Since our Take the Long View® strategy calls for a level-headed mindset and evidence-based rationale, I am disciplined about keeping emotions out of the mix. But sometimes, even I have to vent. For example, my outrage seems well-placed when it comes to exposing dark players who pose as financial “advisors” while they prey on those who can least afford it. When that happens, the real damage is done if we calmly ignore what’s going on.

We work in an industry with an insanely low bar to entry. As I covered in my book, Odds On, I’ve personally witnessed how many of the big-name brokerage firms prize their sales quotas over solid client care and education. In any industry, a convergence of greed and incompetence is ugly. In wealth management, it can be life-shattering.

That makes me mad. Through our own experiences and in speaking with investors, we see the damage done far more often than you’ll read about in the papers. Yes, regulators have been known to levy millions, if not billions of dollars in fines against the worst offenders, but is it working?

Consider this recent article from personal finance columnist Tara Siegel Bernard. It makes me sick to my stomach to read that a “sandwich generation” daughter had to discover her ailing mother’s broker was quietly extracting roughly 10% in annual commissions from Mom’s account (compared to an industry norm of closer to 1%). In financial speak, that’s known as “churning,” or buying and selling just to turn a profit at the investor’s expense.

Worse, at least when Bernard published her piece, the offending broker was still employed at the same firm. The firm’s response? Bernard reports: “In a statement, [it] said, ‘The client agreed to an appropriate resolution of this matter in June.’ The firm said it was committed to doing the right thing for its clients, and was ‘disappointed when any feel their expectations haven’t been met.’”

What a ridiculous response!

Through the years, I’ve heard from many in our industry with their own tales, which sync with my experiences. The common thread is selfish salesmanship. Today there are thousands of independent investment advisory firms, all of whom are held to a fiduciary standard. While even that can’t prevent a criminal bent on malfeasance, it’s a step in the right direction.

Things are getting better, but it’s time more investors start choosing true financial advocates, not just the family relation, nice neighbor or daughter’s affable softball coach. It’s time to fire the entrenched, big-name brokers who don’t have to (and often don’t) represent your highest financial interests. It’s time to lead with questions such as: Is our relationship always fiduciary?

If the answer is anything besides, “Yes, always,” or if the written version is accompanied by an asterisk and a bunch of fancy legal footwork, it’s time for you to say no. You deserve better.

PS: Check out our related press release about Hillfolio, and how we’re working hard to bring “better” to an even wider range of investors.

So, have you checked your minor child’s credit reports lately … or ever? What’s that? You didn’t know your child had credit reports? Technically, they shouldn’t. Not unless you have opened credit lines for them yourself. Unfortunately, because most children’s identities are so pristine, they’re especially tempting targets for identity thieves. These lowest of the low are looking to steal your child’s identity and sully their credit, sometimes before “Junior” can even walk, let alone go shopping. Many parents don’t know to keep an eye out for this growing threat, so thieves can often have a field day before you realize anything is amiss. The cherry on the top of this awful mix: Once your child’s identity is stolen, you may not notice until they’re preparing for college, applying for their first line of credit, or embarking on similar adventures that are supposed to be fun and exciting. Yuck. We’re using today’s post to call attention to this critical threat. We’re not the only ones, either. The Wall Street Journal recently published an excellent overview of the issue, including simple steps you can and should take to monitor your child’s credit, and how to proceed if you find a problem. A good first step: Check to make sure your child doesn’t have a credit report you’re unaware of. You can do this by navigating to the Federal Trade Commission’s Identity Theft Recovery Steps page, scrolling down to “Special Forms of Identity Theft,” and selecting “Child Identity Theft.” Follow the directions there, and establish a schedule to repeat this activity periodically. You might also consider proactively establishing lines of credit for your children, and then immediately freezing them. This can help prevent someone else from opening a bogus line of credit using your children’s identity. Also, be on sharp lookout for warning signs. A prime example: your child starts receiving credit card offers or calls from collection agencies. In the past, you’d probably have laughed at these sorts of messages to your three-year-old. These days, they are likely to mean that somebody has stolen your child’s identity and is up to no good with it. The moral of the story: You can go a long way toward protecting your kiddos and reducing your anxiety by following these steps. If you feel inclined, do share this with others, and help us spread the word about this little-known threat.

When I discovered Jonathan Clements 20 years ago, I noticed right away we had a lot in common. We were both early advocates for evidence-based investing (or “passive investing,” back then). We both knew better than to heed all the “noise” from the vast majority of the popular press. We knew even then, our jobs were to help investors focus on the essentials: reducing costs, managing market risks, understanding the science of investing.

There was one difference between us. While I was a fiduciary investment advisor for a then-small firm, Clements was the personal financial columnist for The Wall Street Journal, and one of the few voices of reason in the media. His columns left me optimistic, knowing we were not alone.

At the time, I did not notice a physical resemblance. Funny what a few years will do. These days, I see we now share a similar hair style as well!

Whatever. We’re both still going strong doing what we love: I, in my role at Hill Investment Group, and Clements, as proprietor of the Humble Dollar blog and author of the newly published, “From Here to Financial Happiness.”

One of his recent posts, “Tell Us a Story,” caught my attention. We often employ story-telling in our client conversations here at HIG. But, as Clements points out, it’s important to not let random anecdotes distract you from the greater story of evidence-based investing. “Detail the inevitable failure of most investors to beat the market,” he says, “and someone will bring up the neighbor who purportedly bought Amazon’s stock at the initial public offering and never sold.”

I agree. There’s always “the neighbor,” or cousin, or co-worker who hits the random jackpot. Good for them. But, as Clements concludes: “The weight of our many mediocre investment decisions eventually sinks in – and (you were expecting me to say this) the logic of indexing proves irresistible.”

If you’re looking for other thoughtful ideas about achieving financial happiness, you might find Clements’ materials irresistible as well. From one white-haired gent to another: Hat’s off to you, Jonathan!