View Full Version : Any suggestions on a great financial / retirement professional in The Villages?
Vinscalese
08-03-2024, 07:33 PM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
manaboutown
08-03-2024, 10:07 PM
I am DIY as I do not want to pay someone a huge percentage of my investment income for essentially nothing. Be wary, very wary, of sharks.
Rocksnap
08-03-2024, 10:58 PM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
Check out the Clubs section. There must be at least one club for that?
Stu from NYC
08-04-2024, 04:30 AM
Be very careful
retiredguy123
08-04-2024, 07:47 AM
I would suggest Fidelity. They have a local office at Lake Sumter. You can be a DIYer or get professional help as needed. I think they will also track all of your stocks and other investments in one brokerage account.
dewilson58
08-04-2024, 07:55 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
If you have someone now, and you trust them...................talk to them now, before you leave. Tell them your plans, get advice from them about how you are positioned now (probably fine going forward) and stay in contact with them via phone, zoom, etc.
There are good individuals down here..............but they all want $$$$.
Stay away from the annunity sellers down here.
Good Luck
LeRoySmith
08-04-2024, 08:00 AM
I've been thinking about the same thing. I've been a do-it-yourselfer all my life and through dumb luck have done pretty well with it.
I'm thinking about getting an outsider involved and it's a pretty scary proposition, especially since the term fiduciary seems to have been watered down or redefined a little.
I've used citi gold wealth management a little bit I don't think that's the real deal.
petsetc
08-04-2024, 08:01 AM
My obligatory post to anyone seeking investment advice.
Take time to read Paul Merriman’s 3 FREE ebooks.
1. First-Time Investor
2. 101 Investment Decisions
3. Get Smart or Get Screwed (read this first!)
Found at paulmerriman.com
Also on his site are recommended portfolios for using Vanguard, Fidelity, T.Rowe Price or Schwab for DYI'ers. Much good info, ignore the puffery and sales pitches.
If you do want to know too much about annuities, listen to Stan The Annuity Man® | Brutally Honest Facts About Annuities podcasts.
Podcast - Have Fun With Annuities(R) | The Annuity Man (https://www.stantheannuityman.com/fun-with-annuities-podcast)
Last recommendation is FIRECalc: A different kind of retirement calculator (http://www.firecalc.com) , a Monte Carlo simulation of your future.
FWIW
CarlR33
08-04-2024, 08:52 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !I am not sure in this day and age why you would need someone local unless you want to actually sit at a desk with them (get a free coffee or pop?) when you do your quarterly or annual reviews that we do by a Zoom call even when we were local to them? Just my 2 cents.
Vinscalese
08-04-2024, 09:08 AM
Thank you for all the feedback.
Singerlady
08-05-2024, 04:29 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
Scott Windsor. He’s affiliated with Citizens First Bank and his fees are not outrageous. He also is a fiduciary.
Sabella
08-05-2024, 04:42 AM
Does anybody know when you turn 73 and you have to take your RMD from an IRA And you deferred compensation plan besides charity donations or switching to a Roth IRA (which is I understand that it’s not possible unless you are employed )are there any other way legally to not take any distributions or to reduce tax liability?
Rwirish
08-05-2024, 04:46 AM
Fidelity has been terrific and the LS staff outstanding.
Careful with the annuity sharks.
retiredguy123
08-05-2024, 04:58 AM
Does anybody know when you turn 73 and you have to take your RMD from an IRA And you deferred compensation plan besides charity donations or switching to a Roth IRA (which is I understand that it’s not possible unless you are employed )are there any other way legally to not take any distributions or to reduce tax liability?
If you switch to a Roth, you still need to pay the tax. The only way I know of to avoid the tax is to transfer money directly to a charity.
VillageDawg
08-05-2024, 06:07 AM
Rob Luther Group at Merrill Lynch in Sumter Landing has been terrific for us.
CoachKandSportsguy
08-05-2024, 06:15 AM
Does anybody know when you turn 73 and you have to take your RMD from an IRA And you deferred compensation plan besides charity donations or switching to a Roth IRA (which is I understand that it’s not possible unless you are employed )are there any other way legally to not take any distributions or to reduce tax liability?
So you have been successful,
you haven't paid taxes on part of your earnings,
you have made money like many billionaires, millionaires, and other wealthy investors,
and you think that you shouldn't owe any money like they do?
Taxes are a by product of success, everyone should pay their share, You have been successful? Great! pay your share, and invest the remainder again!
and personally, I would rather be paying taxes than begging for handout from the government.
Lets say your incremental tax rate is 25% on all the RMDs right now
Let's say a reasonable investment return is 8% per year.
You can get back to even within three years. .
So if you still can, roll over as much as you can from your IRA to a Roth or a taxable brokerage account, up to 25% incremental tax rate, and reinvest the after tax dollars in the same way you have or visit with your advisor and reinvest it for 8% target growth. . in three years plus, you will be back to where you are now. . . say 5% interest rate/annual return, you are whole again in 4 years. .
If you think that millionaires / billionaires don't pay taxes as a general rule, you are missing the point of investing. . millionaries/billionaires focus on making money successfully. .
only CPAs are trained to get apoplectic with very large tax bills (the technical term is tax adverse) and i love my CPA friends . .
former finance (not accounting) guy
Veracity
08-05-2024, 06:20 AM
Tyler Jackson of Raymond James Precision Wealth Management in the Brownwood Paddock Square has done an awesome job for us. Here is his contact information:
Tyler C. Jackson
Vice President, Wealth Management
Phone 352-571-3123 Text 352-309-1331 Mobile 352-406-5975
Web Precision Wealth Management - The Villages, FL (http://www.precisionwealthrj.com)
Email tyler.jackson@raymondjames.com
2631 West Torch Lake Drive
The Villages, FL 32163
Florida Insurance License Number: P103415
Bilyclub
08-05-2024, 06:34 AM
https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/all-michael-whitaker-gwg-l-bond-holders-anyone-holding-hope-340656/?highlight=Whitaker
Grill Meister
08-05-2024, 06:42 AM
I cannot recommend Kenneth Wingerter more highly, He is financial VP with Morgan Stanley, down in Venice, FLA. He has been directing my investments for many years and consistently show growth. He bases his management on you business style, ie., agressive, conservative, etc. Yes, he charges you a fee, which is to your benefit. He works for you and not for the company that pays his fees.
