DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth (Wiley Finance)

September 10, 2019 - Comment

DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth DIY Financial Advisor is a synopsis of our research findings developed while serving as a consultant and asset manager for family offices. By way of background, a family office is a company, or group of people, who manage the wealth a family has

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DIY Financial Advisor: A Simple Solution to Build and Protect Your Wealth

DIY Financial Advisor is a synopsis of our research findings developed while serving as a consultant and asset manager for family offices. By way of background, a family office is a company, or group of people, who manage the wealth a family has gained over generations. The term ‘family office’ has an element of cachet, and even mystique, because it is usually associated with the mega-wealthy. However, practically speaking, virtually any family that manages its investments—independent of the size of the investment pool—could be considered a family office. The difference is mainly semantic.

DIY Financial Advisor outlines a step-by-step process through which investors can take control of their hard-earned wealth and manage their own family office. Our research indicates that what matters in investing are minimizing psychology traps and managing fees and taxes. These simple concepts apply to all families, not just the ultra-wealthy.

But can—or should—we be managing our own wealth?

Our natural inclination is to succumb to the challenge of portfolio management and let an ‘expert’ deal with the problem. For a variety of reasons we discuss in this book, we should resist the gut reaction to hire experts. We suggest that investors maintain direct control, or at least a thorough understanding, of how their hard-earned wealth is managed. Our book is meant to be an educational journey that slowly builds confidence in one’s own ability to manage a portfolio. We end our book with a potential solution that could be applicable to a wide-variety of investors, from the ultra-high net worth to middle class individuals, all of whom are focused on similar goals of preserving and growing their capital over time.

DIY Financial Advisor is a unique resource. This book is the only comprehensive guide to implementing simple quantitative models that can beat the experts. And it comes at the perfect time, as the investment industry is undergoing a significant shift due in part to the use of automated investment strategies that do not require a financial advisor’s involvement. DIY Financial Advisor is an essential text that guides you in making your money work for you—not for someone else!

Comments

Anonymous says:

Another Book Review From The Aleph Blog I am generally not a fan of formulaic books on investing, and this is particularly true of books that take unusual approaches to investing. This book is an exception because it does nothing unusual, and follows what all good quantitative investors know have worked in the past. The past is not a guarantee of the future, but if the theories derived from past data make sense from what we know about human nature, that’s about as good as we can get.The book begins with a critique of the…

Anonymous says:

When reading a book like this one I want to take away one or … This review will focus on a few points surrounding the research included in this Do It Yourself (DIY) book. DIY implies an investor with a bit of skill and motivation will be able to follow the models and arguments advocated in the book. Be advised that “DIY Financial Advisor” is not for beginning DIY investors.When reading a book like this one I want to take away one or more specific models I might use to manage a portfolio. While the authors provide several models,…

Anonymous says:

Interesting ideas in theory; difficult to apply in practice I’m a professional investor — an educated audience, if you will, and able to understand all of the content in this book. I do like the way they boil down lots of academic research into simple rules and guidance which in theory could be applied by a “DIY investor”.I should emphasize “in theory”: in practice, it would somewhat challenging to do what the authors suggest, at least in part because there aren’t great ETFs that execute their strategies, and doing it with…

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