Benjamin Felix

The results are pretty crazy.

They suggest that there is a causal role of unawareness of cognitive decline for wealth losses and that wealth losses among unaware respondents mainly reflect a decrease in the value of their riskier assets, their investments, their stock portfolio.

The authors also find that wealth losses are concentrated in the highest wealth quartiles.

Pretty crazy data.

Very relevant study to that point about a hedge against

decline.

The authors of the paper interpret their findings as the effects of overconfidence where people who have experienced cognitive decline, but do not realize it end up making poor financial decisions that can be very costly.

Now we're back to this person's post explaining their decision to hire PWL.

The next point is core competency.

Having industry experts stay on top of emerging financial research, tax code updates, insurance products, and other changes that might be relevant to me means less things I need to do myself

Sure, I have the basics covered, but beyond that, is there a new tax credit I should be taking advantage of?

Do I have the right set of insurance products at the right levels of coverage?

Is there a new financial research that indicates I should be considering a change in my strategy?

Does my will offer the asset protection?

I think it does.

It could be a full-time job just trying to stay on top of everything that could be relevant to me.

A whole team who does this for a living and will get in touch when new information might apply to my situation sounds better than trying to do it myself poorly.

The next point is dealing with life events, extending that last point when big life events happen, particularly unexpected ones.

I also have a trusted advisor who can help me make good decisions, particularly in stressful times.

Do I know I'm getting good quotes the next time I renew the mortgage?