Get in touch with Kenneth and do your own leg work with him, vs. someone's recommendation.
ken.wingerter@morganstanley.com
ken.wingerter@morganstanley.com
KeithD
08-05-2024, 06:42 AM
Fidelity is a great choice if you want self directed. Fisher is great if you want a managed account. Stay far away from parady as they push annuities.
Carolynphelps
08-05-2024, 06:57 AM
Andy Patrick with Citizens First Bank Wealth Advisors
Mrmean58
08-05-2024, 07:25 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
If your current investment firm has done a good/great job getting you to retirement, why leave them when you have reached your goal. We moved from the left coast and kept our WF Advisor. I can call him and his team at any time. We have quarterly video calls. I monitor investments via an online acct. Easy peasy. No need to change.
JRcorvette
08-05-2024, 07:53 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
I highly recommend Parady Investments. At the very least you should have a sit down meeting with them.
manaboutown
08-05-2024, 07:56 AM
Prepare for a HUGE market slide today. Hold onto your wallets!
MrFlorida
08-05-2024, 08:01 AM
Fidelity is right here in Sumter Landing, they pester me all the time.
rsmurano
08-05-2024, 08:21 AM
Why would you need to switch advisors? You don’t need to see the advisor. You have a phone don’t you? Use it with your current advisor.
The only change I would do is get rid of your advisor, keep your investments if they are making you good money, and start doing this yourself. You should have been learning how your advisor invests your money.
The big test for any advisor is: have they been doing anything to prepare you for what’s coming? I bet not. For months, the market has been going sideways at best and been losing money.
Watch out for annuities, very bad, high costs, minimum gains and low payouts for money invested.
Stu from NYC
08-05-2024, 08:44 AM
Prepare for a HUGE market slide today. Hold onto your wallets!
What am I missing?
gingersnap
08-05-2024, 08:44 AM
When we moved to The Villages in 2016, our then current financial advisor in PA was retiring. I called the companies we were invested with for advice. They highly recommended PARADY FINANCIAL. It was GREAT ADVICE as Greg PARADY, and is company, have done great things for us. Good luck to you.
Joe C.
08-05-2024, 09:03 AM
Talk to Travis Bender at Blackston Financial on Rt.466. He is a certified Fiduciary. He will find ways to get what you need, and it's a pleasure to do business with. I have made and saved more money with his advice in the last seven years than I have in the last twenty.
Stu from NYC
08-05-2024, 09:06 AM
Prepare for a HUGE market slide today. Hold onto your wallets!
Now I see it, can understand a side but hopefully will not be huge.
manaboutown
08-05-2024, 09:12 AM
Now I see it, can understand a side but hopefully will not be huge.
I think it is way overdue. Japan's market took a dump last night. reuters.com (https://www.reuters.com/markets/global-markets-wrapup-1-2024-08-04/)
dewilson58
08-05-2024, 09:12 AM
I highly recommend Parady Investments. At the very least you should have a sit down meeting with them.
"Greg Parady, considered by industry peers as the #1 income and annuity professional in the country!"
GROSS!!
Ltwise3500
08-05-2024, 09:12 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
I kept my advisor from Ohio. I don’t trust anyone in this area.
HandyGrandpap
08-05-2024, 09:18 AM
If you switch to a Roth, you still need to pay the tax. The only way I know of to avoid the tax is to transfer money directly to a charity.
Cut and paste from Mayo Clinic charitiable trust site, as this is what a lot of $$$ folks are doing and it is a good option.
"If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $53,000 (without being taxed) from your IRA to fund a life-income gift."
The $53K is rolled over into a life time annuity that is payable to you and your spouse till death. Most recent rates were above 5%. Other institions also provide this option.
Give From Your IRA | Mayo Clinic (https://plannedgiving.mayoclinic.org/ira-charitable-rollover?gclid=Cj0KCQjw8MG1BhCoARIsAHxSiQntEpJ_Maq Liwqt02qsGGzJK3Zn8XvMF_SnDq1SmqOQGAGCOsrhZe4aAvkOE ALw_wcB)
guitarguy
08-05-2024, 10:00 AM
Another vote for Paul Merriman!
RUCdaze
08-05-2024, 10:40 AM
My basic rule is: 'As soon as an advisor mentions the word "annuity," run, don't walk, to the nearest exit!'
Stu from NYC
08-05-2024, 10:44 AM
"Greg Parady, considered by industry peers as the #1 income and annuity professional in the country!"
GROSS!!
And one of the biggest customers of the Sun.
retiredguy123
08-05-2024, 10:45 AM
My basic rule is: 'As soon as an advisor mentions the word "annuity," run, don't walk, to the nearest exit!'
Be careful. Some advisors will sell you an annuity and they will never use the word "annuity". They will call it a retirement investment or something else.
Bonanza
08-05-2024, 02:15 PM
Scott Windsor. He’s affiliated with Citizens First Bank and his fees are not outrageous. He also is a fiduciary.
Clark Howard has said to never deal with a bank concerning your stocks/investments . . . .
“Something that I have discouraged you from doing is never, never, never — not ever — do any investing with the investment side of a bank,” Clark says.
