Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Eight Warning Signs You Need to Fire Your Financial Advisor
Old 05-12-2012, 12:27 PM   #1
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Eight Warning Signs You Need to Fire Your Financial Advisor

I don't use a financial advisor and I don't think I ever will, but if I wanted one then I'd hire Jeff Rose. He's an independent CFP and one of the top personal-finance bloggers. Nice guy, too.

Here's the headers of the list:
8 Warning Signs You Need to Fire Your Financial Advisor
1. They Still Donít Know Your Needs
2. They Donít Tell You How Theyíre Paid
3. Donít Be Rushed Into Anything
4. They Want to Put Everything in One Investment
5. They Donít Inform You of Changes
6. Legitimate Monthly Statements
7. Advisor Wants a Check Directly Made out to Him/Her
8. They Donít Return Your Phone Call or Emails

... but it's worth reading the whole post for the horror stories... including the counterfeit version of #6.
__________________

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-12-2012, 03:28 PM   #2
Full time employment: Posting here.
flyfishnevada's Avatar
 
Join Date: Jan 2010
Location: Smith
Posts: 743
What if you are your own financial advisory and most of those apply?

Those sound like good reasons to fire just about anyone you've hired, if not have them arrested for fraud for #2, 5, 6 or 7.
__________________

__________________
Retired July 4th, 2010 at age 43
Trout Bum, Writer, Full-Time Dad and Husband


flyfishnevada is offline   Reply With Quote
Old 05-12-2012, 03:49 PM   #3
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,529
Good article and pretty much common sense for those around here but still amazed at how many people fail to do their due diligence when it come to a FA.
__________________
A totally unblemished life is only for saints.
frayne is online now   Reply With Quote
Old 05-13-2012, 02:59 AM   #4
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
I have always managed my money on my own, no need for FA. I have only one contact at Edward Jones whose role is only to buy CDs for me.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 05-13-2012, 12:56 PM   #5
Full time employment: Posting here.
 
Join Date: Nov 2008
Posts: 728
Here is my question: I'm my own financial advisor and have done well. I only count what I make after fees and taxes...........but, what happens when I get older and I'm not capable of managing my money? Who do I trust as a financial advisor then? And, who do I trust to handle my wife's trust after I'm gone? Those are my worries and I would love to hear what others are doing or plan to do.
__________________
jerome len is offline   Reply With Quote
Old 05-13-2012, 02:41 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Apr 2011
Posts: 1,556
Quote:
Originally Posted by jerome len View Post
Here is my question: I'm my own financial advisor and have done well. I only count what I make after fees and taxes...........but, what happens when I get older and I'm not capable of managing my money? Who do I trust as a financial advisor then? And, who do I trust to handle my wife's trust after I'm gone? Those are my worries and I would love to hear what others are doing or plan to do.
I have a financial that I trust for those very reasons - among others.
__________________
gerntz is offline   Reply With Quote
Old 05-13-2012, 03:36 PM   #7
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by jerome len View Post
Here is my question: I'm my own financial advisor and have done well. I only count what I make after fees and taxes...........but, what happens when I get older and I'm not capable of managing my money? Who do I trust as a financial advisor then? And, who do I trust to handle my wife's trust after I'm gone? Those are my worries and I would love to hear what others are doing or plan to do.
I'd say that the only choices are your kids (whom you trust) or a professional trust company... which will still charge 1% but which will at least be legally obligated to do a mediocre job.

Otherwise, a better answer might be the autopilot afforded by an annuity and a dividend-producing portfolio that never really needs to be rebalanced, let alone traded managed. One advantage of the annuity is that you can only "lose" the money you have in your checking account, and there'll be another deposit into it next month.
__________________

__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 07:33 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.