So I will be looking for money managers on behalf of my clients, but I won't be doing it myself. It's a decision that's been emerging. I feel my skills with people serve that well, and there are people who don't have those skills who are better at the asset management portion. I come to the decision because we need to focus on our primary skill areas and that's what I'm doing. But I don't want to leave clients adrift for the asset management part.
Assets are a useful measuring device for fees.
That's not my purpose. I'm fee only. I think that people who think they're in the financial planning business need to make sure they're really there. If they're in the asset management business they need to make sure they become excellent asset managers. There's nothing wrong with managing money, but I don't think it's the same as financial planning, and I'm not sure we're not disturbing our compensation systems with this confusion.