Why You Should Never Invest With a Bank (https://clark.com/personal-finance-credit/investing-retirement/why-you-should-never-invest-with-a-bank/#:~:text=However%2C%20money%20expert%20Clark%20How ard%20does%20not%20recommend,the%20investment%20si de%20of%20a%20bank%2C%E2%80%9D%20Clark%20says).
Nansim
08-05-2024, 02:47 PM
I highly recommend Parady Investments. At the very least you should have a sit down meeting with them.
I also recommend Parady Investments. Greg Parady was life changing for my husband and I.
stratmax
08-07-2024, 07:29 PM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
I’d personally recommend Rob Luther, he’s a licensed fiduciary with Merrill Lynch located at Sumter Landing.
Pairadocs
08-08-2024, 12:06 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
It's a SHARK FEAST here in la la land, like nothing you've (probably) every experienced. I do hope you will not find my comment judgmental or "snarky", but if you are of average intelligence, which I am sure you are, believe me, NO "financial professional",or "retirement planner" is EVER EVER EVER going to care as much about your future and YOUR money as YOU DO. You might consider "managing" your own investments since you will have plenty of time after you retire, and in many cases you are probably infinitely more educated then most of the individuals around here who will happily invite you to a "free"dinner to gain access to you assets. The villages residents have many active groups who study finance and manage their own investments, something else you might enjoy getting involved in.
Pairadocs
08-08-2024, 12:20 AM
So you have been successful,
you haven't paid taxes on part of your earnings,
you have made money like many billionaires, millionaires, and other wealthy investors,
and you think that you shouldn't owe any money like they do?
Taxes are a by product of success, everyone should pay their share, You have been successful? Great! pay your share, and invest the remainder again!
and personally, I would rather be paying taxes than begging for handout from the government.
Lets say your incremental tax rate is 25% on all the RMDs right now
Let's say a reasonable investment return is 8% per year.
You can get back to even within three years. .
So if you still can, roll over as much as you can from your IRA to a Roth or a taxable brokerage account, up to 25% incremental tax rate, and reinvest the after tax dollars in the same way you have or visit with your advisor and reinvest it for 8% target growth. . in three years plus, you will be back to where you are now. . . say 5% interest rate/annual return, you are whole again in 4 years. .
If you think that millionaires / billionaires don't pay taxes as a general rule, you are missing the point of investing. . millionaries/billionaires focus on making money successfully. .
only CPAs are trained to get apoplectic with very large tax bills (the technical term is tax adverse) and i love my CPA friends . .
former finance (not accounting) guy
Oh dear, that's quite a moral lecture I'm sure the poster (don't know her/him) received from you, kind of his/her "punishment for asking an innocent question" of those she assumed were her friends and neighbors. But, nice that you were able to avoid her innocent question and fill her in on her lack of a moral foundation and fill her in on what you would prefer, etc.etc. etc. But that's part of "social" media, so people can preach and berate others ? I've read other things you've posted, this seems out of character to be so judgmental of others ! ?
Pairadocs
08-08-2024, 12:23 AM
Clark Howard has said to never deal with a bank concerning your stocks/investments . . . .
“Something that I have discouraged you from doing is never, never, never — not ever — do any investing with the investment side of a bank,” Clark says.
Why You Should Never Invest With a Bank (https://clark.com/personal-finance-credit/investing-retirement/why-you-should-never-invest-with-a-bank/#:~:text=However%2C%20money%20expert%20Clark%20How ard%20does%20not%20recommend,the%20investment%20si de%20of%20a%20bank%2C%E2%80%9D%20Clark%20says).
TOTALLY agree with "Clark" !
Vinscalese
08-08-2024, 07:25 AM
I appreciate everyone’s comments. I have always been very involved in my finances and have always managed an aggressive percent of my own. However as my success has grown and things have become more complex I do like to work with a professional team that understands taxes and details around retirement deeper then I do.
So, I agree that I would never be hands off and I would never blindly follow anyone’s recommendations without doing my own research. However, one of the keys to my success over the years had been recognizing that I cannot be the expert at everything and leaning on professionals in specific areas of expertise can be very advantageous.
Again , thanks to all for the conversation
LeRoySmith
08-08-2024, 07:33 AM
one of the keys to my success over the years had been recognizing that I cannot be the expert at everything and leaning on professionals in specific areas of expertise can be very advantageous.
This is one of my favorite things and a great learning early in my career.
Ross Perot said in an interview a long time ago that he isn't really all that bright, but he is a good judge of talent. He identifies great talent, surrounds himself with them and exploits their skills. Success.
mrf6969
08-08-2024, 08:41 AM
"Greg Parady, considered by industry peers as the #1 income and annuity professional in the country!"
GROSS!!
Yes. Ask yourself how in the world Mr. Parady can afford to do all the promotions and advertising in the media and billboards all over that we see. He is in your pocket, and you must not realize it.
manaboutown
08-08-2024, 09:30 AM
I appreciate everyone’s comments. I have always been very involved in my finances and have always managed an aggressive percent of my own. However as my success has grown and things have become more complex I do like to work with a professional team that understands taxes and details around retirement deeper then I do.
So, I agree that I would never be hands off and I would never blindly follow anyone’s recommendations without doing my own research. However, one of the keys to my success over the years had been recognizing that I cannot be the expert at everything and leaning on professionals in specific areas of expertise can be very advantageous.
Again , thanks to all for the conversation
Congratulations on getting where you are today!
