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Started By
Message
re: Financial Planner Advice
Posted on 5/8/13 at 6:54 pm to roguetiger15
Posted on 5/8/13 at 6:54 pm to roguetiger15
quote:
ok shooter mcgavin
Ok, maybe I don't shite Merrill Lynches. But I do eat Edward Joneses and fart Ameriprises
0
Posted on 5/9/13 at 5:22 am to Broke
quote:
ETA: I also add that you probably got nervous at the wrong time too and wanted to pull out.
2000 crash time frame. He had a lot of monies in high tech crap. Gave him free range which was my bad.
quote:
Now if you invested 2 and lost 1 I think that's a problem.
Did ok by myself. Took a few years to build my monies back. Also did some day trading which was a win win for me over all.
Now, I'm just pure conservative due to my health. Only own a few stocks, about 15%.
Doctors told me I have only about 6 months, but I keep telling them to F--k off.
At this point, I'm just setting things up for the wife. That way she will be taking care of and will not have any problems in the future. She is like most women that don't know crap about the markets. I did have a sit down talk with my son and daughter to guide them in the future to help there Mom.
Now if only interest would go up.
Oh, forgot. The wife is only 52. I have enough insurance that will carry her till 67 with no problems. From there, once she is really to retire( which she already is doing), she will be able to pull an easy 7% each month from retirement acc's to live off the rest of her life with no problems.
This post was edited on 5/9/13 at 5:27 am
Posted on 5/9/13 at 5:29 am to fishfighter
Aww damn FishFighter, I'm sorry to hear about your situation. Keep fighting bro.
Posted on 5/9/13 at 9:03 am to poochie
quote:
I had met with someone from Edward Jones and for them to take my old 401k and put it into an IRA was going to cost me like $5000
Oh lawd. Run!
Posted on 5/9/13 at 9:09 am to fishfighter
quote:
2000 crash time frame. He had a lot of monies in high tech crap.
This is your broker's fault. No good broker couldn't see the eventual downturn in high tech.
quote:
Gave him free range which was my bad.
You make a good point. A good relationship should involve you and the broker watching your money and having discussions on what to do if X happens
quote:
Doctors told me I have only about 6 months,
Good luck brother. If there is any advice I can give to your family when/if that time comes, I'll do it for free.
Posted on 5/9/13 at 5:20 pm to roguetiger15
quote:
its easy to do it yourself when every stock is going up, we (fa's) make our hay when the market goes down bc thats when all the "experts" aren't experts anymore.
Tons of abused investors would laugh at your supposition. Posted on 5/9/13 at 5:31 pm to fishfighter
quote:
At this point, I'm just setting things up for the wife. That way she will be taking care of and will not have any problems in the future. She is like most women that don't know crap about the markets. I did have a sit down talk with my son and daughter to guide them in the future to help there Mom.
Sorry to hear about your health challenge, I have fought the big C myself. If you are talking about $50k to $500k you can pay Vanguard a one time fee of $250 to have a certified planner consult with you and devise a plan, if it is more than that it is free, below $50k it is $1k. Will it be boring? Probably so, but it should be fairly easy for your wife to manage down the road, which is what is important. That's what's happening with my multiple gazillions when I am gone, although I would probably tell her not to draw down 7%+ annually as taxes would eat her arse.
Posted on 5/10/13 at 9:59 am to poochie
I'm also looking for a new financial advisor.
2-income family. 2 young kids. 2 IRA's and a company 401k. A good bit of $ in stocks, bonds, and mutual funds. I have quarterly calls with my FA, but they seem to get distracted often, and sometimes don't follow through with what we discuss on our calls. Also have gotten some poor advice from them (they admitted as much) which hurt me this tax year.
I'm in BR... any recommendations?
2-income family. 2 young kids. 2 IRA's and a company 401k. A good bit of $ in stocks, bonds, and mutual funds. I have quarterly calls with my FA, but they seem to get distracted often, and sometimes don't follow through with what we discuss on our calls. Also have gotten some poor advice from them (they admitted as much) which hurt me this tax year.
I'm in BR... any recommendations?
