My younger daughter, Rachel, had a profound learning experience when she was about 5 years old (she’s all grown up and a doctor now). One of her friends had just changed her hairstyle to a short cut with bangs, and she and Rachel decided to experiment with Rachel’s hair so that they would match. My daughter's new style was dreadful and quite embarrassing.
After a day or two of being teased, she decided to fix the problem by cutting the offending clumps of uneven hair down to her scalp. Of course, this only solved the problem for the short term. It took a year for that “fix” to grow back out enough not to be noticeable. The only good that came out of this painful episode was that she learned that many short-term expediencies have significant—and often very negative—long-term consequences.
There are many financial advisors who would benefit from this kind of painful learning experience. I have observed two common mistakes advisors make that feel good in the short term but lead to major long-term problems.