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WSJ on firing your financial advisor
Old 08-29-2014, 02:21 PM   #1
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WSJ on firing your financial advisor

Two interesting articles in the online WSJ that I found via Twitter:

Why I Fired My Financial Adviser - WSJ

How to Fire Your Financial Adviser - WSJ

Basically, the first article is a horror story from someone who admits he should have trusted his instincts sooner, and the second gives tips for those who are thinking of firing their FA. The first one also points out that even an expert in the business has a hard time finding a good FA.
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Old 08-29-2014, 04:34 PM   #2
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Thanks for pointing these out.

One conclusion I have is that WSJ editors do not accumulate much wealth by their early 60's … even if they cover wealth management.
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Old 08-29-2014, 07:23 PM   #3
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Thanks for the link FBAustin. Luckily my wife is currently sleeping with her FA and I am sleeping well. Unfortunately there are many, many tales about FAs that are no better than thieves. You can not dupe yourself. At least, that's the way that I see it.
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Old 08-29-2014, 07:27 PM   #4
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OMG I can't believe that a long time editor of the WSJ, wealth management section no less, would not only get an adviser but do such a poor job in finding one.
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Old 08-30-2014, 12:25 AM   #5
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I've been surprised at the number of financial journalists and bloggers who have terrible personal finances. I think somehow they just get assigned the topic area without really knowing much


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Old 08-30-2014, 06:19 AM   #6
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This situation reminds me of a visit I made to a District Managers home few years back at megacorp. He had a very upscale home until you stepped inside -nothing. One end table and a couple chairs and that was it. He told me he had come across hard times and was looking to dump the house (1995 not 2009). No huge medical bills or other calamity just poor management. I couldn't believe that our company had this guy telling our distributors how to run their businesses.
My take on it - Keep your eyes open, do your own research and education, take responsibility and do it yourself.
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Old 08-30-2014, 08:09 AM   #7
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How do you read more than 2 sentences of this article and not subscribe?
Thanks.
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Old 08-30-2014, 08:33 AM   #8
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How do you read more than 2 sentences of this article and not subscribe?
Thanks.
Reading a link has never been a requirement to posting a comment in a thread. . Some do look interesting but I don't bother clicking on WSJ links because I'm not a subscriber.
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Old 08-30-2014, 08:55 AM   #9
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Honestly, Jason Zweig is the only WSJ writer I pay attention to.
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Old 08-30-2014, 09:09 AM   #10
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I'm my own FA but who should do it when I'm old and senile? That's what I worry about.
So far I've thought about a very basic trust with Vanguard managing my money....I've known independent FA's that have taken 80 year olds into expensive annuities for the commission.....and the 80 year old's kids had very little financial knowledge and they trusted the FA when they shouldn't have. My kids are very honest but could care less about managing money.....not much I can do about that. I gave them subscriptions to Money Mag....they don't read it.

And, WSJ writers are usually young, they don't make a ton of money so they dont have enough cash to need an FA. I knew many of them in my past life......today, newspapers are having a tough time.....writers just can't command big incomes. But, WSJ writers write for wealthy and successful readers.....and WSJ, for me, is worth reading....weekend edition especially along with Barrons are the only two papers I still read for financial updates.

So, again, who manages my money when I can't do it because I'm old and senile....what ideas do you have?
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Old 08-30-2014, 09:29 AM   #11
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How do you read more than 2 sentences of this article and not subscribe?
Thanks.
I just googled some keywords and found that article for free.

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Old 08-30-2014, 10:12 AM   #12
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http://online.wsj.com/articles/why-i...ser-1409323717
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Old 08-30-2014, 10:13 AM   #13
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somehow i got a free article by googling too, but I see it did not work in the link
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Old 08-30-2014, 10:30 AM   #14
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The best financial advice usually comes with some grey hairs attached. There are a few newbies that give good advice, IMHO.

Personally, I am fond of Jonathan Clements.

Jonathan Clements's guide to personal finance
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Old 08-30-2014, 10:36 AM   #15
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Here's a short description of how the "free access to premium sites" works.
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Old 08-30-2014, 01:51 PM   #16
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I like Clements and Zweig as well. And I use the Google trick to read articles behind the paywall.
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Old 08-30-2014, 03:38 PM   #17
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I like Clements and Zweig as well.
One of the reader comments to the article was

Quote:
Do you ever read or talk to Jason Zweig or Jonathan Clements?
Ouch!
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Old 08-30-2014, 04:19 PM   #18
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Here's a short description of how the "free access to premium sites" works.
Quote:
Originally Posted by Sarah in SC View Post
And I use the Google trick to read articles behind the paywall.
Thanks for pointing this out. We subscribe to the WSJ and so I have digital access; I forgot to log out to check to see if it was free or not.
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Old 08-30-2014, 04:29 PM   #19
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I too just search on the article title and that gets a free link.
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Old 08-30-2014, 06:32 PM   #20
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I just fired my FA. My taxable account is now with Vanguard and the Roth transfer check is in the mail. The FA was an old friend of the family, so things got a bit awkward, but his mother shook my hand at my sister's wedding two weeks ago. I guess all bridges aren't burned.

On another note, I'm also concerned about financial decisions during senility. DW has zero interest in finance; she approaches the whole thing like Scarlett Ohara, "fiddle dee dee, a man will take care of me." That's not going to change ever. And I'm not the sharpest tool in the shed either. The whole concept of bond fund values changing with interest will not sink in, nor will anything more exotic. I'm comfortable sticking with an AA for each stage of my life, but I'd like to be clever enough to fully comprehend futures,muy ing on margin, etc. If I can't figure that stuff out now, will I be buying magic beans, annuities, and term life insurance in 30 years?
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