My investment history is somewhat similar and at age 82 I am now for the first time ever considering finding and using a fee-only financial consultant. I have invested in real estate since I was in my 20s and done pretty well but in 2022 and 2023 sold a couple properties I co-owned with other investors because we were aging out. A couple had died, and I was dealing with their devisees, heirs and estate trustees which was not fun. I have never been much of a stock guy but had a Roth IRA and had maintained some liquid assets in stocks, bonds and money market funds. Anyway, I hoped to replace the income stream I had given up by selling the properties with dividends and interest. It has been educational but at this point in life I do not want to spend a lot of time on it. I bought some index ETFs and a few stocks and retained 40% in T-bills and money market funds. I have used a CPA firm for years and they have done a good job for me. I have never used a financial advisor who charges me a fee based on AUM or other means. I do have a RLT which I have updated every few years and designated a trust company to take over when I become incapable of running my own show or pass away. No one can predict the future but one can prepare for likely eventualities.
Good luck on your search!
dewilson58
08-08-2024, 10:20 AM
Like a doctor, get a second option on how things look, ask for suggestions, then pay the doctor bill.
Don't pay anyone a 1% (for a lot of times, generic models).
To me, Clark is a bozo.
Very basic information he read some where.
I doubt any successful, rich person listened to Clark.....the radio talking head.
I've talked to Wells Fargo Advisors many times over the years.....without fees.
:ho:
Boomer
08-08-2024, 10:55 AM
I appreciate everyone’s comments. I have always been very involved in my finances and have always managed an aggressive percent of my own. However as my success has grown and things have become more complex I do like to work with a professional team that understands taxes and details around retirement deeper then I do.
So, I agree that I would never be hands off and I would never blindly follow anyone’s recommendations without doing my own research. However, one of the keys to my success over the years had been recognizing that I cannot be the expert at everything and leaning on professionals in specific areas of expertise can be very advantageous.
Again , thanks to all for the conversation
I very much appreciate what you said in your post.
I am right there with you — almost. :)
It’s not easy, is it. Finding the right match is a lot of work. Too many wet-behind-the-ears, aging frat boys out there all set up to make their fortunes — fast.
But I am working on it. I know I want someone who has seen decades of markets, like I have. But I also know that such a find is unlikely because such a person would also be retired.
I can start by turning over a piece of the action— and I am actually ready to do that — maybe.
I think it would be good to have things in place with an advisor if I can no longer do what I have been doing for decades. But even if I still can, I must admit. . .the thrill is gone — almost.
Boomer
Vinscalese
08-08-2024, 11:50 AM
I could not agree more ! Btw I am not the smartest in most rooms I lead , but I have always had amazing people.
Vinscalese
08-08-2024, 11:52 AM
I did read the google reviews for Parady and did note that the overwhelming amount was about their events , not the actual service. No idea about anything beyond that as I have never spoken to them.
Vinscalese
08-08-2024, 11:54 AM
You’re my hero !! Exactly where I
Hope to be at 82 , successful , confident, intelligent and sharp as ever. Thank you for the comments !
manaboutown
08-08-2024, 06:00 PM
Another thought came to mind. One size does not fit all.
When I start to search for an advisor I will look for one who "gets" me and primarily counsels clients in similar circumstances having, in general, the same sorts of goals. An advisor working mostly with 40 years olds with $500K portfolios building their estates would likely not be a good fit; neither would one handling $100M+ portfolios for 50 year old high-rollers. I would seek an individual having a history of successfully counseling seniors within my net worth range on retaining what they have spent a lifetime accumulating, living off their investment earnings and enjoying their retirement years as comfortably as possible.
dewilson58
08-08-2024, 06:33 PM
Another thought came to mind. One size does not fit all.
When I start to search for an advisor I will look for one who "gets" me and primarily counsels clients in similar circumstances having, in general, the same sorts of goals. An advisor working mostly with 40 years olds with $500K portfolios building their estates would likely not be a good fit; neither would one handling $100M+ portfolios for 50 year old high-rollers. I would seek an individual having a history of successfully counseling seniors within my net worth range on retaining what they have spent a lifetime accumulating, living off their investment earnings and enjoying their retirement years as comfortably as possible.
Yes, my expectation was successful and a greater net worth than myself.
Too many times, you talk to someone "starting up" wearing $85 shoes and $200 suits. Automatic NO. Jus me.
Stu from NYC
08-08-2024, 08:58 PM
Yes. Ask yourself how in the world Mr. Parady can afford to do all the promotions and advertising in the media and billboards all over that we see. He is in your pocket, and you must not realize it.
As a smart guy once said, nobody buys an annuity they are sold
ChrisTee
08-08-2024, 09:40 PM
Call Vanguard or Fidelity. Look at the BOGLEHEADS website for a couple of hours. Spend some time learning because NO ONE will treat you as well as you will ... if you learn the basics. You stand to keep or pay/lose big time depending on who is making your financial choices. You owe yourself. Note: I was a FA. years ago...licensed, acted as "fiduciary" (let me tell you that most folks don't understand the true meaning of that word).
ChrisTee
08-08-2024, 09:55 PM
Everyone here knows that index funds consistently BEAT "actively managed" or "professionally managed" funds. Right? Same goes with portfolios. Sure you may, by some crazy lucky chance get one of the few FAs or professional money managers who knows the magic sauce and picks winners that outperform the market consistently. If you want them odds, have at it. Many studies have shown that's nearly always a losing proposition. Vanguard index funds, and Fidelity gave many of us returns that were nearly untouchable by any professional money manager anywhere.
Stu from NYC
08-09-2024, 05:09 AM
If you do interview a so called financial professional, make sure you quiz them on their education and experience.
Many have very little of both.
