ScottFromUtah
Recycles dryer sheets
I have two close friends who are financial planners. Both are well past normal retirement age but can't afford to stop working. Hmmmm.
Scott
FIREd 7/1/2008
Scott
FIREd 7/1/2008
Change the name "Finacial Planner" to salesman or stock broker or insurance agent.
Then it will all make more sense to you.
What is "normal retirement age?" How do you know they can't afford to stop working? Some people can afford to stop working, but continue to do so for reasons other than the need to pay bills.I have two close friends who are financial planners. Both are well past normal retirement age but can't afford to stop working. Hmmmm.
I have two close friends who are financial planners. Both are well past normal retirement age but can't afford to stop working.
FD:
I had interpreted the original post to wonder and to point out the irony as to why a "Financial planner" was still working. If they were good at financial planning then they would have retired at 50 to the links and the good life.
One has to wonder how much expertise they have if they are still working. One also has to wonder what kind of job they will do for [-]on[/-] you.
Which raises a question I've never been able to answer: Why are [-]their[/-] there so many millionaires between an institution that wants to sell a product (stock, bond, etc) and the person who wants to buy it?
Change the name "Finacial Planner" to salesman or stock broker or insurance agent.
Then it will all make more sense to you.
North Cove Marina, Battery Park.Where are all the stock-brokers' yachts?
Or perhaps where are all the financial advisors yachts?Where are all the stock-brokers' yachts?
Or perhaps where are all the financial advisors yachts?
Hmm.....there are NO retired salesmen, stock brokers or insurance agents in America? Can I see some statistics on that?
Most financial planners that have done it for awhile are FI, but prefer to work. If they have built up a book of business and haven't found someone they trust or a family member to take over their book they don't just want to abandon their book and leave.........
This thread got me thinking about all the people who make insane amounts of money before the FA client gets a dime. Here's a partial list for a new stock offering . . .
1) 7 figure investment banker and a host of 6 figure underlings get their share of "advisory fees" on a new issue
2) 7 figure capital markets bankers and a host of 6 figure underlings get fees for specific advice related to market timing, structure, and the like
3) 7 figure syndicate bankers and a host of 6 figure underlings get fees to execute the IPO
4) 6 and 7 figure institutional salesmen get commissions to sell the new issue to mutual funds, insurance companies, etc.
5) 6 and 7 figure traders take bid-offer spreads on the new issue to "stabilize" the market of the new issue
6) 6 and 7 figure portfolio managers at mutual funds look at recommendations from 6 figure stock analysts as to whether to buy the IPO
7) 6 and 7 figure financial advisers sell 5 figure J.Q. Public on the financial products that keep the whole thing afloat.
Nice.
Which raises a question I've never been able to answer: Why are their so many millionaires between an institution that wants to sell a product (stock, bond, etc) and the person who wants to buy it?
Well Sarah,kumquat, my older boss was like that. He sold the business 6 years ago and stayed on, both to keep in touch with the clients but also, based on simple reality, that if he had some sudden illness, he wouldn't be able to help them. Philanthropy, probably not, but the same kind of succession planning as ANY business would do.
I don't say it too much, but you folks sure have a broad ass paint brush for a profession that one of your hard-working moderators spends all damn day doing. I'm just saying...
(Warning, the next question will probably be "Why doesn't a competitive market squeeze these incomes down?")