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Wealthfront, one of the big three robo-advisors, says low fees aren’t everything – an excellent arrow for human advisors’ quivers as well. Evan Powers exemplifies the benefit of having an advisor (and listening to him), as he recounts the sorry tale of Prince’s recent passing without a will. Michelle Waymire provides the bottom line for FAs’ social media usage, and Lance Roberts recounts the experiences of clients on their first day of retirement. Today’s Seeking Alpha Financial Advisors’ Daily Digest provides an embarrassment of riches for advisors, so I’ll try to keep this brief before getting to the links. First, I was struck by Wealthfront’s latest post. Of course, the robo-advisor par excellence is supposed to be advisors’ chief nemesis, and indeed the article is not shy about extolling its offerings as an investor’s ultimate solution. Yet, in arguing that ” investment fees matter, but taxes matter even more,” I believe the robo-advisor is perhaps unintentionally offering a pretty juicy bone to human advisors by saying, in essence, don’t sweat the small stuff like fees. And as if to prove that point, comes along one of SA’s newer contributors, Evan Powers, with an article about how Prince’s untimely intestate passing will cost his heirs hundreds of millions of dollars in avoidable fees and taxes. Powers is an investment advisor, not an estate attorney, and yet his highly intelligent and informed framing of the issue is a clear reminder of the value of having an advisor’s counsel. And speaking of intelligent and well-informed new contributors, Michelle M. Waymire offers a highly readable and clear description of what advisors need to know about using social media. I admit I’ve seen a fair amount of kitschy stuff on that topic, but Michelle has done the homework of going through the rulebooks and provides a bottom line in a simple and pleasant way. Before moving on to today’s links, it is my strong recommendation that you follow Evan’s and Michelle’s feeds straightaway to avoid the risk of missing their next articles. And as I mentioned, we’ve got some really great advisor content today: Your comments, as always, are welcome below. Scalper1 News
Scalper1 News