ARackAbove
08-09-2024, 06:16 AM
Hi, Just thought I would ad my 0.02 (punn intended). I park my money with Ruggie Wealth Management. A great team of people and have grown my portfolio consistently over the past 6 years. I can promise you that they "actively" manage accounts because I see trade notifications a lot! Unlike my previous advisor who did very little unless I called him. They have an office in The Villages. Call George @407-376-0185. He is the Villages IA.
dewilson58
08-09-2024, 07:38 AM
Hi, Just thought I would ad my 0.02 (punn intended). I park my money with Ruggie Wealth Management. A great team of people and have grown my portfolio consistently over the past 6 years. I can promise you that they "actively" manage accounts because I see trade notifications a lot! Unlike my previous advisor who did very little unless I called him. They have an office in The Villages. Call George @407-376-0185. He is the Villages IA.
That's a very low bar for the last six years. :super:
manaboutown
08-09-2024, 09:17 AM
Hi, Just thought I would ad my 0.02 (punn intended). I park my money with Ruggie Wealth Management. A great team of people and have grown my portfolio consistently over the past 6 years. I can promise you that they "actively" manage accounts because I see trade notifications a lot! Unlike my previous advisor who did very little unless I called him. They have an office in The Villages. Call George @407-376-0185. He is the Villages IA.
I shuddered when I read this. All that trading would be a huge red flag to me. Are your heavily traded accounts taxable or nontaxable? Brokers make money on every trade by commission and/or spread. What rate of return have you obtained over the last six years and at what risk factor? How else are they compensated, AUM or otherwise?
I am not alleging this is happening but overtrading is known as churning. Churning: Definition and Types in Finance (https://www.investopedia.com/terms/c/churning.asp#:~:text=Churning%20is%20excessive%20t rading%20of,percentage%20fee%20for%20managed%20acc ounts).
Boomer
08-09-2024, 10:01 AM
FINRA is the Financial Industry Regulatory Authority.
If you go to the website at finra.org and click on the section titled Broker Check and enter the name of an advisor, you can find out if there are any disclosures (disciplinary actions) in their history. (Of course, just because you do not find disclosures does not mean the advisor is doing everything in your best interests.)
The financial industry needs to be accountable to consumer protection. There are many instances where things get by anyway, but without any oversight, it definitely would be open season. (So? A warning: I know people like to complain about regulation, but be careful what you wish for. When it comes to people and their money, oversight is necessary or there would be even more lambs to the slaughter than there are now. And even if we think we know what we are doing, if regulations are gone, all bets are off. We have to think about how the big picture can affect our own personal lives, our own best interests.)
Boomer
PS: manaboutown, I thought what you said about frequent trades.
dewilson58
08-09-2024, 10:09 AM
The financial industry needs to be accountable to consumer protection. There are many instances where things get by anyway, but without any oversight, it definitely would be open season.
Boomer
I'll take Governmental accountability prior to more Financial Industry every day.
Caymus
08-09-2024, 10:36 AM
Hi, Just thought I would ad my 0.02 (punn intended). I park my money with Ruggie Wealth Management. A great team of people and have grown my portfolio consistently over the past 6 years. I can promise you that they "actively" manage accounts because I see trade notifications a lot! Unlike my previous advisor who did very little unless I called him. They have an office in The Villages. Call George @407-376-0185. He is the Villages IA.
Who hasn't done well during that time period? The talking baby from the old E-Trade commercial probably did better.:jester:
LeRoySmith
08-09-2024, 10:36 AM
Governmental accountability
is that like jumbo shrimp or a baby grand piano
Boomer
08-09-2024, 11:12 AM
FINRA is the Financial Industry Regulatory Authority.
If you go to the website at finra.org and click on the section titled Broker Check and enter the name of an advisor, you can find out if there are any disclosures (disciplinary actions) in their history. (Of course, just because you do not find disclosures does not mean the advisor is doing everything in your best interests.)
The financial industry needs to be accountable to consumer protection. There are many instances where things get by anyway, but without any oversight, it definitely would be open season. (So? A warning: I know people like to complain about regulation, but be careful what you wish for. When it comes to people and their money, oversight is necessary or there would be even more lambs to the slaughter than there are now. And even if we think we know what we are doing, if regulations are gone, all bets are off. We have to think about how the big picture can affect our own personal lives, our own best interests.)
Boomer
PS: manaboutown, I thought what you said about frequent trades.
I'll take Governmental accountability prior to more Financial Industry every day.
Aw, c’mon, dewilson , you took me out of context. I did not intend to go there. (Being the helpful type, I then quoted my entire post without the snipping.)
Re. Regulations, my home state Ohio is one with payday loans running amok. Those types of operations are usually in some ugly strip mall, next to tobacco shops and pawn shops.
Seems like long ago, I learned in school about usury lending, but somewhere, somehow, lobbyists must have crossed palms and legislators decided to allow those who do not know any better to be thrown to the wolves. That’s my old state. And yet, those very borrowers do not recognize their worst enemy. It’s creepy.
And, yes, I know that you and I will never need a payday loan, but I must say that I like the idea that there is at least, for now, some federal oversight of the financial industry. I recently showed a friend how to use Broker Check and Voila! There he was, that guy she had been trusting to take care of her money. He had been pushing regulations and needed to have his chain yanked. FINRA did that.
Even though we might “think” we are smarter than the average bear about our money, the financial system cannot be left unregulated because that would cause chaos for all of us.
Boomer
dewilson58
08-09-2024, 12:23 PM
Aw, c’mon, dewilson , you took me out of context. I did not intend to go there. (Being the helpful type, I then quoted my entire post without the snipping.)
Re. Regulations, my home state Ohio is one with payday loans running amok. Those types of operations are usually in some ugly strip mall, next to tobacco shops and pawn shops.
Seems like long ago, I learned in school about usury lending, but somewhere, somehow, lobbyists must have crossed palms and legislators decided to allow those who do not know any better to be thrown to the wolves. That’s my old state. And yet, those very borrowers do not recognize their worst enemy. It’s creepy.
