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Re: Another financial advisor horror story...
Old 11-07-2006, 11:56 AM   #21
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Re: Another financial advisor horror story...

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Originally Posted by REWahoo!
You left out two biggies: Norwegian widow and working spouse.
How could I forget! The Norwegian widow wields a lot of influence on my long-term stock bucket. And my working spouse is kind of a fifth beatle wheel bucket--one that protects the other buckets from my greedy little hands, for now
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Re: Another financial advisor horror story...
Old 11-07-2006, 01:02 PM   #22
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Re: Another financial advisor horror story...

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Originally Posted by Outtahere
I can see how people could just say "here take my money and do it", too bad they don't know the do it is going to do them in.
Part of it is also the "that could never happen to me" syndrome. While it could 'do them in' more likely it won't destroy them financially.
Same reason people figure they won't get lung cancer, or don't really NEED medical insurance. People just have a general tendancy not to want to believe something bad could happen to them. So they take the easier way out.
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Re: Another financial advisor horror story...
Old 11-07-2006, 03:15 PM   #23
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Re: Another financial advisor horror story...

I think it is a failure of the education system to exclude even a basic understanding of investing fundamentals. I know when I tried to educate the employees in a company I was running, all I got were pitches from the industry that perpetuated the bad habits of relying on outsourcing of financial decisions.
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Re: Another financial advisor horror story...
Old 11-07-2006, 04:00 PM   #24
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Re: Another financial advisor horror story...

It's true that you do need to dedicate several hours a week for about a year to "come up to speed".

But I just couldn't get over the fact that no-one else would be as careful with my money as I would, and the fact that an advisor's interests would not necessarily align with mine and in fact might well be counter to mine!

I think many folks are just easily intimidated into letting someone else manage their money.

But you would think that since most 401K's are self-directed, someone would gain a little experience that way.

Audrey
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Re: Another financial advisor horror story...
Old 11-07-2006, 04:29 PM   #25
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Re: Another financial advisor horror story...

Here , I'll save everyone a couple hours per week/month:

Dollar cost average into no load index funds.

There ... all done.
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Re: Another financial advisor horror story...
Old 11-07-2006, 05:30 PM   #26
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Re: Another financial advisor horror story...

Quote:
Originally Posted by tryan
Here , I'll save everyone a couple hours per week/month:

Dollar cost average into no load index funds.

There ... all done.
Actually, if more TV shows and company benefits officers would at least describe this as a reasonable approach for IRA's and 401Ks a lot of people would benefit. The new lifestyle funds are a pretty good no-brainer alternative as well.
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Re: Another financial advisor horror story...
Old 11-07-2006, 06:19 PM   #27
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Re: Another financial advisor horror story...

Quote:
Originally Posted by tryan
Here , I'll save everyone a couple hours per week/month:

Dollar cost average into no load index funds.

There ... all done.

Believe it or not, I don't even know what that means.
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Re: Another financial advisor horror story...
Old 11-07-2006, 07:05 PM   #28
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Re: Another financial advisor horror story...

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Originally Posted by My Dream

Believe it or not, I don't even know what that means.
Dollar Cost Average ( put same amount of money each month) into no load (funds without sales fees) index funds (funds that buy all the stocks in a particular index like S & P 500).

See. with 4 minutes of study - you can do it!
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Re: Another financial advisor horror story...
Old 11-07-2006, 09:43 PM   #29
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Re: Another financial advisor horror story...

Quote:
Originally Posted by tryan
Here , I'll save everyone a couple hours per week/month:

Dollar cost average into no load index funds.

There ... all done.
If that was all it took, it would be great.........
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Re: Another financial advisor horror story...
Old 11-07-2006, 11:44 PM   #30
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Re: Another financial advisor horror story...

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Originally Posted by FinanceDude
If that was all it took, it would be great.........
Ah, but then what would we need financial advisors for?
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Re: Another financial advisor horror story...
Old 11-07-2006, 11:56 PM   #31
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Re: Another financial advisor horror story...

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Originally Posted by Nords
Ah, but then what would we need financial advisors for?
Because 90% of average Americans don't know what you and I do, and don't want to learn............
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Re: Another financial advisor horror story...
Old 11-08-2006, 12:00 AM   #32
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Re: Another financial advisor horror story...

