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Old 04-21-2008, 09:06 PM   #61
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saluki9,

Thanks.

I see a big difference in a family member coming to you vs. you offering to manage their finances.

(As noted above, I judge my MIL's choices to be sub-optimal, so I offer to talk finances with her, but don't push it when she's not interested.)
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Old 04-21-2008, 10:01 PM   #62
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Originally Posted by saluki9 View Post
Gosh, I love this crowd. No, I'm sure this guy knows nothing about investments that can't be learned from a bunch of strangers on the internet

I manage money for most of my family members. I can assure you that I look after those accounts very closely.

If you trust him, and he treats you well as a client I don't see what the problem is? My only caveat is that I tend to shy away from people who want to waive all of their fees for me. The fact is that he is running a business and you want this account to be important to him.
OK, you just admitted to violating fair dealing. Sorry, exam reflex.
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Old 04-21-2008, 10:14 PM   #63
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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..........

I know you did not put them in order... but people who think that a CPA knows anything about investing has been snowed by someone....

I am a CPA but know a lot about investing since I also got my MBA in finance... but a CPA knows about ACCOUNTING.... and any more is just... well, them learning something else...

The initial pass rate for CPA used to be 20% (and I think that was per section, not the whole thing... but I could be wrong)...
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Old 04-21-2008, 10:17 PM   #64
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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.

LOL... should have read down a few posts

That being said.... do you know what CPA stands for?







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Old 04-22-2008, 04:24 AM   #65
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brewer,

Did you offer to manage their accounts, or did they come to you asking for you to manage your accounts?

********************

allwork&noplay,

Same question.

********************

My MIL is convinced that market timing and stock selection are keys to good investing, and I've not been able to convince her otherwise, nor to get her to consider low-cost indexing. It's her money and she's an adult human being, so I've backed off and let her know that if she is interested in discussing finances, I'm there for her.
I have asked my BIL for advice on several occasions and he recently offered to take on my Roth account, which is a fairly small account. Most of my retirement savings is in my 401k.
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Old 04-22-2008, 08:28 AM   #66
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brewer,

Did you offer to manage their accounts, or did they come to you asking for you to manage your accounts?
Different things happened with different people. With my parents, I came to them because otherwise the money would have languished in savings accounts. I am the executor of their will, will eventually become caretaker/POA if its necessary, and have been their advisor on all things financial for several years.

My MIL originally asked me to figure out whether she would come out ahead by buying extra years of pension credit (it was worth six figures by my estimation). One thing lead to another and I ended up managing her IRA, which is most of her invested assets.

My FIL is a classic smart guy who is dysfunctional about money (but frugal, which is his saving grace). He sold a rental house and didn't want to put the proceeds with the advisor who manages his retirement accounts, so he asked me to manage the account.
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Old 04-22-2008, 09:09 AM   #67
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OK, you just admitted to violating fair dealing. Sorry, exam reflex.
Check your books again, "fair, but not equal"
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Old 04-22-2008, 09:12 AM   #68
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LOL... should have read down a few posts

That being said.... do you know what CPA stands for?

Can't Pass Again
Seriously! I have my Becker CPA books on my shelf in my office. Every once in a while I open them up just to see what I once knew.

I can't believe I was able to store all that crap in my brain if only for a year or so.
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Old 04-22-2008, 07:42 PM   #69
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Check your books again, "fair, but not equal"
Ethics is not my strong area, but I think you just did a nice CYA. OK, prof just came back. Back to class!
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Old 04-22-2008, 10:46 PM   #70
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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.
I think that 73ss454 has pursued a very valid line of questioning and it was really what I was getting at with my original post. I figured there would be certain fees that could and could not be waived, but I need to find out from BIL which ones those are. IF BIL is just waiving his advisory fee and I still have to pay high management fees and 12b1 fees, then wouldn't I be better off just putting my money into a low cost fund?
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Old 04-23-2008, 06:34 AM   #71
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IF BIL is just waiving his advisory fee and I still have to pay high management fees and 12b1 fees, then wouldn't I be better off just putting my money into a low cost fund?
Yes you would.
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Old 04-24-2008, 10:17 AM   #72
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I think that 73ss454 has pursued a very valid line of questioning and it was really what I was getting at with my original post. I figured there would be certain fees that could and could not be waived, but I need to find out from BIL which ones those are. IF BIL is just waiving his advisory fee and I still have to pay high management fees and 12b1 fees, then wouldn't I be better off just putting my money into a low cost fund?
Until you find out WHICH fees he's waiving, and which ones he's not, all you can get from us is opinions and conjecture.........
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Old 04-24-2008, 10:29 AM   #73
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Until you find out WHICH fees he's waiving, and which ones he's not, all you can get from us is opinions and conjecture.........
Isn't that what he asked for?
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Old 04-24-2008, 10:33 AM   #74
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Isn't that what he asked for?
Yeah,my bad...........hopefully we NEVER drop so low as to offer unbiased constructive advice........
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