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Old 04-21-2008, 08:38 AM   #21
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But when you tell a relative that your not charging any fees or profit then you should do the right thing for them. So I would think he shouldn't have a problem putting him in Vanguard and managing his port.
Not to offend anyone, but WHY should we deem Vanguard as the ONLY fund company out there? No love for FIDO, TIAA,Dodge and Cox, etc.

I must be the only one that thinks having a relative as a CFP could be construed as a "good thing".........
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Old 04-21-2008, 08:43 AM   #22
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Of all the silly letters that go behind financial advisers names the only two that should impress an individual investor, are CPA, and CFP in that order.
I think I would rank them CFA, CFP, and THEN CPA. I know TOO MANY CPAs that are HORRIBLE at managing their money or any others for that matter.......... I know saluki is a CPA but he "saw the light" and got a CFA..........

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I have yet to meet somebody who has passed the CFP on their first try.
The first time pass rate on CFPis 52% or so. I know at least 5 people who passed it on their first try.

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So while a CFP is no guarantee that guy is competent is an indication. Trustworthiness is an issue you will have to judge for yourself.
Agreed..........
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Old 04-21-2008, 08:52 AM   #23
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Not to offend anyone, but WHY should we deem Vanguard as the ONLY fund company out there? No love for FIDO, TIAA,Dodge and Cox, etc.

I must be the only one that thinks having a relative as a CFP could be construed as a "good thing".........
Nope, not the only one. I think it's great that you can help out your family.

I only used Vanguard as an example of low costs.

Your missing my point, if the BIL says he works for no fees then he shouldn't mind putting the funds in low cost vehicles. If he's putting him in let's say Oppenheimer then we know he's not doing what he said he is.
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Old 04-21-2008, 09:07 AM   #24
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Nope, not the only one. I think it's great that you can help out your family.

I only used Vanguard as an example of low costs.

Your missing my point, if the BIL says he works for no fees then he shouldn't mind putting the funds in low cost vehicles. If he's putting him in let's say Oppenheimer then we know he's not doing what he said he is.
I'm not missing your point, you are not understanding how things work. BIL of OP can buy LOAD mutual funds at NAV, because he's registered. With some fund families, you can buy at NAV for family members, so he could get American Funds or Franklin or Oppenheimer for NAV for family members. I'm sure NOT everyone on here knows that...........
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Old 04-21-2008, 09:40 AM   #25
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I think I would rank them CFA, CFP, and THEN CPA. I know TOO MANY CPAs that are HORRIBLE at managing their money or any others for that matter.......... I know saluki is a CPA but he "saw the light" and got a CFA..........



The first time pass rate on CFPis 52% or so. I know at least 5 people who passed it on their first try.



Agreed..........
The CFP exam was a joke compared to the CPA or CFA exams. Even the CFA didn't compare to the CPA in the sheer amount of material to cover. That being said, 99% of it doesn't have anything to do with investments or financial planning.

Most people would be shocked if they knew how little training most CPA's have even in personal taxes. It was hardly a blip in my accounting schooling or CPA study. I had to learn most of it through my work.

I'm just glad my exam taking days are over.
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Old 04-21-2008, 09:47 AM   #26
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I'm not missing your point, you are not understanding how things work. BIL of OP can buy LOAD mutual funds at NAV, because he's registered. With some fund families, you can buy at NAV for family members, so he could get American Funds or Franklin or Oppenheimer for NAV for family members. I'm sure NOT everyone on here knows that...........
So after you buy in at NAV are the 12B1 fees gone and the other expenses also lower.
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Old 04-21-2008, 09:50 AM   #27
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The CFP exam was a joke compared to the CPA or CFA exams. Even the CFA didn't compare to the CPA in the sheer amount of material to cover. That being said, 99% of it doesn't have anything to do with investments or financial planning.

Most people would be shocked if they knew how little training most CPA's have even in personal taxes. It was hardly a blip in my accounting schooling or CPA study. I had to learn most of it through my work.

I'm just glad my exam taking days are over.
I'll bet you are....... Really, how many CPAs do you know that are knowledgeable about personal investing?? I guess I should say CPA and nothing else..........
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Old 04-21-2008, 09:52 AM   #28
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Old 04-21-2008, 09:58 AM   #29
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So after you buy in at NAV are the 12B1 fees gone and the other expenses also lower.
Yes

On brokered share classes the A class is usually much cheaper than B or C. 99% of the time the 12b-1 will be 25bps.
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Old 04-21-2008, 10:33 AM   #30
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Saluki and Brewer are right (and FD) about that CFA--what a mother--I would never even attempt it!

But the PFS designation of CPAs is pretty good, and it does what you said, Saluki, in beefing up the personal investment side.

