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Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Joshua M. Brown

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11The Feeling Is Mutual

We’ve talked about how mutual funds came to dominate the investment industry and about how fund families work with brokers to get you in and keep you in at all times. I use mutual funds on a daily basis for getting my clients exposure to areas of the market or strategies that I simply cannot provide on my own with the same level of diversification or expertise. The mark of a true financial advisor is knowing when to bring in outside managers on a client’s behalf, even if it means sharing fees. There is a misconception among some advisors that this somehow diminishes them in the clients’ eyes. It does no such thing. In fact, this willingness to employ the talents of others to help clients reach their goals can only elevate ...

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