Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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Before the Advice, Check Out the Adviser
WHEN Elaine and Merlin Toffel, a retired couple in their 70s, needed help with their investments, they went to their local U.S. Bank branch. The tellers knew them by their first names. They were comfortable there.
Read the rest of the story. Questions? We are here to help. |
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#2
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Everyone should read this story
Thanks for posting.
This is the #1 problem with investing in TV. Many people go to a free lunch seminar (sales meeting) or see a full page add in the Daily Sun and say.... "this guy seems nice". They then invest their life savings and end up paying huge commissions. Most of the time they don't even know it. If you are working with a broker, bank or insurance rep, schedule a review with a fee-only advisor..... you will be shocked. If you work with a broker or insurance rep, they only have to do what is "suitable for you". This means they can sell you high fee and commission products if they choose. To protect yourself, you should only work with a fee-only advisor (not fee based) who is a fiduciary for you. This is a great example that if you buy insurance products (annuities), or have a broker that sells you A, B or C shares.... you are paying too much. Read the article. I bet this happens all the time in TV and people don't even know it. 4% annual fees ($26,000 each year) and $45,000 in surrender charges! Run away if your advisor is not a fee-only fiduciary! Get it in writing! Many advisors confuse the issue and say they are a fiduciary for you some of the time and a broker for you some of the time... again run away. Quote:
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#3
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Quote:
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#4
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This is why I refer to stockbrokers as stockbookies.
__________________
"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#5
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There is no free lunch .
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#6
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Before the Advice, Check Out the Adviser
No free lunch, but there is an inexpensive one. Use Vanguard. Its online tools and education are excellent and its telephone advisers first rate. Vanguard's prices are the lowest in the industry. I spent yesterday evaluating Vanguard funds ( it's part of my job) and IMHO no fund family has better performance across the board. And no, I do not get paid to say this. Vanguard is where many investment professionals put their own money. It is where Warren Buffett has stipulated his wife's money will go when he dies.
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#7
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The kicker to all of this is that the FED's policies resulted in investment brokers walking away with 75% return while its policies have hurt seniors badly according to Stephen Forbes.
If you are not getting an equal amount thereof then you can ascertain exactly how much leverage investment companies gain by using your money. Its a dirty business but that is the life they have chosen (my take on it) |
#8
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Are saying if you give your money to a broker that's how you'll end up?
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Closed Thread |
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