Financial Adviser

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bingybear

Thinks s/he gets paid by the post
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What do you look for in a financial adviser?

Financial Adviser

I found this while researching another one that sent an off dinner for two an a nice local eatery with completing their 3 visit financial planning session. It was not this firm.
So take it for what it is. What are your thoughts?
 
I thought his talk was interesting... that is why I posted it
 
bingybear said:
What are your thoughts?
Click to expand...

Another snake-oil salesman looking for additional snakes to help sell oil. Promises the new snakes $100k/year but not a word about where that comes from - uh, what about your customer's welfare, A**hat?

Back in the good ol' days he'd get a fair trial and then hung. Or if in a hurry just take 'im out back and shoot.

Those are my thoughts.:D
 
So it's a recruiting video for financial advisors. He's looking to hire salespeople (i.e. someone who is insurance licensed). I guess if you're looking for a job and you don't mind selling these kinds of products, it's a possibility. There is certainly money to be made with financial product sales... it's just not for me. Walt34, I think A**hat is my new favorite word. :LOL:
 
Before I saw what anyone else had posted, the first thing that came to me was "I look for the guy in the mirror". So the guy in the video is in the top 1% of advisors for what? Bleeding the retired of their income? I would advise anyone to learn to manage their own money. If a safe WR these days is 3%, an advisor would take 1/3 or more of what you need to live on.
 
mickeyd said:
I use the guy who looks back @ me in the mirror.
Click to expand...

Yep. That's the one.

heh heh heh - Sometime's I reward him by going out for BBQ, Mexican, Thai or 1947 style malt and burger at Winsted's. :dance:.
 
Maybe it's me but the guy doesn't even look that polished. Maybe that's part of his shtick. Anyway I'm not even seeing any evidence of a program that adds any value for a prospective FI (salesperson).
 
He's looking for sales people. He probably does the "retirement planning suppers" at the local dining hall. Who knows what he's selling. Long term care insurance? Whole life? Mutual funds?

I don't know and I don't care. Ignorance and apathy are my friends. I don't want to learn either. I'm not looking for a job :ROFLMAO:
 
I'll put on a similar shirt, keep my allocation as is, and go to a different Youtube channel. Maybe watch a few Ronaldo vs. Messi highlight clips...
 
My dream is still to find 20 busy guys with $5 million each to invest. I'll take care of everything for a mere one percent. :angel:
 
ERD50 said:
So you've got some feedback. Mind telling us just what you found interesting about it?

-ERD50
Click to expand...
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 am thinking this guy is recruiting new "sales people" so he can charge them for sharing his secret/sacred money making formula. Maybe he has online courses he has put together with one-on-one coaching thrown in for a huge fee or something. If it's not that, then I would think it is some kind of commission based job that he is offering (maybe a pyramid scheme kind of sales where he gets a cut.) I cannot imagine this guy paying even a penny for hiring people. He sounds arrogant. The background music is very, very annoying. Maybe one of you can contact him as a potential new sales person and find out LOL.

NOTE: I posted the comment above before having read everyone else's comments...
 
bingybear said:
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
Click to expand...
For you and I, the pitch appears to be an unpolished one. For new clients to be fished, it will work. People who are looking for employment, and do not have job skillset, are likely to fall prey to this.
 
I will repeat something I've read before. There are a few good financial advisers, but only a few. Most are only good at separating you from your money. It is hard to find those rare few that are worth their fees. The problem is, by the time you are financially literate enough to determine the difference, you're smart enough not to need one.
 
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.
 
bingybear said:
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
Click to expand...

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
 
rodi said:
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.
Click to expand...

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
 
ERD50 said:
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
Click to expand...
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.
 
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.


Sent from my iPhone using Early Retirement Forum
 
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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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