A couple of thoughts. First of all I do remember inParadise from the TMF days, she isn't a newbie on this stuff and as such I think deserves the benefit of the doubt.
I have patted myself on the back many times, for out performing my moderately aggressive benchmark by 1-2% with lower volatility over 5+ year. But how do I really know this only because Schwab has portfolio analysis tool. I vaguely know how works but I'd be at loss as to how I'd try and prove my performance, to the forum members. There is room in my performance to pay FA fees and still achieve alpha. I think I am better than average investor, maybe even better than the average on the board, but no way am I a top investor. I lack the discipline, and some cases the knowledge to be a top investor, and 'm just too lazy, relying on M* to summarize a company rather the pouring through the 10K except on rare occasions.
God knows we seen enough awful advisers on the board, that have underperformed every possible index, that the law of averages seems to imply that some new person on the board may have the rare FA who actual provides alpha.
I think unlike that vast majority of new members with FA, I think IP actually has the knowledge to accurately judge. "Is my adviser making me money on a risk adjusted basis." So I more inclined to to believe she has actually found the rare good one.
All that said, InParadise the financial side of this board is very data driven, pretty much nothing is taken at face value. If some expert say the SWR is 2.8% or another says you increase the percentage equities in your portfolio as you age. One or more board members will take it upon themselves to dig deeply into the report and try to reproduce, or more commonly point out the questionable assumption they use to support their recommendation. After all many of us are retired we have the time.
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This extends to other area, not long ago ERD and I collaborated in showing that EPA MPG rating for electric vehicles was BS smoke and mirror. I just bought a Tesla so I wanted to believe I was getting 95 MPG but the data doesn't lie even if government officials do..
Folks like ERD50 provide a very valuable service in crunching numbers. He may seem a bit aggressive in his requests, but I guarantee you if he thinks X is true but the data shows it is Y, he will be the first say I was wrong. I find the peer review feature of the board to be one of the most valuable things..
It seems to me there are three things that can happen if you provide more info.
- Your FA is in fact achieving alpha
- He isn't and he is lying to you.
- It is inconclusive
If you don't think it is worth the effort to figure this out no problem, but we are looking for understanding not condemnation.