Tony Robbins is in Financial Planning Industry

[gcgang]

Tony Robbins joins advisory firm as chief of investor psychology

Tony is Chief of Investor Psychology, advising FAs on understanding how client emotions affect investment behavior.

He wants to educate the public about what fees they pay, and understand FA conflicts of interest.

If this really helps FAs help people overcome emotional errors, he's providing a valuable service.

[kcowan]

Market Watch debunks Tony's book
It is always good to have a balance and Tony is so over the top, that this one has good balance.

[harley]

When I read the second sentence and saw that his book was 600 pages, I knew it was a "baffle them with BS" exercise. Most 100 page financial books are 75% fluff. I can't imagine what you would fill 600 pages with.

[dixonge]

Quote:

Originally Posted by harley When I read the second sentence and saw that his book was 600 pages, I knew it was a "baffle them with BS" exercise. Most 100 page financial books are 75% fluff. I can't imagine what you would fill 600 pages with.

A whole lot of Tony, most likely

[Markola]

I read the (whole) book when it came out and had much the same reaction as the book reviewer above at Market Watch, that this is a famous person writing about something that is not his forte. His All Weather Portfolio includes gold and is based on back-testing, which lost me right there.

[Chuckanut]

Tony who?

[retiringearly]

I read his book, it is too long but it is actually rock solid. I suspect the people making negative comments haven't read his book.

Yes, it is 600 pages and should have been 200 pages, but the advice in the book is quality.

[retiringearly]

Quote:

Originally Posted by kcowan Market Watch debunks Tony's book It is always good to have a balance and Tony is so over the top, that this one has good balance.

I am not sure I would take the opinion of a financial adviser that depends on high fees for his income as balanced.

Tony harps throughout the book against paying high fees. He advocates for ultra low cost ETF's, changing from a consumer to an investor (spending less, saving more), minimizing taxes, doing the math to find out what nest egg you need to support yourself in retirement, the importance of asset allocation, portfolio rebalancing, dollar cost averaging.

I fail to see the bad advice.

[REWahoo]

Quote:

Originally Posted by retiringearly Tony harps throughout the book against paying high fees. .... I fail to see the bad advice.

From the book review linked above:

Quote:

He regularly demonizes high fees, but goes on to recommend working with firms like Lifetime Income and Stronghold Financial. I called Lifetime Income to inquire about its products, and someone referred me to a California partner, who informed me that the fee structure starts at 1.5% and is often higher depending on the product. So the book promotes a low-fee approach, yet it recommends working with companies that will outsource you to high-fee firms.

If the above quote is factual, I don't see any good advice here.

[stepford]

At least if (when?) the FAs screw over their customers Tony can make them walk through fire a few times.

[bclover]

Quote:

Originally Posted by Chuckanut Tony who?

+100

[bclover]

lol,
Understanding seven simple steps takes 600 pages

I do agree with the reviewer with some things. we (society as a whole) are woefully ill prepared when it comes to financial issues so the more we talk about it the better.

[bclover]

Quote:

Originally Posted by retiringearly I am not sure I would take the opinion of a financial adviser that depends on high fees for his income as balanced. Tony harps throughout the book against paying high fees. He advocates for ultra low cost ETF's, changing from a consumer to an investor (spending less, saving more), minimizing taxes, doing the math to find out what nest egg you need to support yourself in retirement, the importance of asset allocation, portfolio rebalancing, dollar cost averaging. I fail to see the bad advice.

Depends on how you define "Bad"

I think most folks would view recommending a firm that charges 1.5% and up in fees for financial products as "bad advice"

I totally admit that I have not read the book and have no plans on reading it.

[retiringearly]

Quote:

Originally Posted by REWahoo From the book review linked above: If the above quote is factual, I don't see any good advice here.

No need to read the book. Take the advice of someone that is fully vested in generating high fees for himself (the author of the opinion article).

[retiringearly]

Quote:

Originally Posted by bclover Depends on how you define "Bad" I think most folks would view recommending a firm that charges 1.5% and up in fees for financial products as "bad advice" I totally admit that I have not read the book and have no plans on reading it.

I believe he is talking about IF you want to buy an annuity (I am not positive about that). He is definitely not recommending you pay 1.5% for all financial products.

But again, take the opinion of a financial adviser that makes his living based on high fees. That won't work well in the long run.

[bclover]

Quote:

Originally Posted by retiringearly I believe he is talking about IF you want to buy an annuity (I am not positive about that). He is definitely not recommending you pay 1.5% for all financial products. But again, take the opinion of a financial adviser that makes his living based on high fees. That won't work well in the long run.

It's not an "either/or" option. I can equally dismiss Tony Robbins shrill as well as a financial advisers.

Just because ole Tony claims he is a "life coach" doesn't make his advice one that will work well either.

[GravitySucks]

Quote:

Originally Posted by Chuckanut Tony who?

The guy from Shallow Hal?


Sent from my iPhone using Early Retirement Forum

[mickeyd]

I saw him on TV a few days ago spouting his current prose about high investment fees and behavioral finance matters. Sounds like the same guy that I recall hearing 30 years ago, just a new client base.

I can say this, that guy surely knows how to earn a buck.

[rodi]

Quote:

Originally Posted by mickeyd I can say this, that guy surely knows how to earn a buck.

+1.

I've never been one for self help/life coach stuff... so in general, not a fan. In fact, the term "snake oil salesman" comes to mind. Of course he has some reasonable points in his book - that gives it a gleam of legitimacy... which helps sell the book.

[foxfirev5]

Obviously nobody here needs this advice. Figure it out for yourself.