Column ‘disappointing’ and ‘demeaning’

I am extremely disappointed with Bruce Kelly’s June 11 Monday Morning column, “Wall Street’s new version of the gold watch.”

I am extremely disappointed with Bruce Kelly’s June 11 Monday Morning column, “Wall Street’s new version of the gold watch.”
Over the years, I had come to expect fair and considerate treatment from both InvestmentNews and Mr. Kelly, but unfortunately, it seems my faith was misplaced.
Mr. Kelly’s column completely disregards the facts that I have discussed with him at length over the last three weeks.
To insinuate that I was asked to leave my position as CEO of the National Planning Holdings Inc. broker-dealer network for any reason — including because I am a woman — is as inaccurate as it is irresponsible.
Mr. Kelly demonstrated ex-tremely poor taste in commenting, “guys, isn’t it just like a woman who is fabulously successful … to walk away from it all? Dames. They’re so fickle.”
Furthermore, sarcastic or not, to state that, “[there are the doubters who aren’t buying] Ms. Dreffein’s [and Deborah D. McWhinney’s assertions that they] want to spend the rest of their life doing fun stuff such as fishing, shopping and going into politics” is demeaning, not only to me, but also to the thousands of women in the financial services industry who have worked so hard to overcome such misconceptions.
For the record, I was not forced out for being a woman. I wasn’t “caught in the pincers of one of those internal company squabbles in which female executives conveniently become the fall guys.”
I am retiring now because I have the opportunity and good fortune to do so and because I have interests outside of this industry.
I have spoken with Mr. Kelly many times over the years and have always been open, honest and forthright.
To end my tenure on this note, and to be used by Mr. Kelly as editorial fodder without any consideration of the facts, is truly callous and contemptible.
Mr. Kelly, InvestmentNews and anonymous sources are absolutely entitled to have an opinion.
And yes, there certainly could be more women in positions of influence within the financial services industry. I just hope that your readers recognize a red herring when they see one.
M. Shawn Dreffein

Searching for guidance on succession planning
Regarding your May 7 editorial “Advisers wise to prepare succession plans”: As a 60-year-old investment adviser who has worked with a 35-year-old adviser (presently getting her CFP) for the last six years, we have laid the groundwork for her to take over my business one day.
The problem is, we do not know where to go for help in formally and legally preparing for this transition.
Further, there are attendant issues that need immediate attention (e.g., the possibility of my dying prematurely).
I have e-mailed or called people who have written articles in various publications on the subject over the years with no success.
So I agree with your editorial. I just wonder: To whom do we go for help? After 26 years in the business, I have virtually no idea who is the expert that I can trust with this extremely important issue.
Jeff Young
Senior vice president
First Financial Equity Corp.
Scottsdale, Ariz.

New Wal-Mart products: Can you say EIA?
Regarding your June 11 Wal-Mart story “Rollbacks on financial advice,” look for a lot of EIA sales. “No fees or charges, participate in the market, can’t go down in value” and all one needs is an insurance license to become a Wal-Mart financial planner.
William H. Ring, CFP
Orlando, Fla.

Communication the key, not race or gender
Your May 28 article on race-based assignments is often couched as ethnic marketing — which in itself is not bad as long as it is voluntary.
However, in the same vein, many journalists or editors seem to feel that it is acceptable, because they will seek comments from “ethnic advisers” who work the “ethnic market” (fill in the ethnicity) and female advisers who work with women.
I find that approach distasteful, because while certain cultures may have certain characteristics, the successful adviser in that area needs not to be of the culture.
As long as you can communicate to the client in language that they understand (a universal principle), then race, gender and whatever should not matter.
Morris Armstrong, CFP, ChFC
Armstrong Financial Strategies
Danbury, Conn.

A thank-you for shining a light on 401(k) fees
Thank you for the May 14 Conference Call article regarding ICI chairman Martin Flanagan’s comments about 401(k) fees.
I applaud the fact that you didn’t write just his side of the story … that John Bogle was quoted about the vested interest in fees among most of the attendees.
The high and hidden fees in 401(k)s are something we feel must receive more press.
Kathy Daly
Vice president
Weber Asset Management Inc.
Lake Success, N.Y.