Quote:
Originally Posted by FinanceDude
Because 90% of average Americans don't know what you and I do, and don't want to learn............
So it really is that simple, but most people have chosen to be blissfully ignorant? I guess I'd call that capitalism...
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Re: Another financial advisor horror story...
Old 11-08-2006, 12:01 AM   #33
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Re: Another financial advisor horror story...

Quote:
Originally Posted by Nords
Ah, but then what would we need financial advisors for?
Based on your theory, anything can be learned if you want to, so I guess all the plumbers, electricians, carpenters, lawyers, doctors, engineers, etc had better take heed...........
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Re: Another financial advisor horror story...
Old 11-08-2006, 04:51 AM   #34
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Re: Another financial advisor horror story...

Quote:
Originally Posted by Nords
So it really is that simple, but most people have chosen to be blissfully ignorant? I guess I'd call that capitalism...
I don't know if they have "chosen" it, but proof of "ignorance"
is easy to find. Just turn on your TV or radio (any time).

JG
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Re: Another financial advisor horror story...
Old 11-08-2006, 07:09 AM   #35
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Re: Another financial advisor horror story...

Quote:
Originally Posted by Sheryl
Dollar Cost Average ( put same amount of money each month) into no load (funds without sales fees) index funds (funds that buy all the stocks in a particular index like S & P 500).

See. with 4 minutes of study - you can do it!

Thanks Sheryl, I'm going to put that in my Investment 101 file.
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Re: Another financial advisor horror story...
Old 11-08-2006, 07:24 AM   #36
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Re: Another financial advisor horror story...

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Originally Posted by astromeria
It only takes 2 hours a month or a quarter AFTER you read a lot, discuss a lot, and figure out your asset allocation (or even what that term means). It took me hundreds, maybe thousands of hours before I knew what I was doing enough to spend as little as 2 hours a month (and I spend more like 10 hours a week, if you count the reading I do aobut economics and investing on the internet).

Newbies are exposed to conflicting information and it takes a lot of exposure and thought to determine what is right for an indidivudal investor--Ray Lucia's buckets? Bill Schulteis' Coffeehoue Port? Scott Burns' Couch Potato port--and which variant? Vanguard Diehard style? DFA? Guru/newsletter? Company stock? Blue chips? Small alue? Foreign? Global? Bonds--govt or corporate? AAA or BB? Target Retirement? Alpha, Beta, Sharpe, volatility, benchmarks, index funds, active funds, ER...?

So I'm not alone, thanks astromeria.
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Re: Another financial advisor horror story...
Old 11-08-2006, 07:59 AM   #37
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Re: Another financial advisor horror story...

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If that was all it took, it would be great.........
Well, you'll "beat" 3 out of 4 who don't use no load index funds. If you want to chance being in the 1 of 4 group, it'll cost you (commisions, loads, fees ....).

Moderator edit: quote fix.
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Re: Another financial advisor horror story...
Old 11-08-2006, 09:13 AM   #38
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Re: Another financial advisor horror story...

It's not so much people "choosing" to be ignorant as they are frightened and frustrated by the unknown, the high stakes, and the conflicting information. It's like doing home repairs--not everyone feels up to the challenge of roof repair, electical work, plumbing--or cleaning out their own chimney --so they let their house deteriorate or hire someone to take care of it for them.
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Re: Another financial advisor horror story...
Old 11-08-2006, 09:45 AM   #39
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Re: Another financial advisor horror story...

Quote:
Originally Posted by tryan
Well, you'll "beat" 3 out of 4 who don't use no load index funds. If you want to chance being in the 1 of 4 group, it'll cost you (commisions, loads, fees ....).
And I think putting ALL your eggs in one basket and using EXCLUSIVELY index funds isn't he answer either. I thought Vanguard had actively managed funds too, or am I incorrect
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Re: Another financial advisor horror story...
Old 11-08-2006, 10:18 AM   #40
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Re: Another financial advisor horror story...

Quote:
Originally Posted by astromeria
It's not so much people "choosing" to be ignorant as they are frightened and frustrated by the unknown, the high stakes, and the conflicting information. It's like doing home repairs--not everyone feels up to the challenge of roof repair, electical work, plumbing--or cleaning out their own chimney --so they let their house deteriorate or hire someone to take care of it for them.

Now you see, to me.............that's second nature. I wouldn't think of calling someone to do those repairs. It's sort of how I was brought up, and I share those interests with my friends. Now if I asked them what type of investments they were in, I would get that, how the heck should I know, type look.
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