Stocks — Part IX: Why I don’t like investment advisors

Posted: June 6, 2012 in Stock Investing Series

 During a recent trip to Ohio I caught up with RMak, a fellow member of a motorcycle forum I frequent.  Later he posted a report on our meeting and in describing me said:

“Out stepped a mountain of a man…this guy looked to be a cross between John Wayne, Justin Beiber and Bigfoot.”

 Kinder than many descriptions over the years.

Anyway this, for the first time ever, put Justin Bieber in my mind.  You can imagine the feeling of disconnect when a week or so later there he was on the cover of…….wait for it….

Forbes Magazine.

The self-described “Capitalist Tool.”

Interestingly he wasn’t in there as part of their ‘richest celebrities’ list or some such, but as a venture capitalist and a new darling of high-tech startups.  Courtesy of his manager and investment advisor.  Seems a key part of their strategy is that other VC firms and entrepreneurs will be willing to invite him to join in only the very best, most lucrative deals because….

…well evidently just because he’s Justin Beiber.  This has Forbes positively gushing over his business savvy.  Justin, buddy, you need to start reading jlcollinsnh!

Start here —  Simple Path to Wealth — and refer to Step 2:

2)  Avoid Money Managers.  They are expensive at best and will rob you at worst.  Google Bernie Madoff.  Seek advice cautiously and never give up control.  It’s your money and no one will care for it better than you.  But many will try hard to make it theirs.  Don’t let it happen.

When I say Money Managers, I am also referring to Investment Advisors, Financial Planners, Brokers and the like.  Any and all who make their money managing yours.

Now, I’m sure there are many honest, diligent, hard-working advisors who selflessly put their clients’ needs ahead of their own.  Actually, I am not at all sure about that.  But just in case, I put it out there in fairness to them.

Here’s the problem.

1.  By design, structurally, an advisor’s interests and that of their client are in opposition.  To do what’s best for the client requires the advisor to do what is not best for himself.  It takes a rare and saintly person to behave this way.  Money management seems not the calling of first or even second choice for the rare and saintly.

2.  Well intentioned, but bad advice is epidemic in this field.  Advisors who put their clients’ interests ahead of their own are, to steal a phrase from Joe Landsdale in his novel Edge of Dark Water, “rarer than baptized rattlesnakes.”  And then you’ve got to find one who actually is any good.

3.  Advisors are drawn not to the best investments but to those that pay the highest commissions and management fees.  Indeed, often they are compelled by their firms to sell these.  Such investments are, by definition, expensive to buy and own.

4.  Not surprisingly a field that provides access to people’s life savings is a magnet for….

 con men, thieves and grifters.

Investment Advisors earn their money in one of three ways:

1.  Commissions.  The advisor is paid each time you buy or sell an investment.

It’s not hard to see the potential for abuse here, and the conflict of interest is stark.   There is no “load” (commission) charged to buy a Vanguard Fund.  But American Funds, among others,  charge a princely load.  It goes into the pocket of the advisor.  Mmmm.  Wonder which he’ll recommend?

Still other funds offer a 1% (from your money) recurring management fee to the advisors who sell them.  That means you get to pay a commission not once, but every year for as long as you hold the fund.  No surprise advisors favor these too.

Insurance investments are some of the highest commission payers.  This makes them perhaps the most aggressively recommended products advisors offer and certainly among the most costly to you.  Annuities and whole/universal life insurance carry commissions as high as 10%.  Worse, these commissions are buried in the investment so you never see them.  How such fraud is legal I can’t say.  But it is.

Hedge funds and private investments all make their salespeople wealthy, along with the operators.  Investors?  Maybe.  Sometimes.

If this weren’t enough, if you’re not paying attention, there is more money to be mined at your expense by “churning” your account.  Churning refers to the frequent buying and selling of investments to generate commissions.  It is illegal.  But it is also easily disguised, principally as “adjusting your asset allocation.”

Bernie Madoff

Time was, people begged him to take their money.

His credentials were impeccable.   His track record too.

Only the “best” investment advisors could get you in.

Mr. Madoff paid them handsomely to do so.  As did their clients.


2.  Management fees.  The advisor charges an annual fee to manage your money.  Typically 1-2% of assets under management.

With the rampant abuse of the commission model, in recent years charging management fees has grown in popularity.  It is presented as being more objective and “professional.”  But there are snakes in this grass as well.

