This article will not be about the current economy. You cannot open a newspaper or turn on the TV today without being bombarded by all the facts, figures, stories and commentaries on this global fiasco. Let's take a break from it.

Except... I want to share with you a comment I came across the other day by Jim Rogers, a world-renowned investor and co-founder, along with George Soros, of the Quantum Fund. Rogers is a very intelligent man--"intelligent" meaning he agrees with what I think. Rogers said this recently about the trillion-dollar bailout:

"The problem is that people like Alan Greenspan would never let the market work . . . For 15 years, under Greenspan, and now [Ben] Bernanke, they would not let the market work. Had they let long-term capital management fail back in 1998, we wouldn't have these problems now, I assure you. Lehman Brothers would have been smashed. Goldman Sachs, Bear Stearns would have been smashed. We wouldn't have these problems now.

"That only happened because every time they turned around they propped these guys up, gave them more money, and that's why we have the problem . . . But now, of course, they're going to blame it on other people and cause more regulations . . .

"What they're doing is, they're taking the assets away from the competent people, giving them to the incompetent people and saying to the incompetent: 'OK, now you can compete with the competent people, with their money.' I mean, this is terrible economics, this is outrageous economics."

Well said, Mr. Rogers.

Now... to my topic for the month... Advisors. No matter where I am in the world, no matter what the economic climate, and no matter whether it's blue collar, white collar or no collar, one question always comes up: How do you tell a good financial advisor from a bad financial advisor?

My first response is: To find a good advisor, you hire a lot of bad ones.

In general, there are three types of advisors:

First, the media. They consist of financial TV hosts and anchors, financial radio personalities, commentators, and journalists of financial publications.

My No. 1 complaint against the financial media as a whole is that they are all saying the same thing and have been doing so for years, regardless of what's happening in the economy. Of course there are exceptions, but I'm speaking in general terms about the most popular financial programs and publications.

The typical advice is: Invest for the long term, take advantage of dollar-cost averaging, invest in mutual funds, continue to contribute to your 401(k), have a diversified stock portfolio. I'm not saying this advice is good or bad. I'm just saying the advice is the same year after year. And with the way the economy is going today, and with people losing large percentages of their 401(k) and stock portfolios, I think people are starting to look for some new answers.

Why do the media continue to give the same tired advice? Because in most cases what these media experts recommend supports what the advertisers are selling. Period.

That's not to say you shouldn't pay attention to the media's financial experts. I listen to financial programs, and I occasionally pick up a financial magazine because they do include some good financial information .

The second category of advisors is investment brokers and agents. These people sell you real estate investments, stocks and paper assets, commodities such as gold and silver, oil and gas deals, and any other investment out there.

The key to real estate brokers, stockbrokers and business brokers is this: How do you know if you are getting solid investment advice or a sales pitch? The answer is simple. In a sales pitch, you only get one side of the story--the good side. An advisor, someone really looking out for your interests, will give you both sides of the story: the good and the bad. Then it's up to you to do your homework and make your decision.

I have a stockbroker whose advice I trust. Why? Three reasons:

1. He never gives me a "hot tip."


2. He researches every company he proposes to me. He'll actually go to the company headquarters, meet with the management or executive team and ask the tough questions.


3. He practices what he preaches. Every stock he recommends--every stock I buy--he purchases, too.

So as you're looking for trusted advisors, ask yourself, "Is this thoughtful and well-researched advice ... or a sales pitch?"

The third advisor is your personal, one-on-one financial advisor. This person advises and coordinates all of your financial endeavors on an ongoing basis. This person may be a professional financial advisor who overseas all your financial matters. She may be a mentor who has real-life experience and is guiding you. Or he may be more of a coach who asks you the hard questions and holds you accountable to do what you need to do to be financially successful.

You may have one. You may have many. I have an overall financial advisor who makes sure my investments, my business structures, my income and my personal estate structures all work together. I have a tax strategist who advises me on tax matters. I have had many financial mentors over the years who have guided me on real estate, raising capital, business matters and how to keep it all in perspective. The greatest benefit from the coaches I've had is that they hold me accountable to do what I say I'm going to do. This is something I work on every day.

I've noticed over the years that my advisors, mentors and coaches change as I change. As I grow, learn and upgrade, my advisor team needs to do the same. So there is no perfect advisor. There are simply people who can guide you along the next steps of your financial path. Your job is to find the advisors, the mentors and the coaches who are best for you and your needs today--and tomorrow.