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Old 03-21-2012, 07:28 PM   #41
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Found a couple of established RIAs online that will design up a 'buy and hold' portfolio for $400 to $1000 dollars. If I can find one with a good reputation around Cincinnati, that's probably the way for me to.
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Old 03-21-2012, 07:39 PM   #42
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. Thanks for the explination. As I've said before, now I know why my Xbroker sent me pictures of His kids...
He wanted you see the shiny, straightened teeth you paid for.
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Old 03-22-2012, 12:45 AM   #43
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Found a couple of established RIAs online that will design up a 'buy and hold' portfolio for $400 to $1000 dollars. If I can find one with a good reputation around Cincinnati, that's probably the way for me to.
If you're determined to find an advisor, then look a little to the west and a little to the north.

Good Financial Cents -Jeff Rose Certified Financial Planner and Investment Advisor, Carbondale, Illinois
Alliance Wealth Management, Jefff Rose Certified Financial Planner
Investment Management Using Index Funds, Exchange-traded funds, ETFs: Low cost investment manager, Portfolio Solutions

Jeff Rose does a great job online. I spent a few days with him at the USAA blogger conference and he's a good guy.

Rick Ferri is well-known on the Bogleheads.
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Old 03-22-2012, 12:49 AM   #44
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If you're determined to find an advisor, then look a little to the west and a little to the north.

Good Financial Cents -Jeff Rose Certified Financial Planner and Investment Advisor, Carbondale, Illinois
Alliance Wealth Management, Jefff Rose Certified Financial Planner
Investment Management Using Index Funds, Exchange-traded funds, ETFs: Low cost investment manager, Portfolio Solutions

Jeff Rose does a great job online. I spent a few days with him at the USAA blogger conference and he's a good guy.

Rick Ferri is well-known on the Bogleheads.
Jeff Rose does things a lot like we do........
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Old 03-22-2012, 03:50 AM   #45
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Don't be concerned about doing business online and over the phone. Their reputation, policies and fees are much more important than anything you might see in a face-to-face. Be sure to have them provide several references for you to contact.
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Old 03-22-2012, 10:13 AM   #46
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Just got the MM prospectus in the mail for the temporary account we set up. An ER of .89, which includes a 12b-1 fee of .25. Sinc e the average total returns on the PINXX account have been 0 for the past two years..

... theat money isn't staying in that account for long.
Putnam has underperformed for almost 10 years.......
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Old 03-22-2012, 02:03 PM   #47
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When asked, the advisor should be able to explain exactly how he is compensated.
And should be able to provide you with a report of the actual dollars that have been paid in fees and commissions to him or his company.
It may be that he is a salesperson, not an actual financial advisor.
Ideally you are looking for someone who has a fiduciary responsibility.
My bias is clearly toward those with advanced designations, such as CFA, CFP, CPA with PFS, and the like.
Three types of advisors

Commission
Fee based
Fee only

Ask advisor which one he is... If an advisor is fee only, look for 2-3 specific charactoristics

Series 65 or 66
No affiliation with a specific broker dealer
Accepts no commissions on any product at any time (only fees come from client).


Generally a fee only advisor has removed most conflicts of interest and a fee only advisors will generally deal with investments and only non commission based insurance products.


Fee based means they have wrap accounts and related services, but there is probably soft money creating a conflict of interest somewhere. The soft money might be the requirement to use a specific broker dealer for all transactions or something more significant.
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Old 03-22-2012, 02:11 PM   #48
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FinanceDude

It occurred to me he wasn't being specific about all his sources of revenue - when we meet and discuss the accounts and get into expense ratios, I'll probe the matter deeper. I expect he was referring to direct commissions from the investor, and mentally not including commissions from PNC or the company providing the product. There should be an indication of those in the ratios, if I understand it correctly.

We'll see what we see, but I suspect you are right. He wasn't fully disclosing without actually lying, and I didn't push on the topic. I will later. If I'm not happy, the money will go elsewhere.
Ask a better question

"what is the total compensation the advisor receives from this investment and transaction"

Look for 12b1 fees
management fees
transaction fees
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Old 03-22-2012, 02:19 PM   #49
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Thanks all. I'll check out those recommendations. I want to get out from this current adviser merely because he and the funds he uses are too expensive. Until the inheritance issue clears up, and we know what we have, there's nothing else I can do at the moment but research and learn. Once the smoke has cleared I can work on transferring funds to investments which are not actively managed.

I've a ton of other questions, but those belong on their own threads.
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