- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: IRA early withdraw to fund another. (Update)
Posted on 10/3/12 at 1:38 pm to SippyCup
Posted on 10/3/12 at 1:38 pm to SippyCup
Advisor called me this morning. He was clueless. Said 1)he does not advise that clients take early withdrawals from thier plans and 2)he cautions against funding/supplementing a spouses plan before his/her own. Both were red flags according to him.
Thats all I really needed to here to know this guy is lost. I can let the first thing go, but I pressed him on the second. I asked why he cautions against supplementing the spouses plan (as in this case) and he said because the client could lose that in a divorce.
I just let it go and told him thanks for calling. I dont have time to deal with this. I was hoping he would show me an angle we didnt explore here.
After I ended our conversation, I gave my client a call and advised him to switch advisors.
Thats all I really needed to here to know this guy is lost. I can let the first thing go, but I pressed him on the second. I asked why he cautions against supplementing the spouses plan (as in this case) and he said because the client could lose that in a divorce.
I just let it go and told him thanks for calling. I dont have time to deal with this. I was hoping he would show me an angle we didnt explore here.
After I ended our conversation, I gave my client a call and advised him to switch advisors.
4
Posted on 10/3/12 at 6:55 pm to SippyCup
quote:
I asked why he cautions against supplementing the spouses plan (as in this case) and he said because the client could lose that in a divorce.
Wow
So I guess by his reasoning, married couples should never join finances in any way.
quote:
I was hoping he would show me an angle we didnt explore here.
Me too. I actually assumed that there was something we were all overlooking.
Oh well, at least your client learned something new
Posted on 10/4/12 at 10:46 am to SippyCup
Can the couple obtain a personal loan from a bank or credit union, does his plan allow loans and he could pay it back next year? I'm still getting 0% offers from credit card issuers for up to 18-months, that would work as well with the obvious caveat of analyzing the upfront fee, etc.
Posted on 10/4/12 at 11:02 am to SippyCup
wow is about the only word to use here
That's bad and unfortunate. I wonder how old this guy was to be giving away such bad advice and getting paid for it.
That's bad and unfortunate. I wonder how old this guy was to be giving away such bad advice and getting paid for it.
Posted on 10/7/12 at 1:30 pm to SippyCup
quote:
he said because the client could lose that in a divorce.
didn't know he was a lawyer, too
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News