Just Thought I would Say Hello

[cute fuzzy bunny]

They are for the fund company and the fund manager.

I suppose financial analysts are good for people with a lot of money, a determination to not read one book, a deep lack of understanding about finance and investments, and an unwillingness to buy a target retirement or lifestrategy fund after spending 2 minutes doing a risk-return quiz on vanguard.

I havent seen any that didnt cater to the very, very rich that didnt pretty much do the latter...ask you lots and lots of questions to scare the crap out of you about how complicated the financial world is, during the course of that interrogation figure out your risk-return balance and slot you into one of 5-10 standard portfolio arrangements.

Sort of a funny short story. My wife and I went shopping a while back and I left her at a bench enjoying the sun while I went into the mens room to change the baby. When I came out there was a couple chatting with her. Wife said she just stopped by and started chatting, my wife was starting to wonder if she was hitting on her when she said she'd seen the baby and was expecting herself...other guy was a co-worker of hers who saw her and also stopped to talk.

When I came out, we all started chatting, but it felt a little structured and uncomfortable. She asked what I did for a living, I mentioned I retired early, she asked who managed my money, I said I did, she said she was a financial planner.

I actually, involuntarily, said "eeeek!" really, really loudly. She laughed, said she got that all the time.

I'm figuring she and her co-worker went to the fru-fru shopping area we were in late in the afternoons to 'hit' on couples shopping at that time of the day during the work-week. Chances are they're well-to-do if they dont have to be at work at 3pm and they're shopping at that sort of store. I thought I was being unnecessarily cynical until I noticed the guy take the 'next round' with a couple who had settled into the nearby food court with a bunch of shopping bags.

By the way, to avoid puncturing my LBYM status with this sort of shopping experience, we were only there because one particular store always has a clearance on some sort of special super soft socks my wife just loves for her 12 hour nursing shifts at the hospital...

[wildcat]

Hmmm judging by the lack of a response is it safe to say that was a sales call?

[retire@40]

Quote:

Originally Posted by wildcat Hmmm judging by the lack of a response is it safe to say that was a sales call?

Yup.* They must be amateurs at American Express Financial Services if that’s the best they can do here.* They sound like the "H & R Block" of the financial industry based on this website http://www.amexsux.com/

[JR Andrews]

Sorry about the delay in response-been a busy week. I am going to try and respond to all comments but forgive me if I overlook a few.

I do not sell only American Express products. I have the freedom to go to any fund or company that I feel is best for the client. I am never going to say that only our products will help people achieve their goals because its not true. Sometimes people need a variation.

I do get compensted partially through commission but that does not mean that i dont recommend no load funds or that I would choose commision over suitability for a client. I do charge a fee for my service and offer a money back guarantee if unsatiified( by the way-never had anyone use it).

What it comes down to is nobody works for free and its understood that I will charge fees but I do not kill my client's returns or objectives simply to make more money. If I did I would be out a job quick.

I really enjoy the reponse so please lets keep em up!

[wildcat]

So how much of what you do can be done by an individual?

[unclemick]

Everything can be done by an individual. Unfortunately - there are vast quantities of people who want a 'professional' - they will never call it education, hand holding, or someone to bug them to keep an investing plan on track(aka funding it).

Like I said before: bartenders, shrinks, and financial advisors have a place in this world.

[MRGALT2U]

Quote:

Originally Posted by unclemick2 Everything can be done by an individual. Unfortunately - there are vast quantities of people who want a 'professional' - they will never call it education, hand holding, or someone to bug them to keep an investing plan on track(aka funding it). Like I said before: bartenders, shrinks, and financial advisors have a place in this world.

So far I've only used the bartenders.

JG

[MRGALT2U]

Quote:

Originally Posted by JR Andrews Sorry about the delay in response-been a busy week.* I am going to try and respond to all comments but forgive me if I overlook a few. I do not sell only American Express products.* I have the freedom to go to any fund or company that I feel is best for the client.* I am never going to say that only our products will help people achieve their goals because its not true.* Sometimes people need a variation.* I do get compensted partially through commission but that does not mean that i dont recommend no load funds or that I would choose commision over suitability for a client.* I do charge a fee for my service and offer a money back guarantee if unsatiified( by the way-never had anyone use it).* What it comes down to is nobody works for free and its understood that I will charge fees but I do not kill my client's returns or objectives simply to make more money.* If I did I would be out a job quick.* I really enjoy the reponse so please lets keep em up!

Okay. Here is one. I have received more good info and advice on this
site than from all the CFPs/CPAs/Brokers etc. that I have encountered in my 60+ years on the planet. Plus it's entertainment and free! You want a
no-brainer? This is it!

JG

[Nords]

Quote:

Originally Posted by JR Andrews ... forgive me if I overlook a few.

You're forgiven, JR, and here's the questions again:

What percentage of your clients have you advised to invest in an asset allocation that doesn't require the service of a financial advisor? IOW, how many people have you helped set up the system and then told them to go do it on their own?

