Dow Jones – Avoiding Bad Advice Reaps Retirement Rewards

 Our Comment by J. David Lewis:  This article illustrates how people who mean well, but do not have real world experience in helping clients navigate through the many issues of their overall financial picture, can be seriously misguided.  There is more to money than money.®  It takes a comprehensive understanding of the relevant issues to provide good advice.  One should not give advice on one aspect of a financial situation without understanding how that aspect affects the whole picture.


A big conference table in a room with a view of Boston Harbor. A cadre of law-firm trustees in three-piece suits offering a widow in her mid-50s advice on what to do with the assets of her recently deceased husband, a senior partner at the firm.

This was the scene in which Jane King and her client found themselves 15 years ago. And King couldnt believe the advice coming from these powerful lawyers.

“To tell you the truth, I was probably a little intimidated,” she says. “I said to myself, “Am I not catching on to what theyre advising?”

King, president of Fairfield Financial Advisors in Wellesley, Mass., actually understood what they were saying perfectly well. To her amazement, they were counseling the widow to withdraw the nearly $1.5 million her late husband held in the firms retirement plan and stash the entire pile of money in municipal bonds.

Read the rest of this artical via Dow Jones – Avoiding Bad Advice Reaps Retirement Rewards.

J. David Lewis founded Resource Advisory Services in 1985.  National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986.  He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family.  Contact him using

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