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2
Posted on 1/29/24 at 1:40 pm to TDTOM
7 year product with a "Lifeguard Freedom Flex 7% Income Stream Value" rider.
Posted on 1/29/24 at 1:54 pm to Saint5446
Dang, the annual cost on that thing was around 3.8% from what I can tell assuming 1% in sub-account fees.
Posted on 1/29/24 at 3:05 pm to TDTOM
Yeah. Guy is requesting a meeting now wanting to reinstate it. Think it was a pretty shitty deal for me but I he is a much older, wealthy gentleman and I can’t figure out why he’d put me in this, because he really does not need the money. Live and learn.
Posted on 1/29/24 at 4:34 pm to Saint5446
quote:
Yeah. Guy is requesting a meeting now wanting to reinstate it. Think it was a pretty shitty deal for me but I he is a much older, wealthy gentleman and I can’t figure out why he’d put me in this, because he really does not need the money. Live and learn
A lot of old wealthy “advisors” are just glorified insurance salesmen, and they got to be wealthy by milking massive commissions from their clients who didn’t know better. Frankly, many of their clients have probably made solid money and met their financial goals, but they have no clue how much money they left on the table either.
A VA with an income rider for a 34 year old doesn’t make sense in virtually any circumstance, so don’t go back to this person. I’m biased here as an FA, but I wouldn’t write them off completely yet either. I’d reiterate what I said earlier in the thread - interview other advisors and ask them questions like how much they charge, how much they’re paid based on your activity, etc. Find out what you’re going to get for those fees too. If you don’t like it, do it yourself, but at least you know what else is out there should you change your mind.
Posted on 1/29/24 at 4:54 pm to slackster
quote:The benefits of the meat of their careers luckily coinciding with a 45-year down-move in interest rates.
Frankly, many of their clients have probably made solid money and met their financial goals
With that behind us now, there will definitely be a culling.
Posted on 1/29/24 at 5:50 pm to Saint5446
quote:Consider the following:
because he really does not need the money
You have no idea what this "much older, 'wealthy' gentleman" thinks he "needs."
Nor frankly, do you know how actually (hint,hint,hint) 'wealthy' he is. Hypothetically, is someone who owns $10 million in assets, but has $20 million in debts, more well off than you?
This post was edited on 1/29/24 at 5:52 pm
Posted on 1/29/24 at 7:40 pm to NC_Tigah
Yeah I have thought of this myself, and now he's primarily appealing to my emotions and our past relationship. I probably should have called him before, but I know he would have talked me out of it. I really like him as a person but not sure he's really been looking out for me. Guy is over 75 years old, so has been doing this for a very long time, but I think at the very least it's time to cut ties and if anything look for a younger hourly guy, if not just allocating it across SPY, VOO, and maybe a few others myself.
I have another 401k that I max every year for myself and my wife through one of my businesses that I started about a year and a half ago, which will effectively amount to about $47-50k/yr with my company match between the two of us put right into the 401k. So the money with the advisor is the majority of my current retirement, but wont be in about another 18 months.
I have played around with a brokerage account before with some wins and losses like everyone else, but with this 163k from the advisor I am thinking I will throw 80% into some indexes then speculate with 20% or so on some stocks to try to get better at that as well. I do want a little exposure to crypto, and may average into the Fidelity BTC ETF with about 10% of that annuity. The goal with that remaining chunk is really to learn and see if I can get better at managing everything overall and learn to have success with a couple swing trades here and there. I realize this is harder than everyone thinks, but I am willing to pay a little market tuition to learn.
Really good info in this thread. Really appreciate everyone who took time to respond and confirm some of my thoughts. This board is a nice resource for those of us who maybe don't have a financial background but do fairly well and want to learn to be more independent.
I have another 401k that I max every year for myself and my wife through one of my businesses that I started about a year and a half ago, which will effectively amount to about $47-50k/yr with my company match between the two of us put right into the 401k. So the money with the advisor is the majority of my current retirement, but wont be in about another 18 months.
I have played around with a brokerage account before with some wins and losses like everyone else, but with this 163k from the advisor I am thinking I will throw 80% into some indexes then speculate with 20% or so on some stocks to try to get better at that as well. I do want a little exposure to crypto, and may average into the Fidelity BTC ETF with about 10% of that annuity. The goal with that remaining chunk is really to learn and see if I can get better at managing everything overall and learn to have success with a couple swing trades here and there. I realize this is harder than everyone thinks, but I am willing to pay a little market tuition to learn.
Really good info in this thread. Really appreciate everyone who took time to respond and confirm some of my thoughts. This board is a nice resource for those of us who maybe don't have a financial background but do fairly well and want to learn to be more independent.
Posted on 1/29/24 at 7:52 pm to Saint5446
How did you get the 401k going?
Posted on 1/29/24 at 7:53 pm to slackster
Same advisor. Referred me to Transamerica.
Posted on 1/29/24 at 8:17 pm to Saint5446
quote:
Same advisor. Referred me to Transamerica.
Interesting. May want to get a couple second opinions on your options there.
Nothing inherently wrong with Transamerica or anything, but you’re probably still attached to him as the advisor of record.
Posted on 1/29/24 at 8:26 pm to slackster
What drives me nuts is I had brought up a company 401k before getting put in the whole life and annuity bullshite, and he told me that the fees to set it up as a company would be high and would also be an admin burden, which is true to an extent, but not nearly as bad as he made it seem. Dude was steering me away from that and into his bullshite.
Posted on 1/29/24 at 8:29 pm to Saint5446
How many employees do you have?
Posted on 1/29/24 at 8:36 pm to slackster
9 eligible for 401K across both companies.
Posted on 1/29/24 at 8:47 pm to Saint5446
Gotcha.
Man I’m sorry your experience was so subpar. You seem like the kind of person who could have benefited from a solid FA to bounce ideas off of and compliment the things you’d want to do on your own like swing trading. Best of luck to you going forward
Man I’m sorry your experience was so subpar. You seem like the kind of person who could have benefited from a solid FA to bounce ideas off of and compliment the things you’d want to do on your own like swing trading. Best of luck to you going forward
Posted on 1/29/24 at 8:51 pm to slackster
Thanks. Ultimately the annuity is up about 20k after surrender charges. The whole life policy I gave the ax to last year... well we won't talk about that. I think I learned enough throughout the process to just chalk it up to a learning experience and push onward with the businesses and start moving into investing on my own. It is what it is! 
Posted on 1/29/24 at 9:12 pm to slackster
And another story that makes it even easier to be a good financial advisor...
Posted on 1/29/24 at 10:39 pm to TDTOM
quote:
was actually 34 when he sold it to me!
Have you asked him why he put you in the annuity and UWL? I am really curious about his reasoning.
Posted on 1/30/24 at 2:32 pm to Saint5446
You should probably just tell him to frick off and be done with it.
He's not your friend. He's not family. He's an old man who probably can't even retire yet so he's still scamming young adults like yourself.
He's not your friend. He's not family. He's an old man who probably can't even retire yet so he's still scamming young adults like yourself.
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