I tried calling my WMAs today and as usual got the message that they are not at their desks, but you could leave a message, or if it's urgent, to  call WMA headquarters.

It wasn't urgent, but I called headquarters anyway, and asked if the Ibbotson review was based on Modern Portfolio Theory. That really stumped him. When I tried to sign off, he insisted I hold on and he would ask someone who knew. He returned and informed me that no one knew, but he could put me in touch with my WMA. When I said "no, thanks," he filibustered for quite awhile. I learned about how sunny Denver is, which is nice.

Sy

I just want to mention that "away from his desk" is a figure of speech.  Each of the four or so times my wife and I have been to see our WMA, we have spent over an hour in his office, discussing our retirement plan and investments.  He has never received, heard or responded to any sort of interruption during any of those meetings.  I find that to be refreshing, courteous, and professional.

Despite his being younger than we are (!), he has never once held up a cell phone and said, "I have to take this call" - which I imagine happens all the time when you meet with a hedge fund superstar who takes 20% of your gains .... but I'm getting off the topic.

So in fact, I sometimes email him, because I prefer not to leave a phone message and get a call back at an unpredictable time. There's nothing wrong with Sy's factual report. And I'm sure each WMA is different. But I did not want a future reader to infer that WMAs are universally unavailable when you want them.

Tim 

My wife and I also find our WMA to be courteous, respectful, and professional. We meet for almost an hour in a conference room -- the three of us. There are no interruptions. He is patient and helpful. I have no complaints with my WMA.

Henry

Am I dreaming or did I just get my knuckles rapped?

OK. Here's a little greater detail. I love my WMA. She's very smart, well-mannered and gives us her complete attention when we visit with her. No, she doesn't take any calls while we're with her. She's good enough that she seems to be in great demand lately. She has assistants who don't follow through, though.

"I'm away from my desk" doesn't need interpretation except for visitors from Mars.

The new WMA headquarters might be renamed hindquarters, though. It's not that they're young. You can be young and brilliant at the same time. But if they're there to advise you and don't even have an idea of what Modern Portfolio Theory is; !!!

Just by chance perhaps, every time I received advice from a counselor or a WMA and didn't follow it, I did better than if I had followed the advice. That could just be accidental. but I tend to believe that a good many of the results of intellectual investing are accidental.

Sy

Sy,

I suspect you are right about WMA advice being an intellectual experience as nearly all (probably all by definition as they are employed) are in the accumulation phase of their investing career where we are not and that of course makes a big difference. Being past the accumulation stage is much like risk, one can think he/she understands it but that is likely to turn out to be untrue when one experiences a major "criss" as we have been (and still are?) experiencing with the credit crisis. 

Ray 

Sy,

I only meant to communicate that my WMA is a really nice person. Who knows if his advice will stand the test of time. Ask me in 30 years...

Henry