First, 1-2% annually is a HUGE drag on the growth of your wealth.  Let’s say your portfolio earns 8% per year.  2% goes to the fee.  Let’s say 3% to inflation and maybe 3% to taxes and…..Suddenly there’s nothing left for you.  Investment returns are precious and under this model your advisor is skimming the absolute cream.

Let’s hop over to our pal Dave Ramsey’s site and borrow his calculator.  Suppose you have a nest egg of $100,000.  That’s about the minimum to interest an advisor.  Let’s suppose you invest it for 20 years and earn 8% per year.  You end up with $492,680.  Not bad.  Now suppose you give up 2% to a management fee.  Your net return is now 6% and after 20 years that yields $331,020.  $161,660 less.  You not only give up the 1-2% each year, you give up all the money that money would have earned compounding for you over the 20 years.

Second, we still have the problem of a conflict of interest.  It is not as pervasive as the commission model but it’s still there.  Maybe you are considering paying off your 100k mortgage or whether to contribute 100k to your’s kid’s college education instead of having them go into debt.  Most advisors will consul against either of these courses.  For you, depending on your situation, that may be good or bad advice.  For your advisor, it is the only advice that preserves the $1000 to $2000 in annual fees that 100k puts in their pocket.

3.  Hourly fees.

If you really need advice, this is the most straightforward way to pay for it.  But pay for it you will.  Rates of $2oo-$300+ per hour are not uncommon.  You are less likely to be cheated, but you still have the challenge of knowing if the advice itself is going to be good or bad for your financial health.

 4.  Some combination of 1,2 & 3 from above. 

That’s our last option.  If your advisor is using it, likely the reason is not for your benefit.

Pretty grim, eh?  Here’s an article written by investment advisor, Allen Roth, with some revealing admissions as to how the game is played.  He certainly spells it out.  Bravo, Allen!!  But where he and I part company is he also provides advice on how to pick a good advisor.  That’s probably even more vanishingly difficult than picking winning stocks or mutual funds.

If you are a novice investor you have a two choices:

  • You can learn to pick an advisor.
  • You can learn to pick your investments.

Both require effort and time.  But the second not only provides better results, it is the easier path.

The great irony of successful investing is simple is better.  Complicated investments only benefit the people and companies that sell them.  Not only do you not need complex investments, they actually work against you.  At best they are costly.  At worst, they are a cesspool of swindlers.  Not worth your time.  You can do better.

Nobody will care for your money trees better than you.

With less effort than choosing an advisor, you can learn to manage your money yourself.

….with better results.


Straight Talk is a video that’s too funny and too true. Thanks to Chenzhaowei who provide the link in his comment here:

About these ads
  1. […] Stocks — Part IX: Why I don’t like investment advisors […]

  2. David says:

    Great site, I’ve been reading through your posts and have found them both helpful to a newbie and worth reading for someone who actually enjoys the topics (ie me).

    99% of financial planners give the other 1% a bad name.

    On average I get solicited by a financial planner/advisor/salesperson around once a year. Because I really do believe that the elusive 1% of them do exist (and I enjoy the discussions), I always say yes to meeting with them. So far I have found exactly 1 who seemed to know what he was talking about and all the others were just trying to sell expensive financial products. One couldn’t even tell me the difference between 2 types of educational savings accounts and suggested I google it.

    All of the mutual fund products they have tried to sell me have had fees in the 1-2% range. The most recent person I talked to wanted to put all my money in a fancy blend of stocks and bonds with a management fee over 2%. When I asked her why in the world I would pay her 2% when my funds at Vanguard are below .25% she said “some people don’t like to think about it and would prefer to pay someone to do it for them”.

    I think part of the problem is that people see lots of values floating around and have trouble making sense of them. They see a 2% management fee and think “well taxes will be 25%, so what’s another 2%?” They don’t realize that tax is on the gain (generally) while management fees are a percent of total assets, regardless of performance. A little bit of education on the topic, no matter how little someone might want to do it, can end of meaning hundreds of thousands of dollars or more over their lifetime.

    I’ve come up with a standard response for anyone who wants to manage my money that I gleaned from the book “The Millionaire Next Door”. I tell them that if they will give me the last 5-10 years of their financial and investment records and can show me that they have done better than me in my unsophisticated low cost funds then I’ll happily let them manage my money.

