Complaint Review: fisher investments

Ken Fisher is good at promoting himself. He is also good at telling that he is smarter than other mony managers. Ken Fisher has become rich from OPM (other peoples money). He is very good at that, I will admit.

In 2005 I entrusted Fisher Investments with $650k. Fisher preaches that he tailors a porfolio to each investors needs. Nothing is further from the truth. Like many others I am sure, I fell for his propaganda too. He simply buys stocks and stays 100% in the market. Once you send your money there is no more dialogue, nor do they give you information about their market strategy (IF they have that). No one "works" with you to tailor your portfolio.

At the time I became a Fisher client, Ken Fisher was still bragging about how right he had been to be out of the market before the 2000 crash.  And that is his ONLY claim to fame.

When  you become their client, they give you a representative who stays in touch with you.  They also conduct seminars around the country where they serve the Fisher coolaid, with a lunch and presentations by Fisher employees, and Ken Fisher himself.  Ken loves himself and he makes that clear. I never liked Ken or his pompous behavior, nor his views on the financial world, but the market was doing allright and I remained his client.

The first 2 years, my portfolio was doing fine, along with the stockmarket. I remember asking my rep several times about Fishers strategy if the market would go down. I never got any answers, but was reminded several times that Ken Fisher got out of the market in 2000 and that he would do that again if needed. In 2007 I was getting worried and told my rep. that I wanted to get out of the market.  He kept telling me that there was going to be just a little dip and the market would come right back. Ken Fisher knew!!

I sent a few emails to him telling him to pull my money  out of the market. This was to no avail.

As I kept insisting to get out, all of a sudden I was getting a new representative. The other one was being "promoted". Like the first one, the new representative also refused to get out of the market.

When my portfolio was down to $ 450k ( 55% down from it's high), Ken Fisher sent out a letter of apology, that he had not seen this coming to his clients. That did very little in helping me feel any better. I was not only down 55%, but had lost 20% of the money I had entrusted him with 3 years earlier.

I took my money and found a different money management firm that has been doing well, since.

My advice is to stay away from Ken Fisher.  I regret that I had not been more insistent on getting more information on Fisher's history. I was simply told that their average return over the long run was between 12 and 13%.

I learned an expensive lesson and I would warn anyone to stay away from Fisher. 

Anyone can shrink $450k to $650k in 3 years. You do not need Fisher to do that for you!