looking for a fee only planner ?

[travelover]

Quote:

Originally Posted by Rustward So is the "pound of flesh" reality? Is that what really happened? Do you have anyone who is willing to tell that story: "Pound of flesh"? Could they tell us from which parts of their body this "pound of flesh" was taken? Were you possibly exaggerating?

Do a search here for threads on the topic of people leaving Ameriprise. You will find several that were put into crappy investments with high surrender fees. Perhaps Lisa99 can summarize her experience.

That said, if you want to use Amerprise, go for it. I wouldn't send an enemy to them.

[MRG]

Right the OPs dealing with Jones, both these advisors use similar tactics.

Now a real switch for me; there is a valid reason for something like an account closure fee, there are real costs. Sounds very simple close my account and poof everything's gone.
Not how it works. The record keeper has legal requirements to take your data to end of life(IIRC 5 or 7 years for funds; whole life, annuties; till you die plus 5 or 7 years) and then exponge all your data. There's a lot of weird ,ever changing, processing required to do all that.


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[World Traveler]

Quote:

Originally Posted by jeffd Hello agin I had an intro post and had a lot of questions answered here. There were a few replies telling me to dump my current E-Jones guy that I have handling my meager retirement accounts (TRAD IRA, ROTH IRA) Now I have my yearly check up/meeting coming up and would like to know why I should be considering leaving him (been roughly 15 yrs) to go to a fee-based and also where and how to find a good one. I am really a late starter(check the intro post) if you are curious. I have been trying to change and learn as much as possible, here and library books but not ready to manage on my own,... or am I? I guess I'm looking for some reason to move from E-J and where to. Do they not invest wisely or what? I like the idea of being in control of my future but not looking forward to the conversation with him! Even though it is my money Should I go to a fee based planner first ? Any help you can give me will be greatly appreciated as I try to fix some mistakes that I have made through the years Thanks !!

I am in a similiar position and I just fired my EJ advisor. I, like you had my investments in with EJ and even tried their advisory accounts for a year with a fee of 1.3%. They returned a 3.22 %. WOW! Did I feel taken for a ride. I politely thanked my advisor and told him what I would like done with my accounts. Vanguard has a concierge service that steps you through the whole process even minimizing fees by cosolidation of accounts and advising you what funds transfer directly. I am still in the process but it should be completed in the next couple of weeks.

I credit this forum and books that I have read for this move. It's your money and you are the boss. No more Birthday or Christmas cards though.

[travelover]

Quote:

Originally Posted by World Traveler ......... No more Birthday or Christmas cards though.

Wow, you got Christmas cards, too?

[Walt34]

Quote:

Originally Posted by travelover Wow, you got Christmas cards, too?

That's for the commoners so don't be impressed. I was lurking on a FA board and there was a discussion about gifts for the best clients suckers. Suggestions included fruit baskets, chocolates, better grades of wine if you knew they were winos wine connoisseurs, free portrait session with a local photo studio, and the like.

[travelover]

Quote:

Originally Posted by Walt34 That's for the commoners so don't be impressed. I was lurking on a FA board and there was a discussion about gifts for the best clients suckers. Suggestions included fruit baskets, chocolates, better grades of wine if you knew they were winos wine connoisseurs, free portrait session with a local photo studio, and the like.

Pretty darn generous. Make $10K in fees off a million dollar client, give 'em a twenty dollar fruit basket. And a birthday card.