    Needless to say I’m still managing it myself.

    • jlcollinsnh says:

      Thanks David….

      I think you make (several) a good point(s). Most people don’t realize just how expensive over time 1-2% really is…

      I’ve even hear some say, “If I save you from only one mistake it will pay the fees many times over.” As if they aren’t going to make any mistakes.

  3. […] Stocks — Part IX: Why I don’t like investment advisors […]

  4. chris says:

    Speaking of scum and stupidity….I was just starting my teaching career back in 1993 and I thought I should save more of the $24,000 a year I was getting for teaching 32 kids in a class. Obviously I was overwhelmed and not thinking clearly.

    I ended up going to a financial advisor who talked me into signing up for 403b variable annuity. I have blindly given $100 a month for a total of $19200 which has now has a balance of $22,000. That is about 1% growth per year?

    I now see this sucks. Many young people need your Dadly advice!! So I recently stopped the salary withholdings and called Vanguard….they graciously even called my advisor for me on a conference call and my advisor said I can’t get out of it unless I turn 59 and a half or change employers.

    Ok Dad JC….Is this true??? Can you give me advice on what you would do to get out of this?


    • jlcollinsnh says:


      Unfortunately, I am no expert in annuities. Everything I’ve read about them makes my skin crawl.

      That said, I very much doubt that there is no way, short of reaching age 59 or job change, to get out of it. Sounds to me like the kind of game sleazy advisors like to play. He is likely drawing a yearly commission on your account he just doesn’t want to loose.

      I’m not sure what you can do, other than go back at him with a firm demand. Oh, and expect to be hit with outrageous fees on the way out.

      If that doesn’t work, threaten to go to your state insurance (annuities are insurance products) commission with a complaint.

      The good news is that, as investment mistakes go, you could have made much worse. I know because I have. Lick your wounds, move on and know you are on a better path.

      Please check back and let us know how it plays out.

      • chris says:

        Thanks JC,

        Please excuse me while I bring you up to date…cause its kinda lengthy. I apologize in advance.

        I actually had a talk with him today. His assistant who I spoke to last week was mistaken. I can get out…and supposedly after 8 years…I am in 16 so far, there are no fees to leave. That was good news.

        I told him I had done some research about annuities and everyone says they have high fees. He agreed but said in 1996, when he sold me on this it was the only option for an IRA for a teacher in WA state. It is called a TSA(Tax Sheltered Annuity) 403b. He says he never recommends them for anyone else but it was the only thing available per govt rules at that time for people who wanted to have a little taken out of every check….can anyone tell me if that is accurate? .

        He explained that no for-profit company would nurse along this kind of investment for low fees at the time. He says that only the insurance industry back in 1996 would take on this because I was only able to put in $100 per month very different then the $10K min for low fee companies like Vanguard. He said if Vanguard would have been available back then and was willing to take $100 per month with low fees he would have recommended them. I don’t know how much of this is true?

        I asked him to explain to me why the investment had done so poorly. I had run the numbers in a retirement calculator. I punched in 0 for the starting value with $1200 a year and with a 1% return and I had $23,000 16 years later. At this point I am thinking that is shitty!!

        He disagreed. He said ( and I I am starting to agree with him on this) that from 1996 till 2001 or so I was putting only $100 in a month and that even though the market went from 6000 up past 10K I didn’t have much money in there to compound.It was maybe $5000 at the end of 2001. He then stated that the next 10 years didn’t go well. I noticed Vanguard says it got about 7% in the Total Stock fund during this period. I am guessing my annuity is more conservatively positioned and it got about 5% minus the 2% fees. I ran the numbers and sure enough he was right. My question is what am I missing here? How can 5 years at 10% followed by 11 years at 3% equal 1%?

        I must be an idiot but I don’t understand this? So I ran the numbers on a white piece of paper and sure enough he was pretty close????

        My to do list includes reading the terms and conditions for this annuity and trying to find out if I can transfer it to something other then an annuity. I haven’t been able to find anyone yet to tell me that one? Anyone out there know?

        Thanks again for your time and advice!

        • jlcollinsnh says:

          That makes more sense.

          Hard to believe it was the only option, but options might have been somewhat limited in those days. Not sure what he means by no “not-for-profit” company. Vanguard is a for profit company, it just channels the profits to its customers the fund owners.

