Ok, RIA or advisor question…so, have you had any clients based on last year’s performance question the relationship and the value?  More specifically, clients you’ve worked closely with, planning, tax sensitivity, etc…their portfolio has been in ETF’s that have done *very well*, but maybe not so much last year, but they’re painted into a bit of a tax issue due to the long, extended bull market- so their performance is mid-teens.  Maybe they have healthcare that clicked in very low, but they’re up several hundred percent.  Maybe they have a semiconductor etf up massively, but not so much last year. Etc., etc.  Now they wonder if they should just pull it back to Fidelity, Schwab, Vanguard—where-ever because “they did so much better” on the stuff they managed (which while a large value, is only 6 or 7 positions… something you could never get away with as a fiduciary).

I see this as a “canary” action one sees at tops.  But if one values the relationship, what can one do besides remind them of all the ancillary stuff along the way?  To me it’s a quandry