On our own now

[Milton]

Great! That being the case, I can only applaud your decision to delegate to him or her.

[Scuba]

Quote:

Originally Posted by RobbieB I don't have any of these problems with my FA.

I didn’t either, RobbieB. I thought my FA did a good job, although she could not consistently beat the market net of fees. I don’t have the problem of leaving cash sitting around if I’m self-managing so for me, it made sense to stop paying the fees. But YMMV - our FA served us pretty well for the time we had her. It was just time for us to move on.

[ERD50]

Quote:

Originally Posted by splitwdw Have an aunt that's always pointing out what you are doing wrong "for your own good". "Do you really think you should be eating that since it looks like you've put on weight". "Maybe you shouldn't go to college, you're not as smart as your brother". "You shouldn't wear that dress, it makes you look fat". None of us like to be around Aunt Perfect!

Well sure, there are ways to go about it. And I don't think comments like "Have you taken into account the fees?", or "Have you taken into account the cost of taxes from all those capital gains from all that buying/selling", or "Have you actually measured your after-tax, after-fees performance against a couch-potato portfolio?", or "A couch-potato portfolio doesn't take any significant time or knowledge." or "How is an unsophisticated investor supposed to determine if the FA is any good or not? That seems more difficult than just implementing a couch-potato portfolio." are anything at all like " "Maybe you shouldn't go to college, you're not as smart as your brother".

If someone thinks they are similar, I'd say they are like the lady who doth protest too much.

-ERD50

[RobbieB]

Each to their own, whatever works best for you.

[splitwdw]

Quote:

Originally Posted by ERD50 ...If someone thinks they are similar, I'd say they are like the lady who doth protest too much. -ERD50

OMG, I didn't know you were a lady.

Point is that RobbieB and others on this forum that have a FA, like using them. Probably, no amount of "pointing" will change their mind. Maybe we can convert newbies!

[Scuba]

Y’all convinced me! I liked our FA bout decided I liked eliminating the FA fees more. [emoji3]

[ERD50]

Quote:

Originally Posted by splitwdw .... Point is that RobbieB and others on this forum that have a FA, like using them. Probably, no amount of "pointing" will change their mind. Maybe we can convert newbies!

It is about the newbies, really. A newbie reads this stuff, and may take it at face value. If they're gonna hear "I like my FA", fine, that's one opinion. But they should also hear the counterpoints to it, and if the counterpoints aren't brought up, maybe the newbie thinks we all agree?

-ERD50

[Aerides]

Quote:

Originally Posted by ERD50 It is about the newbies, really. A newbie reads this stuff, and may take it at face value. If they're gonna hear "I like my FA", fine, that's one opinion. But they should also hear the counterpoints to it, and if the counterpoints aren't brought up, maybe the newbie thinks we all agree? -ERD50

First, when do we all agree on anything here? I can't remember the last thread that went even 5 posts without a differing opinion. Heck, this board almost comes to blows over topics like should Harry have kept his beard yesterday....

Second, I'd give the newbies a bit more credit. I'd be very skeptical of the idea that someone is going to come here for the first time, read's Robbie's post and goes "that's IT! FA all the way and I can go blow my dough!" and never look back.

[REWahoo]

Quote:

Originally Posted by Aerides First, when do we all agree on anything here?

I disagree.

[braumeister]

Quote:

Originally Posted by REWahoo I disagree.

No, I don’t think you do.

[REWahoo]

Quote:

Originally Posted by braumeister No, I don’t think you do.

Yes.

[aja8888]

Quote:

Originally Posted by Aerides Second, I'd give the newbies a bit more credit. I'd be very skeptical of the idea that someone is going to come here for the first time, read's Robbie's post and goes "that's IT! FA all the way and I can go blow my dough!" and never look back.

What? ..You mean.....Robbie has been wrong all this time??

[RobbieB]

Quote:

Originally Posted by aja8888 What? ..You mean.....Robbie has been wrong all this time??

I hate it when that happens.

Y'all can invest like ya want ya hear, it's all right with me -

Seriously, when do I push Merrill Lynch on anyone? Hehe, yeah never.

But when ever someone says they use an FA, OMG, the feces just hit the fan yes?

High fees, theives, lack of transparency, incompetent do nothings, studies show you can't beat indexing, you can learn to DIY faster than check out a FA, what's the benchmark?

Scuba, I wish you well in your DIY investing, hope you make lotsa dough -

[Scuba]

Thanks RobbieB. I agree with you - the criticism on this site re FA’s is sometimes unfair. Having an FA is a great decision for some, and it worked well for us for 5 years. I do appreciate the challenges as it made me really think about what we should do going forward.

[Milton]

Quote:

Originally Posted by RobbieB 1. High fees, 2. thieves, 3. lack of transparency, 4. incompetent do nothings, 5. studies show you can't beat indexing, 6. you can learn to DIY faster than check out a FA, 7. what's the benchmark?

I agree with criticisms 1, 3 and 5.

2 and 6 are hyperbolic nonsense.

4 and 7 are neither helpful nor insightful.

[ERD50]

Quote:

Originally Posted by Milton Quote: Originally Posted by RobbieB 1. High fees, 2. thieves, 3. lack of transparency, 4. incompetent do nothings, 5. studies show you can't beat indexing, 6. you can learn to DIY faster than check out a FA, 7. what's the benchmark? I agree with criticisms 1, 3 and 5. 2 and 6 are hyperbolic nonsense. 4 and 7 are neither helpful nor insightful.

I also agree with 1, 3,and 5.

I don't feel 6 is non-sense at all, but maybe this is semantics, or not enough context. It is often said here that "By the time you know enough to evaluate (not just 'pick') An FA, you know enough to DIY". And it's not complicated/difficult, but it might be hard to get to that knowledge, since there is so much advertising telling you it is hard. But you can get it here or at Bogleheads. I guess either could be 'fast' if you don't bother with any evaluations first.

2 and 4 are just shouting/attacks, and not helpful at all. I don't believe I've ever gone down that path, and don't appreciate the sense that I'm being lumped in with some of the people who have said those sorts of things. But I apologize if I ever did slip.

7 - Huh? A benchmark is an essential part of learning. Of course, if you go with broad based index funds, it's superfluous, you pretty much are the benchmark.

-ERD50

[Milton]

Quote:

Originally Posted by ERD50 2 and 4 are just shouting/attacks, and not helpful at all. I don't believe I've ever gone down that path, and don't appreciate the sense that I'm being lumped in with some of the people who have said those sorts of things.

I can't speak for others, but I for one was not pointing fingers at you (or anyone else).

Quote:

Originally Posted by ERD50 7 - Huh? A benchmark is an essential part of learning.

Not exactly a useful criticism of FAs, though.

[ERD50]

Quote:

Originally Posted by Milton I can't speak for others, but I for one was not pointing fingers at you (or anyone else). ...

Yes, I know. That wasn't directed at you. It was directed at the broad brush comments some FA users make, which sound like they are lumping all critiques together as 'attacks'.

benchmarks...

Quote:

Originally Posted by Milton ... Not exactly a useful criticism of FAs, though.

But if the poster is going to measure their FA performance, they need a benchmark, right? That's all I meant.

-ERD50