Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-26-2013, 03:55 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Quote:
Originally Posted by retire2020 View Post
I looked into Rick Ferri - His fee went up by 50%. He currently charges .37% for three millions and then .20% for remaining. Also, he requires you to move 100% of your investment to Schwab which I do not want to do - I want to keep my investment where it's now - 90% at Fidelity and 10% with Schwab.

Midpack: What do you think about Evanson? I'm leaning towards him as it'll be 2K/yr and I'll have some help looking after my portfolio. I think his charges are fair.
Sorry, but I am a DIY investor to the core, so I don't research FP/FAs at all - and don't plan to. I used a retail broker from 1987 thru 1990, DIY ever since. I have never used an FA/FP period.

If you can do the research to buy a house, a car, an appliance, etc. - you can manage your own investing. I can't think of many things more worthy of my time than managing our financial security, it takes very little time once you grasp the basics. Everything you need to know is right here http://www.bogleheads.org/readbooks.htm. The members on this board aren't rocket scientists for the most part...I'm certainly not.
__________________

__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack 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 03-26-2013, 05:53 PM   #22
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
I do find it interesting, every time this topic comes up. The number of folks that have little to no experience with a planner, seem to have an opinion...
__________________

__________________
serie1926 is offline   Reply With Quote
Old 03-26-2013, 06:47 PM   #23
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
I know what my superbright dh would do with the bulk of our nest egg if I didn't handle it in Vanguard funds--he would immediately move it to his little hometown's Edward Jones office, where the small inheritance his parents left him is, and he would plunk it into whatever funds the manager recommended. He wouldn't think twice about any expenses vs Vanguard even though I've pointed those out to him, and even though he is happy with our Vanguard results, he really does not have any interest in any DIY level of investing. Failing EJ, he would walk into our little hometown bank and have them help him. He would be very happy with either. Different strokes and all that.

So no problem here with how or where anyone chooses to stuff their stash. And no knowledge about NJ advisors but I bet you could find an Edward Jones office there ha ha .
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 03-26-2013, 07:21 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Quote:
Originally Posted by serie1926 View Post
I do find it interesting, every time this topic comes up. The number of folks that have little to no experience with a planner, seem to have an opinion...
What does that mean?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-26-2013, 07:26 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,627
Quote:
Originally Posted by FinanceDude View Post
I am waiting on empirical data that supports your statement............
I suspect you will not believe any empirical evidence I give, but let's try.

Let's assume that bad advisors are employed by the following companies:
Edward Jones
Merrill Lynch
Morgan Stanley
Prudential
JPMorgan
Any bank
Any insurance company
Any actively-managed mutual fund company

So all I have to do is figure out the fraction of advisors employed by the above out of all advisors.
That led me to pull all SEC ADV forms and examine them. I found that more than half of all advisors were bad.
__________________
LOL! is offline   Reply With Quote
Old 03-26-2013, 08:12 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by Midpack View Post
Quote:
Originally Posted by serie1926 View Post
I do find it interesting, every time this topic comes up. The number of folks that have little to no experience with a planner, seem to have an opinion...
What does that mean?
I'd be interested also. What does that mean?

So as to not be too obtuse or open ended - I can also say that I have never stuck all my money in a single 'hot stock'. Does that mean I have no credibility to suggest to someone that it would be a bad idea?

I never jumped from the 100th floor of.... oh, you get the idea.

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 03-26-2013, 08:21 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by serie1926 View Post
"How did you determine that this advisor gave you 'Value for your money'?

No question that it is an important subject, but that has nothing to do with whether this advisor is good/bad/indifferent."


ERD, all inclusive, but would say the simple monetary measure is against the S&P and BRK.A.
Well, we've been in an 'up' market the past year. So that leaves so many questions. How did you do after expenses? If better, that would indicate you are probably being more aggressive than the 'market' on average. So how will you do in a downturn? Are you relying on this advisor to time the market to get you in/out at the right time? If so, why doesn't he start his own mutual fund, as most of them can't do it?

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 03-27-2013, 05:47 AM   #28
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
Quote:
Originally Posted by Midpack View Post
What does that mean?
Was I not clear?

ERD50, if you're seriously interested in learning about Bill and his team, please drop me a note offline.
__________________
serie1926 is offline   Reply With Quote
Old 03-27-2013, 08:56 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Quote:
Originally Posted by serie1926 View Post
Was I not clear?
I wouldn't have asked if it was clear to me...I can think of at least two interpretations.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-27-2013, 10:21 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by serie1926 View Post
Was I not clear?

ERD50, if you're seriously interested in learning about Bill and his team, please drop me a note offline.
This is an open forum, we come here to learn/share - no one is going to learn from our PMs. I think it is far more enlightening to openly discuss the general process of determining if an advisor is worth their salt.

For example, if 'Bill' has some secret sauce, how would an individual determine this? Maybe 'Joe' is better? Or worse? Are any of them better than a straight & simple DIY? How can we determine this?

The only thing that seems clear to me is you've been evasive with regards to those issues. Why is that?

