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Message
How much should I pay a fund manager?
Posted on 1/22/13 at 11:49 pm
Posted on 1/22/13 at 11:49 pm
Talking to a fund manager at my bank (Iberia). How much should I expect to pay him for managing my mutual funds?
Should I pay him to open an IRA account? What about should I pay him for opening Bonds, etc.?
I am meeting with one soon and am new to investing. I want to start young. Thanks.
Should I pay him to open an IRA account? What about should I pay him for opening Bonds, etc.?
I am meeting with one soon and am new to investing. I want to start young. Thanks.
5
Posted on 1/23/13 at 8:02 am to LSUTigers00884
Congrats on beginning your investing career young, wish I had started ten years earlier. Be very careful with bank financial managers, a lot of times you're just talking to a salesman, not an investing professional who will teach you. Always better to meet with a couple of investing professionals before buying anything, find one you are comfortable with that has the heart of a teacher. As far as your questions go?
Unless he's a Fee Only Adviser, Nothing, he's not managing any funds. You may pay a front end sales charge or "front load" when purchase shares, or when you sell shares "back load". But other than that, you don't pay him anything.
No, as long as you have the minimum initial investment, this shouldn't cost you anything or maybe a small service fee.
Have no idea how to "open a bond" lol. You pay a broker fee when buying stocks, bonds, etc. Have no idea what your bank charges for this. I'd not recommend single bond or single stock purchase for beginning investors. Get your feet wet with index/ mutual funds and ETF's first before jumping into the shark tank.
quote:
How much should I expect to pay him for managing my mutual funds?
Unless he's a Fee Only Adviser, Nothing, he's not managing any funds. You may pay a front end sales charge or "front load" when purchase shares, or when you sell shares "back load". But other than that, you don't pay him anything.
quote:
Should I pay him to open an IRA account?
No, as long as you have the minimum initial investment, this shouldn't cost you anything or maybe a small service fee.
quote:
What about should I pay him for opening Bonds, etc.?
Have no idea how to "open a bond" lol. You pay a broker fee when buying stocks, bonds, etc. Have no idea what your bank charges for this. I'd not recommend single bond or single stock purchase for beginning investors. Get your feet wet with index/ mutual funds and ETF's first before jumping into the shark tank.
Posted on 1/23/13 at 10:06 am to LSUTigers00884
quote:
Talking to a fund manager at my bank
You aren't talking to a fund manager. You are talking to a financial consultant, investment rep, etc. I don't find bank FA's to be very good at what they do.
You will pay a yearly IRA fee of around $75. You will pay a commission on the bonds and probably a front end load on the mutual funds.
Posted on 1/23/13 at 12:27 pm to Broke
Thanks guys. Any other thoughts?
Posted on 1/23/13 at 1:02 pm to Broke
Oh yeah, independent(s) are the most astute advisors out there. 
Once again, depends on the advisor and the firm. They have good and bad everywhere. Definitely go with someone or institution that is reputable.
Once again, depends on the advisor and the firm. They have good and bad everywhere. Definitely go with someone or institution that is reputable.
Posted on 1/23/13 at 1:36 pm to bbuisson
quote:
Oh yeah, independent(s) are the most astute advisors out there.
It's my opinion. Nor do they stick around long.
Posted on 1/23/13 at 1:47 pm to Broke
quote:
Nor do they stick around long.
They normally move on to an independent where their payout is better.
Posted on 1/23/13 at 9:06 pm to Janky
quote:
They normally move on to an independent where their payout is better and they don't have to shill their employer's products.
Posted on 1/24/13 at 9:39 am to foshizzle
Broke,
Are you an independent?
How hard is it to make transition?
Are you an independent?
How hard is it to make transition?
Posted on 1/24/13 at 9:45 am to LSU9102
quote:
How hard is it to make transition?
With those boobs? It's very hard
Posted on 1/24/13 at 10:14 am to LSU9102
quote:
How hard is it to make transition?
Not as hard as your existing B/D makes you think it is. You'll lose some clients but I kept about 90%
Posted on 1/24/13 at 10:15 am to Vols&Shaft83
Trudat! Anybody make transition from captive to independent?
Posted on 1/24/13 at 10:42 am to LSU9102
quote:
Anybody make transition from captive
What do you mean by captive?
I went from a large B/D to indy.
Posted on 1/24/13 at 10:49 am to Broke
Captive is when you don't own the book your company does.
Posted on 1/24/13 at 11:11 am to LSU9102
quote:
Captive is when you don't own the book your company does.
Ok, well I did that then. But that fricking book was mine. Nobody worked for that book but me. So I took it with me. And was promptly sued.
Posted on 1/24/13 at 11:15 am to LSUTigers00884
ZERO
Posted on 1/24/13 at 11:18 am to Broke
quote:
You will pay a yearly IRA fee of around $75.
which is ridiculous and why he needs to open a ROTH IRA with vanguard.
quote:
You will pay a commission on the bonds and probably a front end load on the mutual funds.
yep, yet another reason why not do to this.
Posted on 1/24/13 at 11:30 am to Fat Bastard
quote:
which is ridiculous and why he needs to open a ROTH IRA with vanguard.
Listen to this Fat Bastard, he's very wise.
Posted on 1/24/13 at 11:48 am to Fat Bastard
quote:
yep, yet another reason why not do to this.
I own a black and decker drill. Gonna do my own dental work from now on too. I watch Judge Judy, gonna do my own litigation.
Moron.
Posted on 1/24/13 at 11:55 am to Broke
quote:
I own a black and decker drill
Porter-cable is the way to go. It is cheaper and has performed better. It only has two attachments, but that doesn't matter. Over time it will work itself out.
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