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Old 04-09-2016, 07:34 PM   #21
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Originally Posted by bingybear View Post
I looked up this companies ADV and they had a downward stair stepping fee structure base on AUM. If I recall correctly is was 2.5% between 50k to 150k. Steps down from there. No sure if he has a fiduciary responsibility or not as charging a fee does not restrict that in itself.

But I've heard many pitches and some I believe were really were trying to help the client and some had a favorable fee structure. I just can't let go of the management... personality flaw.
This was on a site the encourages sharing. Some of his other videos are more polished and directed to clients or potential clients. But if you were a potential client and saw this, what would you think?
What surprised me was that this was this was with the client directed talks and the site encouraged sharing
I guess I'm still confused, yet curious, about what angle you are coming from?

Are you trying to evaluate this person as an FA you (or someone you know) might use?

Are you expecting people to be shocked about how he's talking about the 'business side' of things?

From previous discussions around here, we've come to the conclusion that being a retail FA is not an easy job. It seems they have to spend most of their time finding new clients (and keeping old ones), and have little time to spend actually doing any specific financial advice (other than cookie cutter, and pushing their company's products). It's unlikely they could help most of their clients beyond just sticking them in a couple of index funds anyhow.

-ERD50
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Old 04-09-2016, 07:40 PM   #22
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My thoughts -
He claims to be in the top 6% nationally. Measured how? Is it based on AUM figures? ROI figures? Fees extracted from customers / AUM? Without an explanation - it doesn't mean anything. If he extracts a higher percentage of fees from customers - that's a big YIKES.

He was pitching to sales people.

His background piano music was distracting.

Those are my thoughts.
My in-laws were considering talking to an FA after my FIL passed. When I researched the default guy they considered (only because they opened an account with him years ago) I saw he was on some 'top 10' list from one of the big 'money magazine' reviews. But when I read their criteria, that's all it was. AUM, how much money he earned for his company, no outstanding lawsuits, etc. Not a word about actual performance for the clients.

And his credentials were some pretty meaningless initial soup (nothing of any real grit). I'm sure he was a good talker, and probably seemed like a nice guy though.

-ERD50
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Old 04-09-2016, 08:41 PM   #23
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Originally Posted by ERD50 View Post
I guess I'm still confused, yet curious, about what angle you are coming from?

Are you trying to evaluate this person as an FA you (or someone you know) might use?

Are you expecting people to be shocked about how he's talking about the 'business side' of things?

From previous discussions around here, we've come to the conclusion that being a retail FA is not an easy job. It seems they have to spend most of their time finding new clients (and keeping old ones), and have little time to spend actually doing any specific financial advice (other than cookie cutter, and pushing their company's products). It's unlikely they could help most of their clients beyond just sticking them in a couple of index funds anyhow.

-ERD50
I'm a bit shocked how he is talking from the business side, especially on a site that his clients could find them.

I understand that FA may have to work on keeping clients. But I know quite a few people paying approx 1.5% on 2MM+ accounts and have been with the same adviser for decades. So some do keep clients quite well even with high fees.
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Old 04-10-2016, 07:51 AM   #24
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Many of my former co-workers from buy-out offers around 2003 - 2008 have their cashed out pensions with a FA. He studied the package being offered by the company and became the defacto expert for theses folks. They are still with this guy today and are constantly pushing me to meet with him. He is with a respectable firm. Some of these folks are quite intelligent and are very comfortable with the advice he provides and the performance of their portfolios.
I had another firm managing my cashed pension for several years, but realized their 1% take of my portfolio ate into the 3-4% WR I would need later. I've tried to explain this, but they are convinced I'll regret not using this guy. So, his retention rate seems good.


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Old 04-10-2016, 11:39 AM   #25
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I found a fee-only planner for my mother in Atlanta, which has worked out well. The planner has her invested in the Vanguard Wellesley mutual fund and helps her with her budget and ad hoc decisions. I am very happy to pay for the advisor's time for my mother when she needs help, and the advisor has never once tried to hawk anything else to us besides her counsel, and actually doesn't even push that. Here is where I found my mother's planner in case interested, though I would still interview any candidate thoroughly and make them swear that they they will never ever hawk any product beyond their neutral advice: http://www.garrettplanningnetwork.com/
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Old 04-10-2016, 11:55 AM   #26
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Rather than interesting, I found the video infuriating.

You don't have to be a sociopath, with a lack of conscience or interest in the welfare of others, to work for this guy, but I'll bet it would help.
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Old 04-10-2016, 12:45 PM   #27
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Some of these folks are quite intelligent and are very comfortable with the
advice he provides and the performance of their portfolios.
I'm often pretty slow-witted, however I never forget the "relentless rules of humble arithmetic", as Jack Bogle puts it.
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Old 04-10-2016, 01:23 PM   #28
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I don't know if I trust anybody. I reluctantly agreed to a meeting with a financial advisor and after telling her my boring investment in Vanguard Wellington and Wellesley, she showed me Wellington could drop to 20% and then proceeded to tell me to invest in structured notes. I told her, I would do some googling first and that was the last I've heard of her. This was at a big bank.


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Old 04-10-2016, 01:42 PM   #29
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Study after study has shown financial advisors
1. Are more likely to steer you to high cost (commission) products that are inefficient products not in their clients best interest
2. Even if held to a fiduciary responsibility rarely are held responsible for doing a bad job.
3. Are costly and don't do as well as self directed investors who spread their funds in a few inexpensive index funds.

Finally how many horror stories do you need to hear? Keep it simple, efficient and let compounding do its magic.
So my answer is I don't look for any traits because I don't use them. If I did i would find one that charged by the hour never a %.

http://www.transparentinvesting.com/...wholestory.pdf
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Old 04-10-2016, 02:33 PM   #30
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I've used my wife's husband for more than 25 years now. Does a decent job and hardly charges anything--it amounts to coffee money, really. I would stay away from these people in general, however.

-BB
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Old 04-10-2016, 04:07 PM   #31
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Originally Posted by Markola View Post
I found a fee-only planner for my mother in Atlanta, which has worked out well. The planner has her invested in the Vanguard Wellesley mutual fund and helps her with her budget and ad hoc decisions. I am very happy to pay for the advisor's time for my mother when she needs help, and the advisor has never once tried to hawk anything else to us besides her counsel, and actually doesn't even push that. Here is where I found my mother's planner in case interested, though I would still interview any candidate thoroughly and make them swear that they they will never ever hawk any product beyond their neutral advice: Garrett Planning Network - Making competent, objective financial advice accessible
This is the only arrangement with a financial advisor that I could support. Reasonable flat fee, paid only once or occasionally. Pass on commission, loads, or % of assets type fees.
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Old 04-11-2016, 01:49 PM   #32
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I've used my wife's husband for more than 25 years now. Does a decent job and hardly charges anything--it amounts to coffee money, really. I would stay away from these people in general, however.

-BB
thanks, that made me chuckle.
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