| Blame Game |
| Letter submitted to Advisor.ca Published November 2009 I read with interest your article “Blame Game” and too bad the message won’t get out to those who really need to read it – the general public and the regulators. Like a failed marriage, there are probably things that both parties – the advisor and the client – could have done differently. And the blame may lie in part with advisors, clients, regulators and the companies producing the products. A good rule of thumb for both advisor and client; if it sounds too good to be true, it probably is. A trusted advisor can only be shown as such if he or she has processes in place, doesn’t chase returns, has extensive checklists and provides full disclosure to the client. I wouldn’t take on clients who chase 25% guaranteed returns. We can’t totally endorse the “Sears Culture” where the client is always right, and must promote an “Accountability Culture” where the client owns some of the responsibility. I always position my services like that with new clients. Today, due diligence is needed on everyone’s part and even if regulations become stricter, there will be abuses. Robert McEachern, CFP, CLU Chartered Financial Consultant LifePath Transition Strategies
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