Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-07-2020, 07:30 PM   #21
Full time employment: Posting here.
The Cosmic Avenger's Avatar
 
Join Date: May 2016
Location: Mid-Atlantic
Posts: 985
Quote:
Originally Posted by kgtest View Post
+1 Bingo. I have a coworker who calculated his own raise wrong. Numbers are hard.
To be fair, I have a pretty sharp coworker who miscalculated his employee's raise percentage and almost had a fit before I corrected him. (Although in his favor, he had the wisdom to consult me before letting loose on HR for the supposedly insulting raise.) I calculate my raise percentage and the increase in gross pay every year, and I did catch a mistake once, back in the days of paper forms. I got back pay for the time they underpaid me, too!
__________________

__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
The Cosmic Avenger 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 01-07-2020, 07:37 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 12,010
Quote:
Originally Posted by Dtail View Post
In general, I can ask the Fidelity team or my personal rep just about any question and will receive a response for the grand sum of 0 fees.
Well yea, but no birthday card.
__________________

__________________
You probably mean principal not principle. Judgment only has one "e".
travelover is online now   Reply With Quote
Old 01-07-2020, 07:43 PM   #23
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 2,367
Mine never gives answers to tax questions without qualifying the answer that he is not a CPA, if he will answer them at all.
Quote:
Originally Posted by Dtail View Post
In general, I can ask the Fidelity team or my personal rep just about any question and will receive a response for the grand sum of 0 fees.
__________________
No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is offline   Reply With Quote
Old 01-07-2020, 08:06 PM   #24
Recycles dryer sheets
prudent_one's Avatar
 
Join Date: Jul 2014
Posts: 176
Those fears sound reasonable to me. Mass media tells people investing is best left to experts. Those of us who know it can be done wisely without being a CFA have no loudspeaker to use to reach the masses (other than boards like this). I don't fault those who believe they need to pay AUM fees when they have no exposure to a DIY methodology (or are actually math-challenged, and I know a few smart people who I would urge to pay someone just to avoid a terrible math-based mistake).

On the issue of miscalculating raises, way back in the day when I was pretty new I was given a 3.5% raise but it was processed as 4.5%. I noticed the mistake in my first post-raise check. I told my manager who laughed and said I probably calculated wrong but he would have payroll check it. I was right. Although it cost me a few dollars a month for pointing it out, I was forevermore branded as a guy who was impeccably honest ("Can you believe what that guy did? Who does that? Nobody would have ever caught that.") which absolutely helped my career in the company far more than that few dollars would have helped my wallet.

I didn't know how far word had traveled in that 500-person company until one Saturday I was in the office catching up on some things when I got a call from the security desk. The CEO had called in from his weekend cabin 70 miles away, asked the security guy to look at the sign-in sheet and tell him who all was in the office on a Saturday. The CEO then asked for me. Wanted me to get the hidden key to his office, boot up his PC, and call him back. He gave me his password, told me to open a certain email and read him the phone number of the sender. When that was done the CEO said he had asked for me because he remembered hearing about my raise story and trusted me not to read other emails or poke around his office, then forget the password, and forget where the hidden key was. At that time I was just an employee with a supervisor who had a manager who had a director who had a VP and somehow the CEO knew my name.
prudent_one is offline   Reply With Quote
Old 01-07-2020, 08:13 PM   #25
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 4,816
Yeah Baby! Actions speak louder than words.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 01-08-2020, 04:44 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 5,000
Quote:
Originally Posted by prudent_one View Post
Those fears sound reasonable to me. Mass media tells people investing is best left to experts. Those of us who know it can be done wisely without being a CFA have no loudspeaker to use to reach the masses (other than boards like this). I don't fault those who believe they need to pay AUM fees when they have no exposure to a DIY methodology (or are actually math-challenged, and I know a few smart people who I would urge to pay someone just to avoid a terrible math-based mistake).

On the issue of miscalculating raises, way back in the day when I was pretty new I was given a 3.5% raise but it was processed as 4.5%. I noticed the mistake in my first post-raise check. I told my manager who laughed and said I probably calculated wrong but he would have payroll check it. I was right. Although it cost me a few dollars a month for pointing it out, I was forevermore branded as a guy who was impeccably honest ("Can you believe what that guy did? Who does that? Nobody would have ever caught that.") which absolutely helped my career in the company far more than that few dollars would have helped my wallet.

