For most of the last year I’ve been getting solicitation emails from the “Five-Star Wealth Manager” people, desperately trying to get me to pay them to make me look like some kind of nonsensical award-winner. Today’s really takes the cake.
Here was the email:
And here is the “offer:”
The lede of “Have you ever been quoted in Forbes magazine” is so infuriating I can barely tolerate it. This isn’t getting quoted, being perceived as a subject matter expert or even a knowledgeable professional. This is paying for the appearance as such. And paying nicely! This isn’t evidence that the advisor knows absolutely anything about markets, investing, investors, financial planning or anything remotely relevant to prospective client. This is evidence that the advisor has money to spend on marketing masquerading as journalism. Forbes is essentially prostituting (what might be left of) its brand to willing hangers-on.
Today’s lesson is: don’t be led astray by alleged financial awards that some broker or advisor might have “won.” Not here, not ever.