LETTERS

A different kind of Y2K problem

Are there any other fee-only investment advisers and financial planners out there with the same dilemma that I have?

As of January, I stand to lose all my licenses except Investment Adviser and CFP because I work in a “fee-only” firm. Since I do not sell individual stocks or mutual funds, I am not affiliated with a broker-dealer so my Series 7 license will expire along with my Series 63. At the same time, it is my Series 7 license that gives me the knowledge to advise on equity investments.

Should our licenses be connected only to our ability to sell and generate commissions, or should they be a means of providing qualified advice? Do any of your readers have a solution to this problem? January 2000 is right around the corner.

Rameela Patel,

Certified financial planner,

Schwartz & Hofflich LLP, CPA

Norwalk, Conn.

More money where mouth is

InvestmentNews is one of the few trade journals I read, but I’m compelled to respond to your publication’s penchant for quoting financial “advisers” who are not managing meaningful amounts of money.

Anna Robaton’s article (“Advisers fret over Y2K, managers don’t sweat it,” Sept. 6) quotes Jim Libera as an authority on Far East Y2K preparedness. Mr. Libera has been “urging his clients” to reduce their exposure to certain Asian markets, which must not take very long since his asset base is only $5 million, an amount that would prevent “graduation” from Merrill Lynch’s Financial Consultant training program.

Wendell Vilas Graham, a broker with Capital Securities Management, is mentioned as another authority on the topic. Her entire firm manages $40 million.

Sources like these simply aren’t credible.

C. Jefferson A. Parker Jr.

Senior financial consultant

ML Private Client Group

Greenwich, Conn.