          Vanguard will also happily accept $100 per month or even less. It does have minimum starting investments on its funds, ranging from $1000 to $10000 depending on the fund.

          I’ll leave it to you to calculate the percentage returns. But the percentage an investment earns has nothing to do with how much is invested. That is, if a fund rises by say 5% your investment in it will rise by exactly that same 5%. Whether you own $1 worth or $1,000,000. You’d wind up with $1.05 or $1,050,000 respectively.

          You can definitely transfer your annuity to something else. The folks at Vanguard can help with this, even if you want another less costly annuity.

          Of course, if it is still in your 403b account you will be limited to the options offered by your employer in that 403b plan, which may very well not include Vanguard. At least until you leave that job at which point you can roll it into a regular IRA invested in anything and anywhere you choose.

          Hope this helps!

  5. […] Stocks — Part IX: Why I don’t like investment advisors […]

  6. […] Stocks — Part IX: Why I don’t like investment advisors […]

  7. […] Stocks — Part IX: Why I don’t like investment advisors […]

  8. lian says:

    Got here through Mr. MM. Just read through Stocks parts I – IX. Great series – clear explanations of stocks and investing for newbies like me. I haven’t invested yet (outside of employer’s 401K and an IRA in Vanguard index funds), and have been researching strategies that make sense for me. I’m an ex-gilded slave – took me five years to dig out of that hole! I’m 57 now, but despite my foolish past FI is still achievable for me. I read MMM wishing I had known this stuff when I was young, but it’s never too late to learn and change.

    • jlcollinsnh says:

      Welcome Lian…..

      glad you found your way over here and enjoyed the series.

      I, too, wish info like that on MMM and, if I may be so bold, here was available in my youth. Ah well!

      In fact, at the moment I’m reading “A Guide to the Good Life (The ancient art of stoic joy)” by William Irvine. It was recommended, I think, on the MMM site.

      Never too late to find a philosophy of life, too!

  9. Fritz Hahn says:

    Thanks, Jim-
    It is surprising to me that many of my acquaintances don’t understand brokers’ hidden charges.
    The most popular refrains that I hear are “I’m just not a money person,” “I have more important things to do than worry about money,” “I’d rather leave it to the pros” and “they only charge me 1-2% and that’s so small an amount – it really won’t impact my portfolio.”

    When questioning a CEO as to why the company I was working for was hiring a broker to manage their new SEP retirement program and not affording the employees the Vanguard advantage, he replied that “(he) didn’t believe that the average person could understand the complexities of investing.” Shocking and diminishing!

    At one time I was the CFO of a small business and I set up a SEP program for the 15 employees.
    It was amazingly simple. It was also very meaningful to spend time with the employees explaining investment strategies with them in a very objective manner – it took very little time. It empowered them. In the end most chose Vanguard, but some chose brokers, including the CEO of the company!

    You don’t need to be a “money person” to work with Vanguard – in fact when you compare a broker’s approach to Vanguard’s, the broker creates needless complexities; Vanguard simplifies.

    I have been an investor with Vanguard for almost 25 years and found their responses to my questions friendly and adept. I am not the smartest kid on the block and so frequently have to ask a question numerous times before I understand the response.

    Money managers are often impatient and condescending in this instant; Vanguard, on the other hand has always been patient and courteous. Vanguard is owned by their investors (one of whom is yours truly) and so when I call them, the representative’s attitude is that they are speaking with “their boss,” (me).

    I’m a lower middle class wage earner and Vanguard has afforded me the opportunity to invest
    wisely. Despite my lower wage status, I have been able to send two children to college and am now semi-retired at age 62. Of course there are other variables not mentioned here that have effected that early semi-retirement reality – living below our means, living in the same home for 30+ years, etc.

    While your blog will be off-line (June 25 – Aug. 25 (?) I would encourage your readers to visit Bob Brinker on line or listen to him on your local a.m. radio station. He’s usually on Sat/Sun afternoons. You and Bob are singing the same tune. I wonder if he is aware of your blog…I think he’d be very interested!

    Fritz – the New Mexico Lobo!

    • jlcollinsnh says:

      Hey Fritz….

      thanks for stopping by and sharing your stories. Congratulations on your financial success!