I didn't know how far word had traveled in that 500-person company until one Saturday I was in the office catching up on some things when I got a call from the security desk. The CEO had called in from his weekend cabin 70 miles away, asked the security guy to look at the sign-in sheet and tell him who all was in the office on a Saturday. The CEO then asked for me. Wanted me to get the hidden key to his office, boot up his PC, and call him back. He gave me his password, told me to open a certain email and read him the phone number of the sender. When that was done the CEO said he had asked for me because he remembered hearing about my raise story and trusted me not to read other emails or poke around his office, then forget the password, and forget where the hidden key was. At that time I was just an employee with a supervisor who had a manager who had a director who had a VP and somehow the CEO knew my name.
Great post. Kudos to you.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 01-08-2020, 06:02 AM   #27
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,871
+1 on OP's responses to the 4 fears.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 01-08-2020, 06:17 AM   #28
Dryer sheet wannabe
 
Join Date: Jan 2012
Location: Cary
Posts: 18
It kills me to pay a FA, but pay I must. He is the safety barrier between my husband and the accounts. My husband needs to be talked down from every blip that happens that affects the market. That is too much work for me.

Essentially, our FA is my husband's therapist and well worth the money we pay him.
lauradrops is offline   Reply With Quote
Old 01-08-2020, 08:37 AM   #29
Dryer sheet aficionado
 
Join Date: Nov 2019
Location: Jersey City
Posts: 43
I moved my cash from Marcus to Chase in order to get 2k Private Client Bonus. I had 5 years worth of expenses there that would have taken me all the way beyond 59.5 and close to 62. I had a plan of using that cash for ROTH conversion taxes. I'll re-evalute in November. If after a year and all the fees I'll end up with more than what Marcus would have paid, I'll consider it an interesting lesson. Private Client status doesn't hurt either.

So far I've learned that Chase makes everything both insanely complicated and opaque. There's so much activity in those managed accounts that I get a headache just looking at the statements. The fee/commission structure and disclosures are presented in such a way that I can't even figure out what and when I'm paying. I can see how most people when faced with this type of service would assume that it's a rocket science.
My advisor tries so hard to become my "friend" that it's laughable. He even called me to make sure "I'm fine" when there was one of those mass shootings not that far my home. And yes, there was a Xmas card.
At the time of moving the money to Chase I created two test portfolios on Morningstar that are the hypothetical alternatives to what Chase is doing. Something that took me 10 minutes. They are both doing better.
I'll stick to the original plan of staying with Chase for a year - I doubt I'll lose money - but given how much I dislike their way of running things I doubt I'll go beyond that. Unless they actually do better.
tenant13 is offline   Reply With Quote
Old 01-08-2020, 06:11 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
Ive never had one to fire, well, except me, and Im FIRED!
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 01-09-2020, 01:37 AM   #31
Full time employment: Posting here.
 
Join Date: Aug 2015
Posts: 578
Ding ding ding! Same here. I got me here, which is the only reason they even want me to sign with them. Now that the hard part is done, I should pay them for what?
Perryinva is offline   Reply With Quote
Old 01-09-2020, 10:05 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,655
Quote:
Originally Posted by lauradrops View Post
It kills me to pay a FA, but pay I must. He is the safety barrier between my husband and the accounts. My husband needs to be talked down from every blip that happens that affects the market. That is too much work for me.



Essentially, our FA is my husband's therapist and well worth the money we pay him.


Great point. Likewise a co-worker used Eddie Jones to manage his accounts because his spouse was convinced hiring a professional was better. He used to tell me it was OK to pay more fees and if the FA lost money, he could still look his wife in the eye. Also she was much younger so my co-worker expected she would outlive him. He used to ask me about stuff and Id respond but also ask why he doesnt ask his guy. His response was that his guy always made things overly complicated. I also have to say his guy was not overly aggressive about generating fees.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 01-09-2020, 10:10 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,655
Quote:
Originally Posted by lauradrops View Post
It kills me to pay a FA, but pay I must. He is the safety barrier between my husband and the accounts. My husband needs to be talked down from every blip that happens that affects the market. That is too much work for me.



Essentially, our FA is my husband's therapist and well worth the money we pay him.


Great point. Sometimes the state of mind of a spouse or survivorship considerations can dictate a course of action. There are FA services out there that are more reasonable than others.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is online now   Reply With Quote
Old 01-11-2020, 11:01 AM   #34
Dryer sheet wannabe
 
Join Date: Feb 2018
Posts: 17
A very good investment advisor is hard to find. If you find one, keep him or her.
ukwildcat is offline   Reply With Quote
Old 01-12-2020, 08:39 PM   #35
Dryer sheet aficionado
 
Join Date: Apr 2019
Posts: 36
Very happy with our FA. Looking at our accounts tonight, I realized that they recommended a few stocks/funds that have had huge gains and they have more than covered our 1% fee.

I like that I can call them up and they handle all the Roth conversions, they do our taxes, they keep copies of all of our important documents (trusts, previous years taxes, etc), they manage my husbands company 401K, and they have taught my kids about saving and helped them open a Roth.

And, like someone else said, it makes my husband feel more comfortable to have someone else managing it as my husband is very very risk averse.