And, yes, I know that you and I will never need a payday loan, but I must say that I like the idea that there is at least, for now, some federal oversight of the financial industry. I recently showed a friend how to use Broker Check and Voila! There he was, that guy she had been trusting to take care of her money. He had been pushing regulations and needed to have his chain yanked. FINRA did that.
Even though we might “think” we are smarter than the average bear about our money, the financial system cannot be left unregulated because that would cause chaos for all of us.
Boomer
Did not realize I was, "you took me out of context"..............thought you wanted more regulation by your statement.
Having worked in and independently audited the financial industry, they are heavily regulated and accountable............where our Government is not accountable to the consumer, they are out of control (in my book).
Never worked in the payday loan arena, but they are regulated as well.
What is a payday loan? | Consumer Financial Protection Bureau (https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/)
No intent to "you took me out of context".
manaboutown
08-09-2024, 12:29 PM
Thank you again, OP, for initiating this thread. It has motivated me to initiate seeking a financial advisor/consultant for when my time comes.
Entire alphabets of designations most of those in the industry seem to love posting after their names as if they were MDs, CPAs, ESQs, and PEs appear on their websites. What do they mean? How much study is needed to acquire them? How difficult are the exams, if any are required?
Well, I found this. Top Finance Certifications - List and Overview of Top Designations (https://corporatefinanceinstitute.com/resources/career/top-finance-certifications-list/#:~:text=Chartered%20Financial%20Analyst%20(CFA)%2 0Certification,-The%20CFA%20designation&text=It%20is%20widely%20regarded%20as,portfolio%20 management%20and%20investment%20analysis).
and this: The Alphabet Soup of Financial Certifications (https://www.investopedia.com/articles/01/101001.asp)
Call me a snob, but before I even take the time to delve into the alphabet soup of professional designations I want a look-see into their post high school educational backgrounds. Where did they attend college (if at all), what bachelors' degrees have they obtained and in what majors, what were their class standings, do they have advanced degrees such as MBAs and if so in what specialties?
As an aside I started with the broker assigned to my Ameriprise account. He teaches investment courses and is a CFA, CRPC, RICP and a CDFA. He is based in CA which kind of explains the CDFA designation after his name. Certified Divorce Financial Analyst (CDFA): Meaning, How it Works (https://www.investopedia.com/terms/c/cdfa.asp#:~:text=A%20certified%20divorce%20financi al%20analyst%20(CDFA)%20helps%20couples%20and%20th eir,and%20long%2Dterm%20financial%20planning).
LeRoySmith
08-09-2024, 03:01 PM
What do they mean? How much study is needed to acquire them? How difficult are the exams, if any are required?
I am a Chartered Financial Consultant (ChFC), it took me about 3 years to complete and about 8k in tuition. It consists of 8 parts and I would say each one is about like a midlevel college course.
I will say that it helped me understand personal finances much better but in no way made me competent to give anyone else financial advice.
My wife is a ChFC, CPCU and has several other smaller insurance/financial services designations and she would say the same thing about her ability to guide someone else's finances.
Boomer
08-10-2024, 08:53 AM
Did not realize I was, "you took me out of context"..............thought you wanted more regulation by your statement.
Having worked in and independently audited the financial industry, they are heavily regulated and accountable............where our Government is not accountable to the consumer, they are out of control (in my book).
Never worked in the payday loan arena, but they are regulated as well.
What is a payday loan? | Consumer Financial Protection Bureau (https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/)
No intent to "you took me out of context".
OK. Thanks.
Boomer
Stu from NYC
08-10-2024, 09:33 AM
I am a Chartered Financial Consultant (ChFC), it took me about 3 years to complete and about 8k in tuition. It consists of 8 parts and I would say each one is about like a midlevel college course.
I will say that it helped me understand personal finances much better but in no way made me competent to give anyone else financial advice.
My wife is a ChFC, CPCU and has several other smaller insurance/financial services designations and she would say the same thing about her ability to guide someone else's finances.
Between the two of you, you have a lot more education on financial finances than any of the so called professional we have come across.
Scary how many so called professionals with no educational experience can called themselves professional financial consultants
Boomer
08-10-2024, 09:42 AM
Somebody earlier in this thread said something about advisors who work for banks. I have always been curious about how those advisors get paid. I know for a fact that some banks incentivize tellers to direct customers carrying higher balances to make an appointment with the bank’s in-house advisor.
So? About those advisors who work under the umbrella of a bank. . .
Are they paid salary plus bonus in addition to a percentage of assets managed? Or is it salary plus bonus (maybe including trailer fees) but not AUM?
I know there could also be commissions, especially with annuities, but what about the “advising” of various kinds of funds. Some types of funds have shockingly high expense ratios.
Does the bank itself get paid out of the expenses charged inside the funds sold by their in-house advisors? (I have heard that advisors will say things like, “Oh, those expenses are paid by the fund itself.” ….. Well, yeah, but where does the fund get that money. (rhetorical question)
And even if an advisor can claim he is not paid by a fund, if the bank itself is paid by the fund, wouldn’t that be the pile of money where bonuses to advisors could come from?
Connecting the dots to figure out how some advisors are paid is not easy sometimes.
Boomer
manaboutown
08-10-2024, 10:02 AM
Back when I was in law school in the late 1960s more than one professor recommended never using a bank's trust department as they were typically run by at best mediocre attorneys. The implication was they could not cut it in "the real world". I do not know if that was true then or if it was and it still holds true today. One professor mentioned he had had a client who passed away and designated a bank's trust department to manage his estate. They sold a lot of the portfolio's securities and put the money into CDs issued by the bank. Oh my...
My RLT is set up with a trust company. It will cooperate with my as yet undesignated financial advisor, my CPA and so on. They are based in NM and AZ. I am using them because I still own commercial real estate in NM and they are set up to manage it, and likely sell it after my demise as my trust beneficiaries will then enjoy a stepped up basis.
