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Old 10-08-2016, 07:02 PM   #41
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Originally Posted by EastWest Gal View Post
......
Without a professional advisor at the outset, I would have done poorly at investing. My DH has no interest in the subject. The internet wasn't available then.

I won't be made to feel stupid by members in this forum over my choice.
.....
I don't think I've ever read folks thinking someone is stupid for having an advisor.

Frankly I think sometimes I read posts of people saying they are investing themselves and buying/selling X,Y,Z and I think to myself either they are brilliant or brilliantly foolish.

Some people come across as very confident in their abilities, but it's very possible 10 years from now, they will be poorer than they could have been.

So do what you are comfortable with, and as long as it's a well informed decision, it's probably good enough to perfect.
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Old 10-08-2016, 08:25 PM   #42
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Originally Posted by EastWest Gal View Post
............I won't be made to feel stupid by members in this forum over my choice.
..............
I went back and re-read this thread and don't see anyone dissing you personally, so I don't follow the bit about members making you feel stupid. I read opinions here and then I do whatever I want and I think you should, too.
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Old 10-08-2016, 09:00 PM   #43
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Originally Posted by samclem View Post
? C'mon. You know you have no means to "hold him accountable." What are you going to do, give him a severe talking to? All you can do is try to make him feel bad if his recommendations don't work out (that's unlikely to be effective).


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+1

So funny, that is what I was also thinking as I read it, but I was thinking a tongue lashing would set him straight .
Oh thanks so much! Your comment and samclem's have been so incredibly helpful and condescending!! Thank you! I can't imagine my life without you guys!! #sarcasm

This is exactly what EastWest Gal is talking about...
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Old 10-08-2016, 09:04 PM   #44
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One more reply. I'e used a fee only advisor using Schwab for years. I switched advisors last year. I can see all of my accounts, including an self-managed account account and my inherited IRA.

The advisor does get a discount for their orders that I do not get. My advisor rebalances when it is appropriate to do so. Other than that, we talk regularly and she makes sure I am comfortable with the portfolio. She did some tax loss harvesting maneuvers this year, which taught me a lot about how to do it.

Without a professional advisor at the outset, I would have done poorly at investing. My DH has no interest in the subject. The internet wasn't available then.

I won't be made to feel stupid by members in this forum over my choice.

Schwab has a user friendly robust platform. I'm very happy with it. And it's easy to transfer money to your portfolio and out of it as well, directly from your bank.


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I completely agree! Same with my taxes. I am sure that many here would say that I am foolish for paying someone do help me with my taxes as I could easily do them myself. My accountant pointed out 2 different opportunities, that I no idea existed, last year that ended up saving me 35K in taxes. But I could have done them myself...
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Old 10-08-2016, 11:58 PM   #45
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Originally Posted by Tork View Post
.....

Oh thanks so much! Your comment and samclem's have been so incredibly helpful and condescending!! Thank you! I can't imagine my life without you guys!! #sarcasm

This is exactly what EastWest Gal is talking about...
Well it was a funny to thing to say about holding your advisor accountable, as unless you are a lawyer and could sue him for some legal breach of contracts or duties, it will mean nothing.
You can be sure your advisor has already disappointed somebody somewhere and been told about it, and it means nothing as everyone knows "you can't please everyone".