We have about $3M and 1/2 of that is subject to the 1% fee as we don't pay the fee on cash, on my 401k that is with fidelity, and my husbands insurance annuity that can't be moved for 2 more years. So we pay them about $15k a year. It's worth it to us.

Oh...and we get an amazing Harry and David basket at Christmas time :-)
mtbikelover is offline   Reply With Quote
Old 01-12-2020, 09:11 PM   #36
Full time employment: Posting here.
CaliKid's Avatar
 
Join Date: Apr 2016
Location: Cali
Posts: 992
Quote:
Originally Posted by mtbikelover View Post
Very happy with our FA. Looking at our accounts tonight, I realized that they recommended a few stocks/funds that have had huge gains and they have more than covered our 1% fee.

I like that I can call them up and they handle all the Roth conversions, they do our taxes, they keep copies of all of our important documents (trusts, previous years taxes, etc), they manage my husbands company 401K, and they have taught my kids about saving and helped them open a Roth.

And, like someone else said, it makes my husband feel more comfortable to have someone else managing it as my husband is very very risk averse.

We have about $3M and 1/2 of that is subject to the 1% fee as we don't pay the fee on cash, on my 401k that is with fidelity, and my husbands insurance annuity that can't be moved for 2 more years. So we pay them about $15k a year. It's worth it to us.

Oh...and we get an amazing Harry and David basket at Christmas time :-)
I have part of my money with an advisor such as you describe and I am perfectly happy with the arrangement. I don't get the Harry and David basket though so I need to talk to my guy!
__________________
______________________
Hoping to get out around September 1, 2022... I hope, I hope, I hope. Until then off to work I go....
CaliKid is offline   Reply With Quote
Old 01-17-2020, 06:37 PM   #37
Recycles dryer sheets
 
Join Date: Jan 2016
Posts: 420
We have a fee only advisor from the Garrett network. I do my own investing. The one thing that is hard for me is all these tax strategies- like Roth conversions and staying under a certain income to qualify for ACA coverage and capital gains and dividend income These are the things that I don't get and frankly, I want to enjoy life and not have to deal with all this complicated stuff.


Getting a CPA this year to do our taxes (I had always done them for the most part). Hoping he can assist with this stuff as well as I am tired of trying to understand it and spend so much time on it. Not getting any younger.
meleana is offline   Reply With Quote
Happy i did it all myself
Old 01-17-2020, 10:58 PM   #38
Confused about dryer sheets
 
Join Date: Jul 2018
Location: Elk Grove
Posts: 4
Happy i did it all myself

There are 3 kinds of investors:
1) Those who don't know where the market is headed
2) Those that don't know that they don't know
3) The investment professional that knows that he doesn't know, but has to
appear to know.

It isn't that hard. Read and take your time you will be much more concerned with your money than someone who gets your 1% whether you
make money or not. Besides I would rather spend the $10,000 on myself than give it to FA. Stick to index funds. I prefer Vanguard because they are very low cost. Of course they also have low cost advisor to help if you prefer.
__________________
MAY HAM
"I'm Dirt" 'cause I'm so down to earth !




May Ham is offline   Reply With Quote
Old 01-18-2020, 05:43 AM   #39
Dryer sheet wannabe
 
Join Date: Jul 2019
Location: On the water somewhere
Posts: 11
Quote:
Originally Posted by capjak View Post
You are going to the wrong "retirement seminars", the ones I go to are at Ruth's Chris Steak House and include fillet mignon and salmon.
The people offering the free meals refer to attendees as "plate lickers".

But if they sign up a small % who attend, it is very worthwhile for them.
Beachcomber is offline   Reply With Quote
FA thoughts
Old 01-19-2020, 09:16 AM   #40
Confused about dryer sheets
 
Join Date: Jan 2018
Location: Carmel
Posts: 3
FA thoughts

I'm running my own accounts in my 401k and so far the returns seem decent, but I'm not sure what the market returns are in that span. I have a 40% one year, 20% three year, 13.5 five year & 11.68 ten year. I can't imagine paying an advisor would have done better than that. I was thinking of investing 225k with a FA this year, but not sure it is worth it.
__________________

jdnd9091 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 3 (0 members and 3 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
Washington Post article: "Beware of your financial adviser" jollystomper FIRE and Money 8 03-08-2016 03:06 PM
Holiday homes, what is your fears? siamak Other topics 12 08-19-2015 05:04 PM
WSJ on firing your financial advisor MBAustin FIRE and Money 27 08-31-2014 08:32 PM
Non-financial fears bikeknit Life after FIRE 26 05-10-2012 12:26 PM
Biggest money fears HFWR FIRE and Money 8 09-18-2005 08:13 PM

» Quick Links

 
All times are GMT -6. The time now is 12:11 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.