LeRoySmith
08-10-2024, 10:06 AM
Somebody earlier in this thread said something about advisors who work for banks. I have always been curious about how those advisors get paid. I know for a fact that some banks incentivize tellers to direct customers carrying higher balances to make an appointment with the bank’s in-house advisor.
So? About those advisors who work under the umbrella of a bank. . .
Are they paid salary plus bonus in addition to a percentage of assets managed? Or is it salary plus bonus (maybe including trailer fees) but not AUM?
I know there could also be commissions, especially with annuities, but what about the “advising” of various kinds of funds. Some types of funds have shockingly high expense ratios.
Does the bank itself get paid out of the expenses charged inside the funds sold by their in-house advisors? (I have heard that advisors will say things like, “Oh, those expenses are paid by the fund itself.” ….. Well, yeah, but where does the fund get that money. (rhetorical question)
And even if an advisor can claim he is not paid by a fund, if the bank itself is paid by the fund, wouldn’t that be the pile of money where bonuses to advisors could come from?
Connecting the dots to figure out how some advisors are paid is not easy sometimes.
Boomer
I mentioned earlier that I've worked with Citi Bank the past 4 or 5 years. They have a group called citigold wealth management. This group will assist you in 3 or 4 different ways and tiers based on your dollars on deposit or under management by them.
I do all self managed and use them only for checkups and Monte Carlo scenarios. I am in a high enough tier for them to manage with low/no fees but I am not comfortable turning any management over to them. They get the benefit of using my cash money as well as having my stocks and IRAs bought sold through their brokerage. I don't pay them any fees of any kind, trades are at no cost. I moved to them when things fell apart because they paid the best rates and I'm one of those people that hold too much cash (rather than invest it). I moved my cash first then after I got comfortable with my relationship manager I moved some stocks and IRAs.
I get the feeling my relationship manager gets some commission on how much I have with them because he is quick to thank me for any additional deposits or purchases. The other financial folks seem more like hourly or salary people as they are very indifferent to my level of involvement. I will say they are very thorough, the guys that run the annual checkups / MC and the brokerage desk will call 2 or 3 times to check and double check what I'm asking or looking for.
Boomer
08-10-2024, 01:20 PM
I mentioned earlier that I've worked with Citi Bank the past 4 or 5 years. They have a group called citigold wealth management. This group will assist you in 3 or 4 different ways and tiers based on your dollars on deposit or under management by them.
I do all self managed and use them only for checkups and Monte Carlo scenarios. I am in a high enough tier for them to manage with low/no fees but I am not comfortable turning any management over to them. They get the benefit of using my cash money as well as having my stocks and IRAs bought sold through their brokerage. I don't pay them any fees of any kind, trades are at no cost. I moved to them when things fell apart because they paid the best rates and I'm one of those people that hold too much cash (rather than invest it). I moved my cash first then after I got comfortable with my relationship manager I moved some stocks and IRAs.
I get the feeling my relationship manager gets some commission on how much I have with them because he is quick to thank me for any additional deposits or purchases. The other financial folks seem more like hourly or salary people as they are very indifferent to my level of involvement. I will say they are very thorough, the guys that run the annual checkups / MC and the brokerage desk will call 2 or 3 times to check and double check what I'm asking or looking for.
Thank you for sharing your insight. Sounds like things can vary from bank to bank. A regional bank is based in my Ohio hometown, and I know that they incentivize tellers to pay attention to high balances and try to drum up business for their advisor department. (They also try to get their tellers to sell credit cards to people who come to their windows.)
Re. cash: I also believe in maintaining a moat of cash and did so even through all those no-return years.
Keeping cash around is, of course, for obvious reasons, like sleep, but a not necessarily obvious reason is that I never want to find myself in a position where I would have to sell stock to pay taxes. Therefore, a moat of cash inside an IRA protects stocks at RMD age.
Overall though, I am basically a boring, buy-and-hold, dividend investor…..
I probably hold a little too much of one particular stock, but its dividends Tide me over through a lot of markets…..
Over the years, it has made a steady Gain. Even when it takes a hit, the hit is always followed by a nice Bounce……
I guess you could say I Luvs that stock. It is no Secret that sometimes I feel like it Pampers me. Even though it might be too boring for some investors, in the Scope of things, I think it is Head & Shoulders above the rest. It has shared the Bounty from selling its iconic products by paying dividends. The company started paying dividends in 1890, and there has been a Cascade of dividend increases for the past 69 consecutive years.
But maybe someday it will Dawn on me that I should sell and put it all in the latest, greatest tech or maybe Bitcoin.
Boring Boomer
manaboutown
08-10-2024, 01:50 PM
I inherited a few shares of P&G years ago and have just held it, not paying much attention. Owning it, no matter the market, does not cause me to lose any sleep or jump for joy.
LeRoySmith
08-10-2024, 02:04 PM
I probably hold a little too much of one particular stock, but its dividends Tide me over through a lot of markets…..
Over the years, it has made a steady Gain. Even when it takes a hit, the hit is always followed by a nice Bounce……
I guess you could say I Luvs that stock. It is no Secret that sometimes I feel like it Pampers me. Even though it might be too boring for some investors, in the Scope of things, I think it is Head & Shoulders above the rest. It has shared the Bounty from selling its iconic products by paying dividends. The company started paying dividends in 1890, and there has been a Cascade of dividend increases for the past 69 consecutive years.
But maybe someday it will Dawn on me that I should sell and put it all in the latest, greatest tech or maybe Bitcoin.
Boring Boomer
Oh my, someone hit the sauce early today.