An no it's not what EastWest Gal is talking about as I never said you were stupid for having an advisor, I'm pretty sure you wouldn't do it if you thought it was stupid.
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Old 10-09-2016, 12:07 AM   #46
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I have a FA that currently manages about 9% of my total investable assets, and they do it at Schwab. They have access to a specific sub-account I have at Schwab which they use for individual stock investments (no ETF's or MF's etc.). I can see everything that they do within the account and have had no issues with them.
I will however be ending the relationship with them during the 1st Quarter of 2017 in preparation of our ER as we will be using all of those managed funds to purchase immediate requirements for our retirement and return to the USA (cars, home improvements, furnishings, electronics and every other new thing that we need to start a new life etc.).
All of my other investments (except for FB stock I hold at Schwab) are at Vanguard managed by me without any FA access or input.
I have no problem with my FA, or with Schwab compared to Vanguard etc.
In the long term I will not have an FA (previous FA performance is on par/slightly above my own performance, even after their fees).
I will still have assets at Schwab but they will most likely be my short-term assets (for use in 1-3 years).
All other assets will be at Vanguard in MF's.
It has worked okay for me, YMMV.
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Old 10-09-2016, 01:43 PM   #47
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I don't think it's possible to make a person "feel stupid." If the person "feels stupid" (or, more likely, believe that they have behaved in a stupid way) after reading and evaluating the comments of others, then they are responsible for that feeling. Accepting this puts responsibility where it belongs, and doesn't cede power/responsibility to external entities.

Similarly, claiming that an FA is "accountable" for investment results, etc. Unless the FA has done something illegal, there's no way to "hold them accountable." We each have a big vested interest in taking care of our property, and that can't be delegated away. We can buy assistance, but we can't really delegate responsibility for this (short of getting a court order declaring ourselves to be incompetent). I suppose it's possible to buy a scapegoat or fall guy to personally blame if things don't go well, but that's just a way to purchase emotional (not real) protection from an outcome that's really our own responsibility. Ultimately, we are accountable to ourselves.

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My advisor uses Schwab
Old 10-09-2016, 02:11 PM   #48
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My advisor uses Schwab

I have used an advisor for part of my funds for the past two years. He uses Schwab and it is convenient for him and for me. I can go to his website to see my holdings or I can go to Schwab's. Each is different but informative.

Do they get a kickback from Schwab? I'm pretty sure they don't. He told me so, and my daughter is a CFP who works with him -- so I trust him to tell the truth.

I think that Schwab has set up an interface that works better for advisor/investor relationships than have the other guys, especially if they use etf's/funds from different companies in the same portfolio.
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Old 10-10-2016, 08:51 AM   #49
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I have used an advisor for part of my funds for the past two years. He uses Schwab and it is convenient for him and for me. I can go to his website to see my holdings or I can go to Schwab's. Each is different but informative.

Do they get a kickback from Schwab? I'm pretty sure they don't. He told me so, and my daughter is a CFP who works with him -- so I trust him to tell the truth.

I think that Schwab has set up an interface that works better for advisor/investor relationships than have the other guys, especially if they use etf's/funds from different companies in the same portfolio.
Thank you! This is exactly the type of helpful response I was looking for! I feel much more at ease now. Thanks again!
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Old 10-10-2016, 09:03 AM   #50
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I don't think I've ever read folks thinking someone is stupid for having an advisor.
I believe lots of folks here think DIY is the best way to go such that spending money on an advisor is a waste if not worse.
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Old 10-10-2016, 10:11 AM   #51
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I believe lots of folks here think DIY is the best way to go such that spending money on an advisor is a waste if not worse.
I think it depends on the type of advisor. I've never heard anyone talking negativly about a fee only advisor that you have a with a fiduciary relationship with.

The other side is someone who takes a percentage of AUM every year, no fiduciary relationship and sells investments that benefit the advisor more than the client.
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Old 10-10-2016, 10:24 AM   #52
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I would look further down the road, and determine whether the investments can be transferred in kind to other well-known institutions.

Even though this doesn't seem to be the case for OP, I'll include this thought to supplement the other ideas given. This has happened to in-laws, where leaving the AUM requires opening new accounts, selling the institutional funds, and purchasing investor shares.

With the OP proposed FA/Schwab arrangement, it sounds like he/she can end the relationship, and the account remains as is, with no additional fees or selling required.
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Fee Only Advisor wants to use Schwab
Old 10-10-2016, 07:28 PM   #53
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Fee Only Advisor wants to use Schwab

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