      You make an important point. 1-2% seems so little to most people, which is how advisors get away with charging it. It is, as you point our, a huge drain on your wealth. Unnecessary, too.

  10. Janice says:

    Here, here! You have burst through the sound barrier which has protected the conspiracy of silence that revolves around brokers.

    I am now entering my 4 th week of escaping from the Merrill Lynch prison to Vanguard. That being said, now I am even more committed to getting out from under ML’s reign of terror and to Vanguard where virtually everyone you speak to is kind, respectful, and knowledgeable. Vanguard people have even answered emails from me, and returned my calls, when it is their day off!

    The payback from ML for fleeing their prison was to, literally, kill me off. According to SS and my health insurance company, I died the very day that I first told an ML agent that I was going to move my money out. Now, keep in mind, ML still has my money because they have made switching teams THAT difficult. ML gives “jumping through hoops” and all new meaning.

    Rendering me “deceased” raised all kinds of havoc as I am sure you can imagine. It has taken me hours and hours to reverse that notion and it will be another 3 weeks before, financially, all of ML’s destruction will be remedied financially.

    That being said, I am even more stalwart in my efforts to press forward with the transition to Vanguard, even though I am supposedly dead. The pay off is that great. No more selling and purchasing of American Funds by ML, often several times a month, yielding them great commissions at my expense.

    By the way, moving my annuity over to Vanguard from Ameriprise was a comparatively painless process. Looking at the numbers, I so wish I had never purchased an annuity. However, the return on investment on virtually any of the 17 annuity choices I had with Vanguard is well worth the shift out of Ameriprise. The total fee was $30 and, of course, it was a charge from Ameriprise. Vanguard charged nothing. Why am I not surprised?

    • jlcollinsnh says:

      I am so sorry to hear you’ve had to go thru this, but not surprised.

      This is another point I should have made in the post. Once an advisor has his hooks into your money they can and too often do make it very unpleasant to pull it loose. They hate to see their gravy-train head out the door. One more and very important reason to avoid them.

      thanks for sharing your tale of woe. Courage. You are almost thru with them and you’ll never have to deal with this crap again!

  11. I love the way you put that: you can learn one skill or the other. And the second saves you money long-term, too! Such great advice.

  12. Danielle says:

    I know this is a huge question that could go off in many directions but how does one take back charge of their money? I have had an advisor since my husband died and I have to say any real growth I have seen has been when the stock market is up. I sometime think the investment firm is making more off their fees off my account than my account is growing. I need to educate myself but where does one begin?

    • jlcollinsnh says:

      Hi Danielle….

      First, my condolences on the loss of your husband.

      If you haven’t already, you might want to read Mallery’s comment below.

      As for where to begin, at the risk of sounding immodest, the Stock Series right here on this blog is designed to provide that start. In it I’ve tried to point out that it is not mysterious, it can and should be very simple, what to expect from markets, some sample investments/portfolios and the only investment firm you need in Vanguard.

      As you read thru those, be sure to read the comments too. You’ll find some excellent questions and observations that will add to your understanding.

      Next you should follow any of the many links to Vanguard you’ll find in those posts and look around there. Great information. Then call them. I have never failed to be impressed with the calibre of people and, importantly, when I’ve asked questions they couldn’t answer they’ve always said so and then found an expert who could. Plus, unlike your paid advisor they have no agenda other than helping you.

      Finally, feel free to ask any questions in the comments section of any of these posts and I’ll try to help.

      You can do this!

      • Danielle says:

        Thank you for your speedy response, I am new to your blog and I am trying to catch up reading it all. Thank you again.

  13. Shilpan says:

    “They are expensive at best and will rob you at worst.” — good thinking Jim. I’m ceaselessly amazed at masses handing over their money to these so-called experts, who know nothing more than average Joe. They work for themselves and their masters.

    • jlcollinsnh says:

      Thanks Shilpan!

      It is a question I wrestle with. Financial concerns are not taught in our schools and yet, as I’ve said on this blog, in this complex world we live in money is the single most powerful tool. It is critical to learn how to use it.

      Unfortunately, as you point out, most ‘advisors’ are in it to line their own pockets.

