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There is zero transparency. Advisors use the word “transparent,” but the correct term is “selectively transparent.” When you’re only telling half-truths the words are meaningless.

How much clearer would things look from the outside if advisors were willing to tell the whole truth instead of virtue signaling? It would separate the authentic from the inconsequential.

1. Historical performance reporting

There’s no reason why you shouldn’t be able tell people your historical performance, considering that this is data you have full access to from your custodians. You advisors claim, “We have good performance,” when asked in a sales meeting, yet have all the excuses in the world as to why you have no numbers to support this statement!

How opaque is that?

Supposedly there’s no way to standardize performance across a “customized” portfolio base.

Huh?

Who made up that malarky?

Anybody who understands performance reporting knows that you can create different composites for your model portfolios.