This week I had a free consult with someone who has $3.5 million at a big-box firm.
His advisor?
A good friend.
That’s how most of these situations start.
The problem?
-He had no idea what his real returns were.
-No idea what fees he was paying.
-No idea if his money was being maximized—or wasted.
Not his fault.
Many firms don't make it easy to know.
Here’s the fix I gave him:
-Ways to position himself better
-Holdings worth a second look, including his bond allocation
-How to use the tax system instead of letting it use him
But even beyond the potential money, he was most excited about getting the right questions to ask to find out if it’s his friend—or the firm—holding him back.
Because if it’s the firm, it’s easy:
“I’m not a fan of the company.”
Friendship saved.
I see this all the time. It’s not that uncommon.
If you’re in the same boat, let’s talk.
You’ll walk away with clarity and the right questions to keep the friend but avoid paying for more than he's getting.
About the author
Founder of Jones Fiduciary Wealth Management. He spent nearly two decades on the legacy side of the industry before building a fiduciary advisory firm where the tax strategy comes first and the portfolio follows. Author of UnBrainwashed Investing.
