stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,611
Hi All,
I have urged my friend (best friend from high school) to join and read E-R ...but, I need to get him started.
Some background - he is close to 65, is considering when to stop working as a construction foreman/manager for companies that build large scale facilities, including apartments. He has invested with several financial companies over the years, but doesn't have a pension from any of the companies. He has older kids without strings, and has put most of them through college, including one MD. A great, honest guy who has been working too hard!!
He called me and asked for some specific advice on holdings with one of the companies - LPL Financial ... he had invested through a broker who was a neighbor around 2008. Apparently, they put him in front load funds with 1.5% expenses, including a natural resources fund (70% energy stocks) and a private REIT placement. About half his holdings with LPL were in a bank cash account. BTW - he hasn't heard from the LPL folks in years - and, he hasn't tried to find out much, either - he's just been head down, working.
The natural resources fund has lost 40% of it's value since 2008, and I have no way of knowing at this point what is going on inside the private placement REIT, except there is bad news in the press.
So, without knowing more, I recommended he pull together everything - every fund, every company, ever single account. Put together a spreadsheet or complete list of it all - and, then find a "life coach" of some sort to assess next steps.
I also did a quick assessment and compare showing how front end loads are bad and high fees are bad - as well as providing some self help reading resources.
What would you recommend in his case? (I'll try and get him to read responses)
Thanks!
I have urged my friend (best friend from high school) to join and read E-R ...but, I need to get him started.
Some background - he is close to 65, is considering when to stop working as a construction foreman/manager for companies that build large scale facilities, including apartments. He has invested with several financial companies over the years, but doesn't have a pension from any of the companies. He has older kids without strings, and has put most of them through college, including one MD. A great, honest guy who has been working too hard!!
He called me and asked for some specific advice on holdings with one of the companies - LPL Financial ... he had invested through a broker who was a neighbor around 2008. Apparently, they put him in front load funds with 1.5% expenses, including a natural resources fund (70% energy stocks) and a private REIT placement. About half his holdings with LPL were in a bank cash account. BTW - he hasn't heard from the LPL folks in years - and, he hasn't tried to find out much, either - he's just been head down, working.
The natural resources fund has lost 40% of it's value since 2008, and I have no way of knowing at this point what is going on inside the private placement REIT, except there is bad news in the press.
So, without knowing more, I recommended he pull together everything - every fund, every company, ever single account. Put together a spreadsheet or complete list of it all - and, then find a "life coach" of some sort to assess next steps.
I also did a quick assessment and compare showing how front end loads are bad and high fees are bad - as well as providing some self help reading resources.
What would you recommend in his case? (I'll try and get him to read responses)
Thanks!