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Ayco Money Smart Coach - Your Opinion?
05-15-2015, 01:53 PM
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#1
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Recycles dryer sheets
Join Date: Sep 2012
Posts: 448
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Ayco Money Smart Coach - Your Opinion?
My megacorp provides free financial planning through Ayco. Has anyone used them? Is it worth the time or a trap to suck you into investing for their benefits. I've ignored all their attempts to contact me for past six years. I've never had any financial planning done but lately thinking about getting one done. It's GS company...
The Ayco Company, L.P., a Goldman Sachs Company.
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Retired at age 52 on 12/1/2016
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05-15-2015, 03:59 PM
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#2
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Moderator
Join Date: Jul 2010
Posts: 7,616
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Megacorp offered this back in the early 90's (I think they were owned by Amex at the time). I recall there were no strings attached, it was just advice, in particular about 401Ks. But it never hurts to double check the fine print.
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"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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05-16-2015, 03:47 PM
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#3
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Recycles dryer sheets
Join Date: Sep 2012
Posts: 448
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Thanks MB. I'll call them and have my plan reviewed. I also have free access to Financial Engines at work. My current portfolio is at 2.888M, SS of 39K after 19 years but FE predicts that I can retire now with about 129K/Yr(4.7% WR) even if my portfolio drops by 150K. It's hard to believe as FireCalc predicts about 112K with same input. My goal is to secure 120K/yr.
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Retired at age 52 on 12/1/2016
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05-16-2015, 05:40 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 33,553
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From what you said you may have to change your screen name. 
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If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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05-16-2015, 06:04 PM
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#5
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Recycles dryer sheets
Join Date: Jul 2014
Posts: 294
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 Quote:
Originally Posted by retire2020
Thanks MB. I'll call them and have my plan reviewed. I also have free access to Financial Engines at work. My current portfolio is at 2.888M, SS of 39K after 19 years but FE predicts that I can retire now with about 129K/Yr(4.7% WR) even if my portfolio drops by 150K. It's hard to believe as FireCalc predicts about 112K with same input. My goal is to secure 120K/yr.
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I think I read somewhere that FE assumes annuitizing your portfolio when predicting income.
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05-16-2015, 07:51 PM
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#6
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Recycles dryer sheets
Join Date: Sep 2012
Posts: 448
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I can not wait! Already feeling butterflies in stomach.
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Retired at age 52 on 12/1/2016
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05-16-2015, 10:35 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 25,812
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Careful with that word 'free'. I would check to see if it counts as a benefit that will be subject to taxes.
I had a financial plan done that was subsidized by Megacorp. In retrospect, I realize it wasn't worth the taxes I paid on that plan. Cheap tuition I guess, I now understand personally just how shoddy some of the impressive sounding 'advisors' are. They get an "A" for presentation (fancy book of impressive tables and multi-colored charts, lots of impressive looking filler 'analysis'), but an "F" on content.
-ERD50
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05-16-2015, 11:17 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by ERD50
... They get an "A" for presentation (fancy book of impressive tables and multi-colored charts, lots of impressive looking filler 'analysis')...
-ERD50
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Hmmn, "impressive tables and multi-colored charts"--do you recall, was the presenter a guy who went by the name of "Midpack"?
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When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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05-17-2015, 09:05 AM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 25,812
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Quote:
Originally Posted by redduck
Hmmn, "impressive tables and multi-colored charts"--do you recall, was the presenter a guy who went by the name of "Midpack"?
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No, I like the charts Midpack offers up. Information is good, and if it can be presented visually, that's even better for most people.
I have a problem with presentations that have little in the way of substance/content. I don't recall Midpack's falling into that category, but if they do, we are free to challenge them.
-ERD50
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