And I, alas, am not in the 52% of the first time passers of that CFP exam. It was a tough program that took me 3 yrs to complete, but it is a puny 98 lb weakling getting sand kicked in the eyes compared to the CFA.
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Old 04-21-2008, 10:34 AM   #31
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Saluki and Brewer are right (and FD) about that CFA--what a mother--I would never even attempt it!

But the PFS designation of CPAs is pretty good, and it does what you said, Saluki, in beefing up the personal investment side.

And I, alas, am not in the 52% of the first time passers of that CFP exam. It was a tough program that took me 3 yrs to complete, but it is a puny 98 lb weakling getting sand kicked in the eyes compared to the CFA.
Hey at least you got a CFP.........I still haven't scheduled my test..........
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Old 04-21-2008, 11:03 AM   #32
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And if you don't pass on the first try, I will taunt you for a second time!
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Old 04-21-2008, 11:51 AM   #33
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Yes

On brokered share classes the A class is usually much cheaper than B or C. 99% of the time the 12b-1 will be 25bps.
Sorry, what I meant was if a relative buys shares via their BIL can the brokerage discount or remove the yearly expenses or the 12B1 fees?
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Old 04-21-2008, 12:50 PM   #34
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Sorry, what I meant was if a relative buys shares via their BIL can the brokerage discount or remove the yearly expenses or the 12B1 fees?
No, those are controlled by the fund company, the custodian has nothing to do with those.
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Old 04-21-2008, 12:58 PM   #35
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I'm not missing your point, you are not understanding how things work. BIL of OP can buy LOAD mutual funds at NAV, because he's registered. With some fund families, you can buy at NAV for family members, so he could get American Funds or Franklin or Oppenheimer for NAV for family members. I'm sure NOT everyone on here knows that...........
That's great but Saluki just posted that the 12B1 fees yearly ER fees would continue. So unless the BIL used no load funds there would be no way he could waive his fees and commissions for a family member. I don't necessarily think he should because he should get paid for his experties but he's the one that said he would waive them.

So back to square one. I'd like to see what the BIL would say about advising what funds he should put his money into with no loads and low expenses.
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Old 04-21-2008, 01:00 PM   #36
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I thought that CFAs (chartered financial analyst) were involved primarily in analyzing securities rather than performing financial planning for individuals, which is why I didn't include them. Still I stand corrected.

The larger point is that a fair number of alphabet soup designation can be obtained primarily by sending a check to the right person, CFP isn't one of them.
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Old 04-21-2008, 01:01 PM   #37
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How is the OP to know if the BIL is competent?
-- Some sell high ER funds and other vehicles. These people are either unethical or incompetent. Some may even believe that these are in the best interests of their clients--these people are only incompetent. The BIL could be one of those.
-- To judge whether the BIL (or any other CFP) is competent (and to make the determination based on more than blind faith), you have to educate yourself about a few things. It's not hard, and most people here have done it. By the time you've done that, you've got the skills to manage your own portfolio, and the CFB (whether a BIL or not) adds little value.
-- The OP knows about Vanguard, he knows about this board, and he knows enough to ask the question. To me, that tells me the OP already knows or is well on his way to knowing what he needs to know to do it himself and involving the BIL, with all the possible family issues, is probably not worth it.

re Vanguard: No, they aren't the only answer. But they are a solid answer and the leader in offering low cost investment products to retail customer.

Allwork&noplay (if you are still out there),
- You say your BIL has assisted you with your wife's Roth IRA. Would you mind sharing how your BIL has invested these funds, and how they relate to the rest of your/your wife's portfolio? This might provide some useful insight.
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Old 04-21-2008, 01:11 PM   #38
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That's great but Saluki just posted that the 12B1 fees yearly ER fees would continue. So unless the BIL used no load funds there would be no way he could waive his fees and commissions for a family member. I don't necessarily think he should because he should get paid for his experties but he's the one that said he would waive them.

So back to square one. I'd like to see what the BIL would say about advising what funds he should put his money into with no loads and low expenses.
Maybe he'll do that in a fee-based account, like Vanguard keeps asking me to do with their funds.........
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Old 04-21-2008, 01:27 PM   #39
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I thought that CFAs (chartered financial analyst) were involved primarily in analyzing securities rather than performing financial planning for individuals, which is why I didn't include them. Still I stand corrected.
Not this one

There must be enough of us. The CFA Institute keeps sending me invitations to their private wealth management conferences.
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Old 04-21-2008, 01:28 PM   #40
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Maybe he'll do that in a fee-based account, like Vanguard keeps asking me to do with their funds.........

I'll bet most people here don't know that. I get a mailer at least twice a week from Vanguard begging us to use their funds in our fee based accounts. We get phone calls too.
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