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Thanks to you all that have taken the time to
Old 12-08-2003, 12:38 PM   #1
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Thanks to you all that have taken the time to

answer my question..........How many of you use the services of a CFP.........
By the answers I can see that many trust the advice of Vanguard Services.
Saturday I did send an email inquireing about their Financial Personal Service.
I'd have wanted to get together with a professional councelor to inquire about my
personal situation,in today's reply I have been inform that an application will
be send and after filling it out I'll be able to discuss my situation over the phone
to review my position.Those of you that took advantage of the offer to invest a chunk
of money to get a free evaluation(or service)How satisfied are you all?
In the area I live there are not branches of the Vanguard firm to visit.
Thanks once again!roger.
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Re: Thanks to you all that have taken the time to
Old 12-09-2003, 12:00 AM   #2
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Re: Thanks to you all that have taken the time to

I tried their investment planning service (they also offer retirement and estate planning). They sent me an application that required me to list existing investments and asked about risk tolerance. I sent it back and after a while got a call from one of their staff CFPs.

We basically brainstormed for a while, but I felt like I was talking to an asset-allocation zealot who did nothing to assuage my concerns about investing during a period when both equities and bonds seem very risky. He was pushing historical warm-fuzzies when I was looking for safe harbors.

Anyway, he picked a stock/bond ratio that matched my risk tolerance, walked through buy/sell recommendations to bring my portfolio into balance, generated a report, and kindly offered to transfer most of my assets to Vanguard and buy funds per his recommendations.

I ignored most of his advice, except for reducing my long-term bond exposure. This was back in August, right after the run in interest rates. In the meantime, interest rates have dropped, contrary to what I expected; and stocks extended their rally, also contrary to what I expected.

So, in view of the last 4 months, the CFP gave brilliant advice. But it all comes down to how much faith you put in a crystal ball built from historical data. If you've got the asset-allocation religion, then Vanguard is one of the better churches, and their CFPs will even tell you to move out of their own funds that don't fit that religion (like sector funds).

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Re: Thanks to you all that have taken the time to
Old 12-09-2003, 04:17 AM   #3
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Re: Thanks to you all that have taken the time to

A. I got the religion. B. I made more money with Vanguard over the last 20 years than with my 'other' money.


c. I'm a male - So I'm still searching for the holy grail stock with my 'hobby' money.
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Re: Thanks to you all that have taken the time to
Old 12-09-2003, 04:55 AM   #4
 
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Re: Thanks to you all that have taken the time to

I have never used a CFP or any kind of financial
planner, although I've picked quite a few brains.
Once a got a little money ahead, I interviewed a bunch of "experts" and decided I knew more than they did
(or at least was more focused - my money). This
proves my ex-wife's theory that I think I am smarter
than everyone else .

John Galt
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Re: Thanks to you all that have taken the time to
Old 12-09-2003, 09:05 AM   #5
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Re: Thanks to you all that have taken the time to

Quote:
I can see that many trust the advice of Vanguard Services.
Roger, I have almost everything I own at Vanguard, but I wouldn't rely upon their financial planners to tell me what to do. Here is how I look at it:

WORST: Going to a planner who sells products.
SLIGHTLY BETTER: Using a fee-only based planner.
SO-SO BUT STILL RISKY: Using a Vanguard planner.
FAR SUPERIOR/BEST: Learn the ropes and make all investment decisions myself.

I do like Vanguard's products, but I didn't want to leave you with the false impression that I would use their planners.
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Re: Thanks to you all that have taken the time to
Old 12-09-2003, 12:46 PM   #6
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Re: Thanks to you all that have taken the time to

Bob_Smith

Nicely put. I agree.
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