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Old 12-31-2016, 08:28 AM   #1
BullyARed
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What is it with Fnancial Advisor?

My bank and my insurance agents solicited me to offer their financial/investment/4012K/IRA advice and consulting service. They all painted very nice picture with their service and proud of what they provide. But, when I asked them a very simple question that if they themselves invested in what they advise me? They just couldn't give me a straight answer. I asked them to give me the names of their 10 customers who have used their service for past 7 years, 5 years, and 3 years and their investment performance. They just didn't want to produce. I always keep this in mind "It's easy to spend someone else's money."
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Old 12-31-2016, 08:44 AM   #2
Muddskipper
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New dept of labor regs are pinching advisors and their fees on what they can charge....A bunch of insurance companies that had their reps doing minor investing and giving advice are stopping due to new regulations as well.

I have seen a big shift to low cost ETF's as well....some FAs are only wanting to do that model....which is not good, as it can over weight you to certain areas in certain sectors.

Then you have the new Robo Advisors...which is probably where 3/4 of people should be....and you don't need an advisor for those....low cost, and no emotion tied to decisions.

2016 was a tough year for mutual funds as well....lots of outflows....lots of people still in cash....and more people taking greater risk in the fixed income/ bond arena.

There are still more changes taking place for 2017- and then we are not sure what's going to happen with the laws and new president
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Old 12-31-2016, 09:37 AM   #3
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Most investment advisors sell you what they are told to sell that week by their boss, usually, something paying a bonus to the firm.

Beware.
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Old 01-01-2017, 02:00 PM   #4
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Quote:
Originally Posted by bigfishtx View Post
Most investment advisors sell you what they are told to sell that week by their boss, usually, something paying a bonus to the firm.

Beware.
Go to Fidelity. They are honest and beyond reproach. I have used some others, none are as good. You won't get jerked around.
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Old 01-04-2017, 09:56 PM   #5
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Always find out if they are fiduciaries, meaning they are not commissions by the funds or products but rather the growth of your accounts, most charge nominal percentages based on the size of the account.

If you listen to talk radio like I do, your head will spin with the varying sales jobs some are trying to pull and for God's sake stay away from annuities..

Go to Dave Ramsey's website and check for his suggested providers .... There is one in your city, there's no cost to interview them and that's exactly how you approach it.
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Old 01-21-2017, 05:41 PM   #6
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Quote:
Originally Posted by BullyARed View Post
My bank and my insurance agents solicited me to offer their financial/investment/4012K/IRA advice and consulting service. They all painted very nice picture with their service and proud of what they provide. But, when I asked them a very simple question that if they themselves invested in what they advise me? They just couldn't give me a straight answer. I asked them to give me the names of their 10 customers who have used their service for past 7 years, 5 years, and 3 years and their investment performance. They just didn't want to produce. I always keep this in mind "It's easy to spend someone else's money."
Advisors are strictly regulated and there is no way they could give out names of their customers - SEC would fry them.
As is with every service industry, there are good and bad. Find the right advisor and they can be invaluable. Ask your friends for referrals
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Old 01-25-2017, 06:58 AM   #7
KneeDeep&Sink'N
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I had a butt load in straight stocks a few years ago. Made a butt load and then watched it fall until my account was at 50% of my initial investment. Called my wife's Financial Adviser and he told me that whatever I do, don't cash out. He told me he would love to have my money but I needed to ride it out. I did and when I got back to even, I pulled everything and put it with him. Almost all of ours, except our Exxon stock, my IRA & 457, is mostly invested in mutual funds with him.

By the way, I am pretty sure Grayson is correct. Hard to believe they didn't just come out and tell you that.

Last edited by KneeDeep&Sink'N; 01-25-2017 at 07:04 AM.
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Old 01-25-2017, 07:56 AM   #8
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One thing to consider is everyone has a different set of scenarios for each customer. If they are hitting you up that hard it sounds like there is some opportunity there.

Ex:

Broker is married, 3 kids and brings home $250k a year and plenty of tax wrote offs and subsidies. He is in 401k from office, mutual funds and bonds.

You, single and bring home $550,00 per year. No dependents, no 401k at the office. You use an annuity for tax shelter & mutual funds
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Old 01-26-2017, 05:10 PM   #9
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just to comment on a post above about stay out of annuities. Annuities certainly are not for everyone or every situation and sometimes they are oversold. However there is a time and place for them and are products that are unlike others. Variable annuities generally do have high fees and charges but tax deferral is pretty powerful over many years.

I bought an index annuity 3 years ago and could not be happier. I am near retirement and do not want to risk a bunch of my money in the market. My principal is guaranteed in an indexed annuity and I have earned 5% plus so far the past 3 years, all tax deferred. (they track the S&P 500 and credit up to cap each year on whatever the growth is - if the S&P goes negative your principal remains as is) There were no up front charges at all - only potential charge is if I take out more than 10% of my balance during the first 7 years. So they are built for someone who can take some of their money and leave it alone for 5-7 years.

So again - in my view not all annuities are bad or poor investments - depends on the situation and need
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Old 03-07-2017, 09:10 AM   #10
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Does anyone have a recommendation for a financial advisor / Money manager in the Sugarland area? I am doing well in company 401K with Vanguard as the manager. But have other investments with Fidelity and savings I would like to explore options with. Thanks in advance.
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