400
 to end and my message to my clients because

400
00:19:50.400 --> 00:19:54.000
 it's the message of our firm message that I truly believe.

401
00:19:55.300 --> 00:19:55.700
And it wasn't easy.

402
00:19:56.400 --> 00:19:59.600
No, we're not doing anything this too shall

403
00:19:59.600 --> 00:19:59.700
 pass.

404
00:20:00.600 --> 00:20:03.600
You know, this is the.com bubble. This

405
00:20:03.600 --> 00:20:06.600
 is 911. This is the

406
00:20:06.600 --> 00:20:09.900
 great financial crisis of 2008.

407
00:20:10.600 --> 00:20:13.400
It doesn't necessarily matter what the event

408
00:20:13.400 --> 00:20:16.500
 is because everyone know Peter is a pandemic. It's different like you're

409
00:20:16.500 --> 00:20:20.100
 right, but you're not it's the uncertainty and what

410
00:20:19.100 --> 00:20:22.700
 lo and behold what happens after the

411
00:20:22.700 --> 00:20:23.900
 market drops a third.

412
00:20:24.800 --> 00:20:27.800
In March February and to March it

413
00:20:27.800 --> 00:20:30.700
 shoots back up. It comes roaring back why we

414
00:20:30.700 --> 00:20:34.100
 had no vaccine. We still were unemployment had

415
00:20:33.100 --> 00:20:36.200
 still not hit its peak because of

416
00:20:36.200 --> 00:20:39.900
 all the you know, retail and entertainment losses

417
00:20:39.900 --> 00:20:42.200
 that that took place in in this country and around the

418
00:20:42.200 --> 00:20:45.000
 world. We still have this crazy election in front

419
00:20:45.100 --> 00:20:48.800
 of us. There was still uncertainty but why why did it happen and I

420
00:20:48.800 --> 00:20:51.500
 don't think there's necessarily an answer but the lesson learned

421
00:20:51.500 --> 00:20:54.800
 is we stay in our seats regardless of what's going on because

422
00:20:54.800 --> 00:20:57.500
 the markets have they've always come back and I

423
00:20:57.500 --> 00:20:59.500
 believe any time we hit something.

424
00:21:00.700 --> 00:21:03.300
They'll come back again. We just don't know when so that

425
00:21:03.300 --> 00:21:06.100
 experience because I I think

426
00:21:06.100 --> 00:21:09.200
 you use the term staking in the stand or stake in the ground. That was my

427
00:21:09.200 --> 00:21:12.200
 stake in the ground. And now as we went through all of this in

428
00:21:12.200 --> 00:21:15.500
 2022 with all of the uncertainty and inflation and

429
00:21:15.500 --> 00:21:18.700
 gas prices and all of that impacting

430
00:21:18.700 --> 00:21:20.700
 the markets interest rates being increased.

431
00:21:22.200 --> 00:21:25.200
People said yeah, I remember what you said back during the

432
00:21:25.200 --> 00:21:28.200
 pandemic. So yeah, okay that that makes sense. It's the

433
00:21:28.200 --> 00:21:30.300
 messaging my messages consistent.

434
00:21:31.200 --> 00:21:34.000
And when people hear that, there's a sense of confidence like, you know what he was

435
00:21:34.200 --> 00:21:36.400
 right last time. He'll probably be right this time, too.

436
00:21:37.400 --> 00:21:40.200
Fantastic, and I remember that Panda right that

437
00:21:40.200 --> 00:21:43.500
 first quarter of 2020 was one of the top 10 worst

438
00:21:43.500 --> 00:21:48.100
 quarters in the United States history going back to 1926. The

439
00:21:47.100 --> 00:21:50.200
 second quarter of 2020 was one of the top 10

440
00:21:50.200 --> 00:21:53.400
 best quarters the United States ever experienced going

441
00:21:53.400 --> 00:21:56.200
 back. And and the funny thing is if we had

442
00:21:56.200 --> 00:21:59.200
 been if we had moved our money out of we did

443
00:21:59.200 --> 00:22:02.500
 not stay calm and we moved money out

444
00:22:02.500 --> 00:22:05.300
 of the market in March. What would

445
00:22:05.300 --> 00:22:08.700
 we have missed? When do we get back in? It's it's

446
00:22:08.700 --> 00:22:11.200
 difficult. It's difficult to sit there

447
00:22:11.200 --> 00:22:14.100
 when the market is dropping and say my gosh we have to do

448
00:22:14.100 --> 00:22:17.600
 something but you're also playing the same game when you get out. It's like

449
00:22:17.600 --> 00:22:20.200
 well if you get out, okay well, but then the market will eventually

450
00:22:20.200 --> 00:22:21.700
 come back. Well, when do you get back in?

451
00:22:22.600 --> 00:22:25.300
And and and we just see long-term what the

452
00:22:25.300 --> 00:22:26.600
 results are you're better off.

453
00:22:27.400 --> 00:22:30.500
Staying going dealing with the rollercoaster ride

454
00:22:30.500 --> 00:22:33.500
 staying in your seat versus making rash decisions based

455
00:22:33.500 --> 00:22:36.100
 upon fear and emotion Peter Michael. Thank you so much

456
00:22:36.100 --> 00:22:39.400
 for joining us here today that concludes part one of our discussion

457
00:22:39.400 --> 00:22:42.200
 on choosing the right financial advisor. I look

458
00:22:42.200 --> 00:22:45.200
 forward to continuing the conversation at part two, and if you want to

459
00:22:45.200 --> 00:22:48.800
 look at any of our previous unfiltered Finance podcasts, they're

460
00:22:48.800 --> 00:22:51.700
 available wherever you might be getting your podcast today. So,

461
00:22:51.700 --> 00:22:53.400
 thank you till next time bye-bye.

462
00:22:53.900 --> 00:22:56.500
Symmetry Partners LLC is an

463
00:22:56.500 --> 00:22:59.500
 investment advisor firm registered with the Securities and

464
00:22:59.500 --> 00:23:02.200
 Exchange Commission The Firm only transacts business

465
00:23:02.200 --> 00:23:06.200
 in states where it is properly registered or excluded

466
00:23:05.200 --> 00:23:10.000
 or Exempted from registration requirements registration

467
00:23:08.100 --> 00:23:11.700
 of an investment advisor does

468
00:23:11.700 --> 00:23:14.900
 not imply any specific level of skill or training and

469
00:23:14.900 --> 00:23:17.400
 does not constitute an endorsement of the firm

470
00:23:17.400 --> 00:23:20.500
 by the commission. No one should assume that future performance

471
00:23:20.500 --> 00:23:23.600
 of any specific investment investment strategy

472
00:23:23.600 --> 00:23:26.900
 product or non-investment related content

473
00:23:26.900 --> 00:23:29.200
 made reference to directly or indirectly in

474
00:23:29.200 --> 00:23:31.400
 this material will be profitable.

475
00:23:32.400 --> 00:23:35.400
As with any investment strategy there is the possibility of

476
00:23:35.400 --> 00:23:38.600
 profitability as well as loss due to

477
00:23:38.600 --> 00:23:41.600
 various factors including changing market conditions.

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