Posted on 5/10/13 at 10:50 am to Spirit of Dunson
I would use me.
Posted on 5/10/13 at 11:34 am to Spirit of Dunson
also, the original questions of how they work, how they get paid, etc have never been answered. If multiple ways of getting paid, what are the prox & cons of each.
Posted on 5/10/13 at 11:43 am to Broke
quote:email me at your convenience.
Broke
Posted on 5/10/13 at 11:50 am to poochie
quote:
the original questions of how they work, how they get paid, etc have never been answered. If multiple ways of getting paid,
Whoa, that is a red flag. I always have that discussion in the first meeting.
Posted on 5/10/13 at 11:55 am to Spirit of Dunson
quote:
email me at your convenience.
I was just kidding. But post your email and I can tell you who I would use if I were dead and my wife had to choose one.
Posted on 5/10/13 at 12:12 pm to Broke
<---- at gmail.
I also might have a question about watches.
I also might have a question about watches.
Posted on 5/10/13 at 12:29 pm to Spirit of Dunson
quote:
I'm also looking for a new financial advisor.
2-income family. 2 young kids. 2 IRA's and a company 401k. A good bit of $ in stocks, bonds, and mutual funds. I have quarterly calls with my FA, but they seem to get distracted often, and sometimes don't follow through with what we discuss on our calls. Also have gotten some poor advice from them (they admitted as much) which hurt me this tax year.
What kind of poor advice? Which company is your FA appointed by?
Posted on 5/10/13 at 12:33 pm to Janky
quote:
the original questions of how they work, how they get paid, etc have never been answered. If multiple ways of getting paid,
Whoa, that is a red flag. I always have that discussion in the first meeting.
No shite. Didn't EJ have a bunch of SEC issues regarding their marketing practices a few years back?
Posted on 5/10/13 at 12:34 pm to Vols&Shaft83
Didn't understand the nature of my traditional to roth roll over, and I was hit with a much bigger tax bill than expected. they assumed my early contributions to my 401k were post-tax, and even after I questioned the strategy, they assured me they looked into it, and my tax implications would be minimal.
Over contributed to roth IRA's several times having to pull some back after my taxes are done.
things like that.
Over contributed to roth IRA's several times having to pull some back after my taxes are done.
things like that.
Posted on 5/10/13 at 12:37 pm to Spirit of Dunson
quote:
Didn't understand the nature of my traditional to roth roll over, and I was hit with a much bigger tax bill than expected. they assumed my early contributions to my 401k were post-tax, and even after I questioned the strategy, they assured me they looked into it, and my tax implications would be minimal.
Over contributed to roth IRA's several times having to pull some back after my taxes are done.
things like that.
That's just pure laziness/carelessness on their part. If it happened once, I could forgive it, but if it happened again, I'd fire their asses
Posted on 5/10/13 at 12:56 pm to Vols&Shaft83
quote:
No shite. Didn't EJ have a bunch of SEC issues regarding their marketing practices a few years back?
12/21/2004- EDJ to pay $75M to settle late trading, revenue sharing charges.
4/5/2005- EDJ to pay $1.7M fine to reimburse customers to settle possible charges of mutual fund sales abuses.
3/15/2006- CA lawsuit alleges it accepted $300M in shelf space payments from 7 fund companies between 2000-2004.'
12/13/2006- EDJ pays $25M for collecting fees for moving money between funds that was supposed to be free.
4/17/2007- EDJ offers $127.5M to settle a class action lawsuit that it accepted bribes form fund comapnies so that brokers would push certain types of funds to clients.
Take yor pick.
Posted on 5/10/13 at 1:02 pm to Spirit of Dunson
quote:
Didn't understand the nature of my traditional to roth roll over, and I was hit with a much bigger tax bill than expected. they assumed my early contributions to my 401k were post-tax, and even after I questioned the strategy, they assured me they looked into it, and my tax implications would be minimal.
Over contributed to roth IRA's several times having to pull some back after my taxes are done.
That's pretty bad. I think shopping around for better advice is definately justified.
This post was edited on 5/10/13 at 1:03 pm
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