David E. Hultstrom, President of Financial Architects, recently explained why past-performance is not a great way to evaluate financial advisors. Essentially, no one has a working crystal ball. Hultstrom wrote the following in the May, 2023 edition of Financial Foundations.
Why would I leave out past performance in selecting an advisor, or current performance for an existing advisor? There are a few reasons:
So, while it is somewhat counter-intuitive, there are many factors that are useful in evaluating your financial advisor, but performance isn’t one of them.
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