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Re: Why Does this Forum Distrust Financial Planners?
Old 11-29-2005, 09:25 AM   #41
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Re: Why Does this Forum Distrust Financial Planners?

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Originally Posted by Martha
I know a CPA in my town that does the same thing, but he charges $1500 and gives you a pretty printout of what you have. And he says up front, he is not an investment advisor and can't help you pick investments. I am not clear what he does.
Sounds like he's an orchard farmer.

For an orchard full of money trees.

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Re: Why Does this Forum Distrust Financial Planners?
Old 11-29-2005, 12:31 PM   #42
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Re: Why Does this Forum Distrust Financial Planners?

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Originally Posted by nellieb
Has anyone used the Motley Fool advisory service for financial planning.
Loks like no one replied to this so I expect no one has used their services. I would think that the best you could expect from MF is a canned program. So it doesn't cost much and you don't get much. But if you have, I believe $100K, Vanguard will give you some reasonable advice.

But its still good to learn a good bit to keep the advisors honest. I went to a financial advisor in 1980 and he set up a IRA for me and gave some other insurance and advice and I think it was worth it at thye time as I was clueless about financial issues. I still have a couple of the Oppenheimer and American funds although althoughj I cashed in two others. Now I am satisfied withpicking my own Vanguard funds, currently I have a Roth in the Vanguard Asset Allocation fund (VAAPX) and I am satisfied with that.
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Re: Why Does this Forum Distrust Financial Planners?
Old 11-29-2005, 09:32 PM   #43
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Re: Why Does this Forum Distrust Financial Planners?

I had a FA for awhile. Luckly I was nervous and wanted to start out small and would only invest $10k to start instead of the $100k he wanted me to invest. In less than 2 year he ran it up to $2k. But loosing $8k wasn't the bad part he talked me out of buying Apple twice. The first time would have been a spilt adjust price of $3.25 and the second time around $6.

Oh well I probably wouldn't have bought enough to matter anyway. Now that I'm about to jump into ER, I'm trying to convice myself I can do it all, when I roll out the lump sum from my pension plan. I have done fairly well on the portion I have been managing but that's only about 30% of the total.

Jeb
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Re: Why Does this Forum Distrust Financial Planners?
Old 11-29-2005, 10:59 PM   #44
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Re: Why Does this Forum Distrust Financial Planners?

When I was muc h younger I went to see my first and last FP,; he had an ad in the paper for free 30 minute initial consultation...so I went.

During the talk he takes 2 phone calls that eat up perhaps 15 minutes (not a big deal imo, it was after all a free visit)..but then we finish up in 40 minutes instead of 30 because of all the interruptions...4 days later a bill shows up for $20 for the "extra" 10 minutes...never paid his bill and never went back.

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Re: Why Does this Forum Distrust Financial Planners?
Old 11-30-2005, 10:28 AM   #45
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Re: Why Does this Forum Distrust Financial Planners?

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Originally Posted by farmerEd
During the talk he takes 2 phone calls that eat up perhaps 15 minutes (not a big deal imo, it was after all a free visit)..but then we finish up in 40 minutes instead of 30 because of all the interruptions...4 days later a bill shows up for $20 for the "extra" 10 minutes...never paid his bill and never went back.
Wow. No wonder he had to advertise in the paper to get clients.
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Re: Why Does this Forum Distrust Financial Planners?
Old 11-30-2005, 10:46 AM   #46
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Re: Why Does this Forum Distrust Financial Planners?

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Originally Posted by Jeb-NY
I had a FA for awhile.* Luckly I was nervous and wanted to start out small and would only invest $10k to start instead of the $100k he wanted me to invest.* In less than 2 year he ran it up to $2k.* But loosing $8k wasn't the bad part he talked me out of buying Apple twice.* The first time would have been a spilt adjust price of $3.25 and the second time around $6.

Oh well I probably wouldn't have bought enough to matter anyway.* Now that I'm about to jump into ER, I'm trying to convice myself I can do it all, when I roll out the lump sum from my pension plan.* I have done fairly well on the portion I have been managing but that's only about 30% of the total.

Jeb
Jeb, had the same concerns you currently have.* After reading a number of books recommended by others on this site and a few seminars I took the big jump in July and ERed.* Rolled over 401K and pension lump sum into an IRA, with no problems.* A little discipline and a game plan will go along away to lessen your apprehension. It ain't rocket science and the additional benefit you get is the satisfaction of being in control of your own destiny.* I'm simply amazed by the number of (educated) people that are clueless when it comes to financial planning and investing.* Seems like many are happy to let someone else (FP) make decisions about their financial futures.* I guess I just don't understand.* *
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Re: Why Does this Forum Distrust Financial Planners?
Old 11-30-2005, 11:21 PM   #47
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Re: Why Does this Forum Distrust Financial Planners?

Unless you're dumber than dirt, (I can't fix the flapper in the toilet) you don't need an FP, to handle your stuff. It aint rocket science, it's just controlling what you have and doing it your way. Do a little reading, decide what's best for you and yours and go for it! A Planner is gonnna do what he wants, to make it look like he cares about you but, he's gotta make money too! So he charges you a fee, based on the value of your account invested. After that, You don't control diddly! You may get 2 consultations a year, to discuss the route they are taking with your assets but,do you get any input?? Probably not! Except you can void the agreement; pull your money out, (after paying a fee for services rendered) and go your merry way.

You wouldn't have been any worse, to do it all by yourself, in the beginning.

I still can't fix the flapper.
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Re: Why Does this Forum Distrust Financial Planners?
Old 12-01-2005, 10:21 AM   #48
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Re: Why Does this Forum Distrust Financial Planners?

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Originally Posted by frayne
J I'm simply amazed by the number of (educated) people that are clueless when it comes to financial planning and investing.
This is a real fact that a lot of people don't discuss. There are a lot of really smart people (I work at NASA, my wife is a teacher...) who have no knowledge or interest in things financial. Often they don't manage their finances or have anyone else do it either. Sometimes this even works out in the end if they have some pension structure and just work a long time. But they miss the benifit of those early dollars being intelligently invested and working for them.
But people don't want to discuss financial issues because talking about money is no polite or it turns into a one ups manship game. Thats why this board, Motley Fool, Vanguard Diehards and the like are really good forums available through the internet.
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