Monday, June 28, 2010
Wednesday, April 29, 2009
Pros #1
Brenda Wenning of Wenning Investments was highlighted in today's Wall Street Journal for her active investment management approach.
Here's what the Journal wrote:
There is some evidence that advisers who practice the traditional buy-and-hold philosophy are losing clients to managers trying new approaches. Jeff Porter of North Canton, Ohio, left his buy-and-hold-oriented planner last year and moved his account to Brenda Wenning of Newton, Mass. Ms. Wenning had been a financial adviser for years at a firm that practiced a buy-and-hold approach but started actively managing clients’ money – in part by using leveraged ETFs – when she opened her own practice in 2008.
“I realized when I saw the market starting to change that the old buy-and-hold strategy just doesn’t work,” says Mr. Porter, whose account was already down 20% last year by the time he went to Ms. Wenning. She immediately shifted his investments into cash – a move he calculates saved him $80,000. Since then, he says, Ms. Wenning has been slowly moving back into the markets. His old adviser hadn’t bought or sold a single investment in his account last year.
“You’re paying these people a fee to manage your money,” Mr. Porter says. “They’re really not earning their keep.”
Here's what the Journal wrote:
There is some evidence that advisers who practice the traditional buy-and-hold philosophy are losing clients to managers trying new approaches. Jeff Porter of North Canton, Ohio, left his buy-and-hold-oriented planner last year and moved his account to Brenda Wenning of Newton, Mass. Ms. Wenning had been a financial adviser for years at a firm that practiced a buy-and-hold approach but started actively managing clients’ money – in part by using leveraged ETFs – when she opened her own practice in 2008.
“I realized when I saw the market starting to change that the old buy-and-hold strategy just doesn’t work,” says Mr. Porter, whose account was already down 20% last year by the time he went to Ms. Wenning. She immediately shifted his investments into cash – a move he calculates saved him $80,000. Since then, he says, Ms. Wenning has been slowly moving back into the markets. His old adviser hadn’t bought or sold a single investment in his account last year.
“You’re paying these people a fee to manage your money,” Mr. Porter says. “They’re really not earning their keep.”
Pros and Cons
This blog will highlight the good and bad, but not the ugly. The "pros" who have innovative marketing ideas or products ... and the "cons" who don't. Example: We need PROgress, but instead we have CONgress.
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