I mostly buy and hold too, at least for any significant sum. I like s&p index, it never hits big but it beats actively managed funds about 75% of the time. I'm ok beating 75% of investors for free. I do play with small sums of cash on certain things.
Holding too much cash isn't wise but it makes me sleep better.
Sorry, no funny puns available on my end. I think you proved you aren't boring with yours.
Boomer
08-10-2024, 02:34 PM
Hey, manaboutown and LeRoySmith, thanks for the Cheer. That old stock can be a real Safeguard, but sometimes shareholders get to have fun riding the next Crest.
Boomer Being Silly — and can’t seem to stop on this one. :) But I think I have just about covered it now.
Eg_cruz
08-18-2024, 03:52 AM
Glad you’re happy. I know his annuities are high in cost, low in returns but you get your income for life by spending down your principal. I believe annuities can be good depending on the investor and what they are looking for
Eg_cruz
08-18-2024, 03:57 AM
Like a doctor, get a second option on how things look, ask for suggestions, then pay the doctor bill.
Don't pay anyone a 1% (for a lot of times, generic models).
To me, Clark is a bozo.
Very basic information he read some where.
I doubt any successful, rich person listened to Clark.....the radio talking head.
I've talked to Wells Fargo Advisors many times over the years.....without fees.
:ho:
There is zero wrong with Clark.
Eg_cruz
08-18-2024, 04:01 AM
Yes. Ask yourself how in the world Mr. Parady can afford to do all the promotions and advertising in the media and billboards all over that we see. He is in your pocket, and you must not realize it.
Parade’s office makes 7-8% commissions on all the annuities they sell if you are under 76 yrs old commissions go down a little the old the client is
dewilson58
08-18-2024, 06:25 AM
There is zero wrong with Clark.
:1rotfl::1rotfl:
Stu from NYC
08-18-2024, 06:35 AM
Glad you’re happy. I know his annuities are high in cost, low in returns but you get your income for life by spending down your principal. I believe annuities can be good depending on the investor and what they are looking for
Annuities are great for guy selling them.
valuemkt
08-19-2024, 08:05 AM
8% will get you $94.48 / 100 dollars in 3 years. you need to go into year 4
5% will get you $ 95.72 in 5 years.. and $100.51 after 6.
Sports guys math is a little off .. Just FYI
valuemkt
08-19-2024, 08:11 AM
Thank you for sharing your insight. Sounds like things can vary from bank to bank. A regional bank is based in my Ohio hometown, and I know that they incentivize tellers to pay attention to high balances and try to drum up business for their advisor department. (They also try to get their tellers to sell credit cards to people who come to their windows.)
Re. cash: I also believe in maintaining a moat of cash and did so even through all those no-return years.
Keeping cash around is, of course, for obvious reasons, like sleep, but a not necessarily obvious reason is that I never want to find myself in a position where I would have to sell stock to pay taxes. Therefore, a moat of cash inside an IRA protects stocks at RMD age.
Overall though, I am basically a boring, buy-and-hold, dividend investor…..
I probably hold a little too much of one particular stock, but its dividends Tide me over through a lot of markets…..
Over the years, it has made a steady Gain. Even when it takes a hit, the hit is always followed by a nice Bounce……
I guess you could say I Luvs that stock. It is no Secret that sometimes I feel like it Pampers me. Even though it might be too boring for some investors, in the Scope of things, I think it is Head & Shoulders above the rest. It has shared the Bounty from selling its iconic products by paying dividends. The company started paying dividends in 1890, and there has been a Cascade of dividend increases for the past 69 consecutive years.
But maybe someday it will Dawn on me that I should sell and put it all in the latest, greatest tech or maybe Bitcoin.
Boring Boomer
Nice post .. beautiful dividend trend chart
Bonanza
08-19-2024, 08:33 AM
Like a doctor, get a second option on how things look, ask for suggestions, then pay the doctor bill.
Don't pay anyone a 1% (for a lot of times, generic models).
To me, Clark is a bozo.
Very basic information he read some where.
I doubt any successful, rich person listened to Clark.....the radio talking head.
I've talked to Wells Fargo Advisors many times over the years.....without fees.
:ho:
Yes, Clark Howard passes on information that he gleaned from elsewhere. However, he also does his own research and your term, "Bozo" is unfounded except in your own mind.
A best friend had the WORST dealing with advisors from Wells Fargo. They may not charge a fee but what they did (or didn't do!) cost her big time!
JRcorvette
08-19-2024, 08:59 AM
Moving to The Villages and need a new Financial / Retirement professional ? I have worked with Merrill / Goldman in the past but looking for a local more personal experience going forward. Thanks all !
There are a lot of them so be careful. We have been using Parady since 2014. They are honest and knowledgeable.
Stu from NYC
08-19-2024, 10:04 AM
There are a lot of them so be careful. We have been using Parady since 2014. They are honest and knowledgeable.
Does he ever recommend anything that is not a type of annuity or life insurance?
manaboutown
08-19-2024, 11:35 AM
There are a lot of them so be careful. We have been using Parady since 2014. They are honest and knowledgeable.
I just checked their site. They peddle annuities and life insurance so they receive $$$$$commisons$$$$$. The owners must be rolling in dough.
Caymus
08-19-2024, 12:02 PM
I just checked their site. They peddle annuities and life insurance so they receive $$$$$commisons$$$$$. The owners must be rolling in dough.
Yes, but what do they serve at their "free" dinner?
dewilson58
08-19-2024, 12:35 PM
A best friend had the WORST dealing with advisors from Wells Fargo. They may not charge a fee but what they did (or didn't do!) cost her big time!
Without sharing any information, no one can address your comment.
Well Fargo Advisors ADVISE based on expressed customer investment tolerance.
What investment expectations/tolerance did your best friend give Well Fargo Advisors??
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