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Re: Retirees who trusted their broker
Old 03-28-2007, 06:55 AM   #61
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Re: Retirees who trusted their broker

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Originally Posted by HaHa
Thanks F-Dude. This is pretty much what I would have expected to be the case.

Ha
Ha, what FD said is really true. The only people I know making it as hourly or project planners are guys working in a really high end shop. They charge $15-25K up front and $350/hour after that for financial plans. All the planners there are JD, CPA, CFPs and they are the exception.

For your average CFP, it's just too hard to charge $400-$1K for a plan that takes hours of fact gathering, number crunching, etc when you can get somebody to drop $50K into a variable annuity from an hour or two meeting and walk away with $3-4K in commission.

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Re: Retirees who trusted their broker
Old 03-28-2007, 08:36 AM   #62
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Re: Retirees who trusted their broker

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Originally Posted by saluki9

For your average CFP, it's just too hard to charge $400-$1K for a plan that takes hours of fact gathering, number crunching, etc when you can get somebody to drop $50K into a variable annuity from an hour or two meeting and walk away with $3-4K in commission.
Saluki I understand what you are saying, and I can't really fault them for doing what works. Buyer beware.

There are clearly better choices available, such as what your group or F-Dude offer, but it takes a more discriminating client to understand what he/she is getting.

Ha
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Re: Retirees who trusted their broker
Old 03-28-2007, 09:10 AM   #63
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Re: Retirees who trusted their broker

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Originally Posted by HaHa
Saluki I understand what you are saying, and I can't really fault them for doing what works. Buyer beware.

There are clearly better choices available, such as what your group or F-Dude offer, but it takes a more discriminating client to understand what he/she is getting.

Ha
Saluki's "shop" is high end money management. His firm's clientele is probably $5 million and up, or even higher.

My average client has $400K or so with me. Interesting thing that happened when I switched to being a fee advisor........I became the PRIMARY advisor for a lot of my clients. Within 18 months, my average client account will be $500K. I feel the only way I can continue to learn and help is to become a CFP. I also am looking into getting the CIMA designation.

One of my buddies just got his CFA.......... Talk about a tough set of tests!!

One of the main reasons I am on this forum is the demographic. My clients are NOT UNLIKE most on this forum, LBYM folks who are great savers..............
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Re: Retirees who trusted their broker
Old 03-28-2007, 09:42 AM   #64
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Re: Retirees who trusted their broker

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...Within 18 months, my average client account will be $500K. I feel the only way I can continue to learn and help is to become a CFP. I also am looking into getting the CIMA designation...
Is that growth coming from new clients that are just a little bigger or the odd big fish? How many clients and how much growth?
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Re: Retirees who trusted their broker
Old 03-28-2007, 10:09 AM   #65
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Re: Retirees who trusted their broker

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Is that growth coming from new clients that are just a little bigger or the odd big fish? How many clients and how much growth?
Clients that are bigger clients. I am in the middle of a 6 year business plan, and the plan is to have 75 clients at an average of $1 million each, or $75 million in a fee-based
practice.

Actually, the way I am running things, the "odd big fish" wouldn't fit too well. For instance, someone with $20 million or so has needs my firm/I am not equipped to handle, and would be better suited to a place like saluki's...........
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Re: Retirees who trusted their broker
Old 03-28-2007, 01:04 PM   #66
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Re: Retirees who trusted their broker

Ditto on the CFA, FD! My boss is getting ready for the 2nd test, for the second time. The last time he took it, he'd just had a baby. Not great timing. There was some talk about me going after the CFA when I started here, but I told them I was way too much of a crackhead to pass even the first one!

There are a couple of Garrett planners (hourly) here, and I think they might be starving, unfortunately. Most others do some money management. We don't really have local clients, so I can't say how much business there is for fee only planners.

I'm taking the live review course in Denver in June for the summer CFP exam. Hope it "takes".

Sarah
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Re: Retirees who trusted their broker
Old 03-28-2007, 01:11 PM   #67
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Re: Retirees who trusted their broker

The CFA exam is reasonable achievement for anybody with the ability to study on their own, who has had some sort of exposure to finance, and college statistics. It's more about hard work than background.



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Re: Retirees who trusted their broker
Old 03-28-2007, 02:38 PM   #68
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Re: Retirees who trusted their broker

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The CFA exam is reasonable achievement for anybody with the ability to study on their own, who has had some sort of exposure to finance, and college statistics. It's more about hard work than background.
Sorry......too much work for me, I got clients that keep me busy............

If a CFP and CIMA aren't good enough, oh well................
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