On our own now

[REWahoo]

No, I don’t think you do.

Yes.

 

[aja8888]

Second, I'd give the newbies a bit more credit. I'd be very skeptical of the idea that someone is going to come here for the first time, read's Robbie's post and goes "that's IT! FA all the way and I can go blow my dough!" and never look back.

What? ..You mean.....Robbie has been wrong all this time??

 

[RobbieB]

What? ..You mean.....Robbie has been wrong all this time??

I hate it when that happens.

Y'all can invest like ya want ya hear, it's all right with me -

Seriously, when do I push Merrill Lynch on anyone? Hehe, yeah never.

But when ever someone says they use an FA, OMG, the feces just hit the fan yes?

High fees, theives, lack of transparency, incompetent do nothings, studies show you can't beat indexing, you can learn to DIY faster than check out a FA, what's the benchmark?

Scuba, I wish you well in your DIY investing, hope you make lotsa dough -

 

[Scuba]

Thanks RobbieB. I agree with you - the criticism on this site re FA’s is sometimes unfair. Having an FA is a great decision for some, and it worked well for us for 5 years. I do appreciate the challenges as it made me really think about what we should do going forward.

 

[Milton]

My two cents

1. High fees,
2. thieves,
3. lack of transparency,
4. incompetent do nothings,
5. studies show you can't beat indexing,
6. you can learn to DIY faster than check out a FA,
7. what's the benchmark?

I agree with criticisms 1, 3 and 5.

2 and 6 are hyperbolic nonsense.

4 and 7 are neither helpful nor insightful.

 

[ERD50]

Originally Posted by RobbieB
1. High fees,
2. thieves,
3. lack of transparency,
4. incompetent do nothings,
5. studies show you can't beat indexing,
6. you can learn to DIY faster than check out a FA,
7. what's the benchmark?

I agree with criticisms 1, 3 and 5.

2 and 6 are hyperbolic nonsense.

4 and 7 are neither helpful nor insightful.

I also agree with 1, 3,and 5.

I don't feel 6 is non-sense at all, but maybe this is semantics, or not enough context. It is often said here that "By the time you know enough to evaluate (not just 'pick') An FA, you know enough to DIY". And it's not complicated/difficult, but it might be hard to get to that knowledge, since there is so much advertising telling you it is hard. But you can get it here or at Bogleheads. I guess either could be 'fast' if you don't bother with any evaluations first.

2 and 4 are just shouting/attacks, and not helpful at all. I don't believe I've ever gone down that path, and don't appreciate the sense that I'm being lumped in with some of the people who have said those sorts of things. But I apologize if I ever did slip.

7 - Huh? A benchmark is an essential part of learning. Of course, if you go with broad based index funds, it's superfluous, you pretty much are the benchmark.

-ERD50

 

[Milton]

2 and 4 are just shouting/attacks, and not helpful at all. I don't believe I've ever gone down that path, and don't appreciate the sense that I'm being lumped in with some of the people who have said those sorts of things.

I can't speak for others, but I for one was not pointing fingers at you (or anyone else).

7 - Huh? A benchmark is an essential part of learning.

Not exactly a useful criticism of FAs, though.

 

[ERD50]

I can't speak for others, but I for one was not pointing fingers at you (or anyone else). ...

Yes, I know. That wasn't directed at you. It was directed at the broad brush comments some FA users make, which sound like they are lumping all critiques together as 'attacks'.

benchmarks...

... Not exactly a useful criticism of FAs, though.

But if the poster is going to measure their FA performance, they need a benchmark, right? That's all I meant.

-ERD50