Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Over-Aged Financial Planners?
Old 02-07-2011, 01:11 PM   #1
Recycles dryer sheets
ScottFromUtah's Avatar
 
Join Date: Jul 2007
Location: Orem/Provo
Posts: 231
Over-Aged Financial Planners?

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
__________________

__________________
ScottFromUtah 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 02-07-2011, 01:14 PM   #2
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Change the name "Finacial Planner" to salesman or stock broker or insurance agent.

Then it will all make more sense to you.
__________________

__________________
MasterBlaster is offline   Reply With Quote
Old 02-07-2011, 01:15 PM   #3
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 MasterBlaster View Post
Change the name "Finacial Planner" to salesman or stock broker or insurance agent.

Then it will all make more sense to you.
Hmm.....there are NO retired salesmen, stock brokers or insurance agents in America? Can I see some statistics on that?
__________________
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 02-07-2011, 01:22 PM   #4
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
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.

But if they are just another sales guy with the ubiquitous financial planner shingle mounted on their doorway then we get what was posted.

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.
__________________
MasterBlaster is offline   Reply With Quote
Old 02-07-2011, 01:27 PM   #5
Thinks s/he gets paid by the post
ls99's Avatar
 
Join Date: May 2008
Posts: 4,792
Here we go. Need a poll on how many would trust the advice of a financial planner who can't afford to retire, say by 55 or 60?
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 02-07-2011, 01:45 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Quote:
Originally Posted by FinanceDude View Post
Hmm.....there are NO retired salesmen, stock brokers or insurance agents in America? Can I see some statistics on that?
Of course they are out there. It's their clients who aren't retired.
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 02-07-2011, 02:09 PM   #7
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 678
Quote:
Originally Posted by ScottFromUtah View Post
I have two close friends who are financial planners. Both are well past normal retirement age but can't afford to stop working. Hmmmm.
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 know it is heresy to say so on this board, but some people actually like what they do!
__________________
JustCurious is offline   Reply With Quote
Old 02-07-2011, 02:12 PM   #8
Thinks s/he gets paid by the post
Onward's Avatar
 
Join Date: Jul 2009
Posts: 1,668
Quote:
Originally Posted by ScottFromUtah View Post
I have two close friends who are financial planners. Both are well past normal retirement age but can't afford to stop working.
Where are all the stock-brokers' yachts?
__________________
And if I claim to be a wise man, it surely means that I don't know.
Onward is offline   Reply With Quote
Old 02-07-2011, 02:14 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
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?
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 02-07-2011, 02:25 PM   #10
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 MasterBlaster View Post
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.
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.........

Quote:
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.
I would not assume everyone wants to "get their work life" over as fast as possible.... Based on the many posts I have read on here, a lot of retired folks on here had crappy jobs and wanted out years before they were able to, but put the hammer down and made it to FIRE. Maybe some of us like our jobs?

I have no attentions of quitting when I turn 50, I have control of my hours and my life and my business, so why should I, when I enjoy what I am doing?
__________________
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 02-07-2011, 02:43 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Gone4Good View Post

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?
Uhhhh..... Because they were smart enough to get themselves into that position?

Because they built a toll road and assigned themselves as owners of toll booths along the way?

Oh crap, I don't know...... Why?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-07-2011, 02:54 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by MasterBlaster View Post
Change the name "Finacial Planner" to salesman or stock broker or insurance agent.

Then it will all make more sense to you.
+1

Yeah, really. You could just as easily wonder why someone in any field is still working past 66 yo. Gosh, if this 70 yo symphony orchestra leader was any good, why isn't he retired by now?

If I was going to use an FA, and I never have, I'd probably be more concerned if I walked in the office and a 23 yo fresh-out was sitting behind the desk....... Depending on my assignment for him/her, of course.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-07-2011, 02:55 PM   #13
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,940
Quote:
Originally Posted by Onward View Post
Where are all the stock-brokers' yachts?
North Cove Marina, Battery Park.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 02-07-2011, 03:32 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,726
Quote:
Originally Posted by Onward View Post
Where are all the stock-brokers' yachts?
Or perhaps where are all the financial advisors yachts?
__________________
meierlde is offline   Reply With Quote
Old 02-07-2011, 03:34 PM   #15
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 meierlde View Post
Or perhaps where are all the financial advisors yachts?
In the repo yard.........
__________________
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 02-07-2011, 04:03 PM   #16
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,457
I'll answer. The guy who started our firm never developed any life outside work. He has all the money in the world to retire, but nothing to do. Clients are his only friends, office is his only outlet and source of happiness.

Same as any other profession where they don't have anything to retire "to" so they stay around the office for all of eternity. He's done extremely well with his own and clients investments, but while he's glad to encourage THEM to retire, he can't take his own advice, though we would dearly love for him to do so.

Same with some of the old geezers in money management firms--there are a handful I know who are in their 80s and just can't let go of the firms they started, even though they don't make investment decisions day-to-day anymore, they won't go home.

Not a problem this financial planner will have, I assure you.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 02-07-2011, 04:37 PM   #17
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by FinanceDude View Post
Hmm.....there are NO retired salesmen, stock brokers or insurance agents in America? Can I see some statistics on that?
I know of at least one retired salesman!
__________________
73ss454 is offline   Reply With Quote
Old 02-07-2011, 05:57 PM   #18
Full time employment: Posting here.
HawkeyeNFO's Avatar
 
Join Date: Jan 2010
Location: Inside the Beltway
Posts: 573
Friend of the family is an FA, and one day I get a call from my parents telling me that he has Alzheimer's. They instruct me to get any money invested with him out, as he was slowly becoming erratic and unpredictable. Luckily for me I had moved my money from him a long time ago. But then my parents tell me that they are concerned for him and his wife, as they didn't think he and his wife had much money to live off in retirement. He was about 60 or so, and had been an FA for as long as I could remember.
__________________
HawkeyeNFO is offline   Reply With Quote
Old 02-07-2011, 06:27 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Location: North of Montana
Posts: 2,753
Quote:
Originally Posted by FinanceDude View Post
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.........


Wouldn't someone buy the book?

Or are they just so philanthropic that they can't abandon their clients?
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
kumquat is offline   Reply With Quote
Old 02-07-2011, 07:26 PM   #20
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,457
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...
__________________

__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Brokers vs. Financial Planners haha FIRE and Money 17 04-05-2009 05:25 PM
And yet another reason to avoid financial planners tangomonster Other topics 1 12-04-2007 07:50 PM
Fee only financial planners EddieG FIRE and Money 15 10-08-2007 12:06 PM
Why Does this Forum Distrust Financial Planners? REWahoo FIRE and Money 47 12-01-2005 10:21 AM
SWR for financial planners dory36 Other topics 2 03-14-2004 05:18 AM

 

 
All times are GMT -6. The time now is 10:23 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.