Money and Trust

My first employer had his landscaping business looted by his CPA, who then skipped the country. That incident planted a seed of mistrust in my mind for all financial service professionals (CPA, CFP, CFA, IFP, etc.).

Every time I hear people tell about “this guy” they know that does an outstanding job of managing their money, I can’t help but think of the very long and never ending parade of financial service professionals like this weeks example.

If I recall correctly, it was William Bernstein in The Four Pillars of Investing that, when outlining the perverse incentives that exist within the financial service industry, pointed out that the term service could aptly describe how a bull services a cow.