  14. Mallery says:

    Years ago we had an investment adviser. His favorite phrase when we were losing money was “in 6 months from now, you won’t even remember this”………yeah right. Funny but we always remembered. We left him (much to his complete shock) and started handling all our decisions ourselves. We’ve had great years and we’ve had some stinker years. We remember them all, but at least it was from our own doing and not just sitting back and letting some one else plan our destiny.

    • jlcollinsnh says:

      That’s it exactly, Mallery!

      Advisors lose our money just as easily as we do. They are certainly not able to insulate their clients from the ups and downs of the market. Our long term perspective does that for us.

      Better to have our own mistakes and victories. More to learn, more to gain.

      Kudos to you in seizing the reins!

  15. Mike says:

    Reminds me of the time I bought a used car for cash from a dealer. Him: “We can finance this for you. Wouldn’t you much rather keep your money in the bank?” Me: “Well, can you finance it at less than 1%?” Him: “No.” Me: “There’s your answer.”

    • jlcollinsnh says:

      Hi Mike…

      Great story. Frequently I’d bet these folks are so financially clueless themselves they think what they are suggesting really is a good idea. the others are just predators.

  16. investlike1percent says:


    i have about 1M invested on my real estate projects that come from investors. i split the profits 50/50 with no junk charges like acquistion fee, success fee, management fee mumbo jumbo. i also invest my own money in and structure it whereby i lose all my money before the investors lose theirs. i treat their capital better than i treat my own. the investors should be earning ~25% with roughly little to no risk since they are secured against the real estate. i think most of them are really happy.

    i secretly want to be a nazi financial planner. since i dont need the income, i can really tell the clients what to do without caring if i lose them. my whole stick would be, why not listen to someone who has made millions rather than some financial planner just trying to make his own.

    tell me they arent all bad. id like to think we are becoming friends and you can tell me the truth even if it hurts my feelings.


    • jlcollinsnh says:

      private deals like what you offer your investors are all about trusting and backing the individual executing the deal.

      They can be wildly profitable. They can lead to tears. It’s like venture capital. You bet as much on the entrepreneur as on the biz plan. There is no shortage of $$$ for good people with good ideas.

      As for being a financial planner, personally I’ve never figured out how to make any money doing it that’s fair to the client. But that’s me.

  17. My employer offers small incentive to some of the employees – for every dollar that I put into company registered pension fund (Canadian name for 401K), company does the same. This is capped at 3% of the pay or $2000 per year, whichever is lower. Because my deposit is also tax deductible, not taking part in this plan would be idiotic, so I faithfully contribute each month.

    I love Excel spreadsheets and last Christmas I was bored so I decided to import all the data from this pension fund performance (deposits, year end values…) to see how good they are at managing my money. Their own calculations are skewed towards making it look like they are making me a bundle, but they are only showing results for different mutual fund, without calculating their “management fees”.

    So, after removing their fake results and simply entering each deposit that was made to my account, adding it up for each year, and then comparing year end balance of my account, I discovered that on my total deposit of $33,856, after 10 years, they increased my investment value by $4361 with average yearly gain of 1.36%. You would think that for all their “smarts” my return would be better than this???

    Worse of all, during this time, they made $5643!!! So, it was my money at risk, they provided lousy results, but they made 20% more money than I did???

    Two weeks ago, I called them to see if I can speak with one of their “financial guru’s” and was promised a call back within 2 days… I am yet to hear back from them…

  18. They are the scum of the earth. No wonder the Lord kicked them and their predecessors out of the Temple.

    “Disturb us, Lord when we are too well pleased with ourselves,
    When our dreams have come true because we have dreamed too little,
    When we arrive safely because we have sailed too close to the shore.
    Disturb us Lord, when with the abundance of things we possess
    We have lost our thirst for the waters of life;
    Having fallen in love with life, we have ceased to dream of eternity.
    Disturb us Lord, to dare more boldly, to venture on wider seas where storms will show Your mastery;
    Where losing sight of land, we shall find the stars.”

    • jlcollinsnh says:

      Mmmm. Sounds like you’ve some 1st hand experience there, Tom.

      Sorry, but glad to see you back commenting here! Oh, and I like the quote. Where is it from?

  19. They are the scum of the earth. It’s no wonder the Lord chased them and their predecessors out of the Temple.

  20. Good advice. I’ve been doing it on my own for a few months now and am really happy I never paid anybody. It’s actually not so difficult if you, like you say, just keep it simple.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s