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Posted on 4/17/18 at 9:41 am to kciDAtaE
Advisors typically cut down on their book as they grow. The PITA clients who complain about fees and market volatility are typically the first to be fired or given to the new apprentice.
Posted on 4/17/18 at 11:01 am to slackster
quote:
Did you want to bail in 2008 or 2009? An advisor that kept you invested and on track during 2008 and 2009 is well worth 100 to 150 basis points.
No. I threw every remaining nickel I had into the market right near the bottom. I was a young investor and knew I had plenty of time. I don't have any emotional reaction to gains or losses. My primary benefit of their track system was the loss harvesting and some other ancillary benefits they offered. Creation of a will, projected return on my first rental property. That was nice at time, but now I have the ability to run the analysis.
Posted on 4/17/18 at 12:32 pm to Shepherd88
quote:
The PITA clients who complain about fees and market volatility are typically the first to be fired or given to the new apprentice.
I called her to let her know I’ll be switching everything to Fidelity out of respect. We spoke once a year when she would call me to check in. I had a traditional IRA and Roth IRA each in a separate mutual fund. There was zero maintenance for her.
She asked why I was switching and told her bc of fees. She said that bc of where I have my money and how I invest, it doesn’t make sense for me to be with MS. She offered to help me with the conversion.
So your assessment is incorrect. She worked harder on my account by me leaving than she ever did managing.
Posted on 4/17/18 at 12:53 pm to Oenophile Brah
Good deal.
Posted on 4/17/18 at 3:24 pm to vince vega
I used to deal with Morgn Stanley when I was young, father recommended them. Once I realized what I was paying in fees, I moved to Fidelity.
Posted on 4/17/18 at 3:50 pm to Shepherd88
quote:
The PITA clients who complain about fees and market volatility are typically the first to be fired
You also have to "release" clients who won't meet with you (I give up to 18 months for a least a phone review bc life happens) or consistently don't follow through with what they say they're going to do. The opposite of PITA is asleep at the wheel, but it's just as frustrating if you can see that they are a sinking ship.
Posted on 4/17/18 at 10:50 pm to statman34
I’ve been paying 1% for a managed account for the last 10 years.
You are getting ripped at 1.5%.
You are getting ripped at 1.5%.
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