[cute fuzzy bunny]

Quote:

Originally Posted by wildcat So how much of what you do can be done by an individual?

All of it.

JR's an individual after all...

[JR Andrews]

Iam not sure what you mean by individual, but if you mean the typical average middle class retiree, of course they can execute any options I may share with them.

Keep in mind that the first meeting with someone, I do not really know enough about them to make specialized, detailed options because it would just be innappropriate. I can, however, take a snapshot of their current situation and share with them the general ideas that I have for what they are doing well, what they can do better, and what they need to begin to do to really hit the goal they are seeking.

With that in mind, if they take the advice I give them in our first consultation, which by the way I do for free with no strings attached, and do it on their own, there is nothing I can do about that. I am not trying to set things up to where the only way they can follow my plan is through me. If a person wants to listen to me and then go out, research, and implement my recommendations; they are free to do so. But how many people really have the time to research and educate themselves enough to control their investments wisely and confindently enough to know that, yes, their money will be there at age 65 and also last them until age 100.

There is nothing wrong with someone seeking professional advice. We went to school-teachers for answers as children, lawyers for answers with the law, so it only makes sense to seek a financial advisor for help with investments. If it makes people sleep well at night and live a better retirement, whats wrong with that?

[Nords]

You're not very good at answering questions, are you? Let's try this one more time:

"What percentage of your clients have you advised to invest in an asset allocation that doesn't require the service of a financial advisor? IOW, how many people have you helped set up the system and then told them to go do it on their own?"

It seems like a pretty straightforward question with an answer like "about 65%" or "42".

[cute fuzzy bunny]

Hmm...I can answer the question...


On the other hand, I must just not understand the complexities of asking someone "when do you want to retire? Oh...2046? Then go put your money into vanguards target retirement 2045. NEXT!"

[JR Andrews]

Really anyone of the clients I advise can implement the plan on their own if they so choose to. Now if they are able to do the research, learn tax laws, etc and then do it well enough to follow their own advice that is another story. If I would recommend assett allocation sure they can go off and implement themselves. And by the way, I dont give cookie cutter advice as Grand Banks suggests.

[Nords]

Quote:

Originally Posted by Nords Let's try this one more time: "What percentage of your clients have you advised to invest in an asset allocation that doesn't require the service of a financial advisor?* IOW, how many people have you helped set up the system and then told them to go do it on their own?" It seems like a pretty straightforward question with an answer like "about 65%" or "42".

Quote:

Originally Posted by JR Andrews Really anyone of the clients I advise can implement the plan on their own if they so choose to. Now if they are able to do the research, learn tax laws, etc and then do it well enough to follow their own advice that is another story. If I would recommend assett allocation sure they can go off and implement themselves.

It's like trying to have a "conversation" with *****.

Nice to see you, JR, you have a good life now.

[wildcat]

Quote:

And by the way, I dont give cookie cutter advice as Grand Banks suggests

Vanguard does make it fairly simple, especially during the accumulation phase. DCA into index funds is pretty "cookie cutter" and it works for just about everyone. Ya think?

[yakers]

Quote:

Originally Posted by wildcat Vanguard does make it fairly simple, especially during the accumulation phase.* DCA into index funds is pretty "cookie cutter" and it works for just about everyone.* Ya think?

Good point Wildcat,

As a Federal Govt employee DCAing into an index fund is the only choice I have. And it is a good one. I add a bit to a Roth and some DRIPs and ibonds but simpler is better. My Roth is in a Vanguard Asset Allocation Fund (VAAPX) I would never admit it on the Diehard site but its actively managed, not an index but I prefer its lower volitility. Still, its easy to have a simple and effective accumulation plan. Coffee House, Couch Potato, whatever, keep it simple and consistent.

Now the next phase interests me. I will have a regular pension so how the extra investments turn out will determine whether I visit Tahiti or Tijuana. But it will be good regardless. Happy guy that Yakers...32 years with the Govt..26 good ones and 6 working for jerks, and he's got it made.

I keep studying the Grumpy reports to see where I'm headed.

[Spanky]

Yakers,

What is a Grumpy report? Are you saying that he worked for the government for 32 years?

Spanky

[wildcat]

Quote:

Vanguard does make it fairly simple, especially during the accumulation phase. DCA into index funds is pretty "cookie cutter" and it works for just about everyone. Ya think?

My free consultation

[yakers]

Quote:

Originally Posted by Spanky Yakers, What is a Grumpy report? Are you saying that he worked for the government for 32 years? Spanky

Yep, something like that. Don't know the exact number of years but I believe Grumpy has 30+ years. Also his wife was a teacher, as is mine. And I believe he worked for NASA as do I so there is the social/professional transition.

I like to keep track of people with similar conditions, maybe they can be my mineshaft canary

Another type of retiree I like to watch is one with kids still at home. I still have one son in high school and the financial and social issues there are not so common for the older retired but must sometimes be an issue for the early retirees.