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 03-27-2013, 01:47 PM   #31
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 894
Quote:
Originally Posted by ERD50

For example, if 'Bill' has some secret sauce, how would an individual determine this? Maybe 'Joe' is better? Or worse? Are any of them better than a straight & simple DIY? How can we determine this?
Bill Schultheis wrote the Coffeehouse Investor. Basically a book how on how to build a portfolio of index funds. Soundmark is his company where they offer fee-only financial advice. I suspect it's low cost, much like Rick Ferri, but I've never looked at their services.

Compared to what else is out there, you could do a lot worse. It's a place I'd recommend if you have no interest in DIY. At least they'll build you a portfolio of low-cost index funds and handle the rebalancing for you.

Here's his bio:
www.coffeehouseinvestor.com/about-bill/

Disclaimer: I don't know Bill or have any financial dealings with his company. I did read his book though!
__________________
Eat, Drink and Be Merry.
tulak is offline   Reply With Quote
Old 03-27-2013, 03:13 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by LOL! View Post
I suspect you will not believe any empirical evidence I give, but let's try.

Let's assume that bad advisors are employed by the following companies:
Edward Jones
Merrill Lynch
Morgan Stanley
Prudential
JPMorgan
Any bank
Any insurance company
Any actively-managed mutual fund company

So all I have to do is figure out the fraction of advisors employed by the above out of all advisors.
That led me to pull all SEC ADV forms and examine them. I found that more than half of all advisors were bad.
And you define "bad" as what exactly? And, yes, I will believe you if you provide evidence of what is "bad", which is subjective by nature.......

BTW, I work for NONE of the companies mentioned above.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 03-27-2013, 03:15 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Midpack View Post
What does that mean?
I think he means that most people on here are quite opinionated as to how bad advisors are, but most of them have never had one.......
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 03-27-2013, 04:30 PM   #34
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,492
Quote:
Originally Posted by FinanceDude View Post
I think he means that most people on here are quite opinionated as to how bad advisors are, but most of them have never had one.......
Dude, that applies to everything. If people limited their opinions only to things where they have knowledge and experience the world would come to an end.
__________________
MichaelB is offline   Reply With Quote
Old 03-27-2013, 06:04 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,983
Quote:
Originally Posted by FinanceDude View Post
I think he means that most people on here are quite opinionated as to how bad advisors are, but most of them have never had one.......
If you disagree, make your case.

I'll bet you know more FP/FAs than you'd like who give others a bad name, and I am sure it's frustrating. Yes?
  • Read Bogle, Bernstein, Schultheis and many others and it's pretty clear.
  • I don't have to be a rocket scientist to know that paying someone 1% per year (or more) is going to reduce my net returns dramatically. Especially if I want an indexed passive lazy portfolio, and there's tons of evidence showing active management won't do better.
  • How is managing a $2M portfolio 10-times more costly than managing a $200K portfolio with the same AA?
  • Many DIY investors were first burned by an FP/FA, the stories are not hard to find.
  • Many DIY investors have done very well for themselves, enjoying above average net returns knowing they're foregoing the top 20%.
  • Just as I don't have to smoke for 20 years to abstain from smoking for health reasons, I don't have to take 20 years with an FP to know better.
  • That said, we all know there are FP/FAs who are value added justifying their fees. Unfortunately they are hard to find, thanks to all the people who can't/won't educate themselves.
Just for starters...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-27-2013, 06:07 PM   #36
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
I have one advisor at Edward Jones. She has always been very nice, very polite, and always available. Maybe EJ has offices in NJ?

Quote:
Originally Posted by retire2020 View Post
Dear ERs,
Has anyone used or know an honest and unbiased Financial Planner/Advisor in NJ which they would like to recommend? I'm in the process of rebalancing my portfolio and would like to build a long term relationship with some Financial Planner who I can trust and rely on. I would like to meet someone personally and go over my portfolio now and in future. I looked at Low Fee Investment Manager, Low Cost Investment Advisor | Portfolio Solutions but they're far away. Has anyone used them? Any recommendation?
__________________
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 03-27-2013, 06:17 PM   #37
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 136
Quote:
Originally Posted by FinanceDude View Post
I think he means that most people on here are quite opinionated as to how bad advisors are, but most of them have never had one.......
FD, thank you!
__________________
serie1926 is offline   Reply With Quote
Old 03-27-2013, 08:31 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by obgyn65 View Post
I have one advisor at Edward Jones. She has always been very nice, very polite, and always available.
Is there any correlation between 'nice, polite, available' and 'competency in financial matters'?

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 03-27-2013, 09:57 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by ERD50 View Post
Is there any correlation between 'nice, polite, available' and 'competency in financial matters'?
-ERD50
None.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 03-28-2013, 12:42 AM   #40
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
My financial advisor is very competent, IMO, yes. Does not mean that we should generalize, this is correct.
Quote:
Originally Posted by ERD50 View Post

Is there any correlation between 'nice, polite, available' and 'competency in financial matters'?

-ERD50
__________________

__________________
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
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 07:24 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.