Wall Street Potholes: Insights from Top Money Managers on Avoiding Dangerous Products - Hardcover

Lack, Simon A

Hardcover

ISBN 10: 1119093279 ISBN 13: 9781119093275

Publisher: Wiley, 2015

Synopsis

Recognize Wall Street tactics for what they are, and make smarter decisions with your money

Wall Street Potholes shares insights into the money management industry, revealing the shady practices that benefit the salesman far more than the client. Bestselling author Simon Lack brings together a team of experienced money managers to give you straight-from-the-source intel, and teach you how to recognize bad advice and when it's better to just walk away. Investors are rightly suspicious that many products are sold more because of the fees they generate than their appropriateness to the client's situation, and that's only the beginning. This book lays it all bare so you can walk into your next deal with your eyes wide open. You'll learn just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible. You'll learn expert tactics for combatting these practices, so you can avoid buying overpriced products and confidently discriminate against advisors who put their own interests first.

For all the volumes of investment advice on the market, dissatisfaction with the financial services industry has never been higher. This book describes the reason for that disconnect, and tells you how to see through the smoke and mirrors to make the best decisions for your money.

• Discover the profit margin built into some popular products
• Learn the reason behind bundling and why Wall Street fears comparison shopping
• Consider the importance of benchmarking, and why so many firms avoid it
• Become better informed so you can easily recognize poor investment advice

If asking questions of your financial advisor only nets more confusion, if you want to have more control over your money, you need a firm grasp of how these firms manipulate your trust. Wall Street Potholes tells you what you need to know to become a smarter investor.

About this title

From the Back Cover:

WALL STREET POTHOLES

Most of us buy financial products and services with the knowledge of an amateur, and we are often vulnerable to an unscrupulous advisor. While the financial services industry is full of good people, there are too many "me-first" advisors who offer less than a fair deal for their clients.

In Wall Street Potholes, Simon Lack—bestselling author and investment guru—shares insights into the money management industry toreveal the all-too-often shady practices that benefit the salesman far more than the client. The author draws on his own experience as well as contributions of four experienced money managers to give you straight-from-the-hip intelligence about investing. Together they reveal how to recognize bad advice and when it's better to just walk away from anunprincipled advisor.

Wall Street Potholes includes a discussion about the potential risks of investing in non-traded Real Estate Investment Trust (REIT) ventures that provide substantial guaranteed fees to the broker while often generating disappointing returns for the investor. Discover just how big the profit margin is on different products, and why Wall Street intentionally makes things as complicated as possible to keep investors in the dark. The author lays out the proven tactics for combatting these practices and helps investors avoid buying overpriced products. Armed with the strategies outlined in Wall Street Potholes, investors can avoid financial advisors who deceitfully put their own interests first.

Make the best decisions for your money with an understanding of the real reasons behind the exercise of bundling and why Wall Street fears consumers that comparison shop. With this important resource as a guide, learn better portfolio management techniques and the significance of benchmarking and why so many financial firms avoid this necessary practice.

Wall Street Potholes is filled with illustrative examples, vital information, and time-tested strategies that will give you more control over your money and your financial future.

About the Author:

SIMON LACK, CFA, is the founder of SL Advisors, LLC. Previously, he spent 23 years with JPMorgan. Much of Simon Lack's career with JPMorgan was in North American Fixed Income Derivatives and Forward FX Trading, a business that he ran successfully through several bank mergers, ultimately overseeing 50 professionals and $300 million in annual revenues. He is the author of the bestselling book The Hedge Fund Mirage:The Illusion of Big Money and Why It's Too Good to Be True.

About this edition

• Publisher: Wiley
• Publication date: 2015
• ISBN 10: 1119093279
• ISBN 13: 9781119093275
• Binding: Hardcover
• Edition number: 1
• Number of pages: 256