Peter Dougherty works with a financial practice in Spain and provides wealth management advice to local Americans. This may seem like an odd choice for someone who has had a successful career on Wall Street, and certainly an unconventional topic for a memoir, but Dougherty uses this context to really dig deep into his subject. THE DOUGHERTY CODE (Secrets of Financial Planning in Spain Revealed) explains exactly what financial planning is with funny metaphors and workable examples. The author goes on to explain his rationale behind moving to Spain to help the Americans living there and the unique challenges they face as expats. This includes descriptions of how the American, Spanish, and European regulators operate. It also explains how Bissan, the Spanish firm he works for, prepares financial plans for clients (including safeguards for risks and short-term spending). In the process, he reveals some of the underhand practices that firms and planners have in place that put clients at a disadvantage and make wealth management expensive and inaccessible.
Overall, the book is excellent for laypersons who are interested in getting financial advice but are intimidated by the unapproachability and apparent complexity of financial systems (as well as those who feel mistrustful of institutions, bankers, and traders). By making his work more transparent, by explaining it with simplicity and without condescension, Dougherty takes power out of the system and places it firmly in the hands of the client. Dougherty does not provide more information than is absolutely necessary, but he does share a very good road map for any other American financial planners who are thinking of moving to Spain (or relocating to other countries). He speaks at length about the research he undertook, the amount of time he spent learning the language, and the various exams and certifications he had to undergo.
However, the author stops interspersing his practical instructions and explanations with the amusing anecdotes that have so far helped carry the more tedious parts of the text. The middle of the book, which relates how his current employers create plans for their clients, is almost a chore to get through. It is only near the end, when he describes his experiences learning Spanish (in Spain, as well as South and Central America) when his prose begins to sparkle once again, relating stories about how human contact transcends language and culture with wit and genuine feeling.
A promising beginning tapers off into textbook speak as Peter Dougherty’s THE DOUGHERTY CODE (Secrets of Financial Planning in Spain Revealed) abandons the light humor of its initial chapters halfway-through. However, it does still manage to provide easy-to-understand explanations of exactly what financial planning is and how it can be more accessible and transparent, making it a must-read for anyone who is considering employing wealth management services.
~Sakina Hassan for IndieReader