Investment Advisor going Independent...your thoughts?

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #1  
Old 05-17-2018, 04:16 PM
TimeForChange TimeForChange is offline
Senior Member
Join Date: Jun 2012
Posts: 403
Thanks: 4
Thanked 147 Times in 34 Posts
Default Investment Advisor going Independent...your thoughts?

knowing it may be moved but there is nothing on the Financial planning board. I retired just over ten years ago and have been here for six. When I retired I rolled my 401K from Fidelity to another company with the advice of my CPA into an IRA. The guy who handles my account has been forced to change large investment companies three times due to mergers or etc. I really like him and as conservative as I am he managed my money well. This week he calls and says he is going independent after 20 years with large institutions and he will have a broker dealer assigned to his accounts. I trust him but I am a bit concerned that he will not have the full backing of a large company like Mass Mutual or New England Financial and be making the decisions him self. Has this happened to anyone else where you have ten years working with a guy you like and he goes independent. I may be looking at leaving him and going with a large investment firm like he is leaving. Any suggestions?
  #2  
Old 05-17-2018, 04:21 PM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 5,788
Thanks: 164
Thanked 1,628 Times in 686 Posts
Default

If an advisor has access to your funds, my conservative position is........he/she should be part of a good firm.

Not all independents are bad...........just more security with a backing of a larger firm.

You may never know the real reason he is going independent after 20 years.
  #3  
Old 05-17-2018, 04:22 PM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 4,670
Thanks: 2,044
Thanked 650 Times in 310 Posts
Default

I had that happen to me. Great broker with a large firm. He started a boutique outfit with two other guys. I trust him but "What if he gets hit by a truck?" or the like? Insurance of various sorts can also be an issue IMHO. I opted not to go with him but remain with the large firm as the situation did not pass my 'sleep at night' test.
__________________
"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
  #4  
Old 05-17-2018, 04:27 PM
Fredman's Avatar
Fredman Fredman is offline
Veteran member
Join Date: Feb 2015
Location: Pittsburgh, Cincinnati,Chicago ,buffalo, Asheville ,Pittsburgh
Posts: 765
Thanks: 2
Thanked 184 Times in 73 Posts
Default

Run
__________________
GO STEELERS
  #5  
Old 05-19-2018, 11:19 AM
Jim 9922 Jim 9922 is offline
Veteran member
Join Date: Jul 2007
Location: La Reynalda, The Villages
Posts: 772
Thanks: 1
Thanked 18 Times in 8 Posts
Default

If you are feeling uncomfortable with an independent just think how you'd feel with Wells Fargo? Over the past few years it has been fined billions for various "lapses" in trustworthy banking. And, many of their executive/officers are still sitting at their desks.
__________________
The key to being an expert is to complicate the simple.
  #6  
Old 05-19-2018, 11:25 AM
Marathon Man Marathon Man is offline
Gold member
Join Date: Feb 2015
Posts: 1,239
Thanks: 2
Thanked 640 Times in 258 Posts
Default

Quote:
Originally Posted by dewilson58 View Post
If an advisor has access to your funds, my conservative position is........he/she should be part of a good firm.

Not all independents are bad...........just more security with a backing of a larger firm.

You may never know the real reason he is going independent after 20 years.
Agree with this.
  #7  
Old 05-19-2018, 11:30 AM
ColdNoMore's Avatar
ColdNoMore ColdNoMore is online now
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 9,933
Thanks: 0
Thanked 987 Times in 460 Posts
Default

Quote:
Originally Posted by Fredman View Post
Run



Then again, I'm the only one I truly trust...to manage my investments.
__________________
Standing up for the underdog and against bullies...every chance I get.
  #8  
Old 05-19-2018, 12:01 PM
Boomer Boomer is offline
Soaring Parsley
Join Date: Nov 2007
Posts: 3,929
Thanks: 0
Thanked 216 Times in 88 Posts
Default

Sometimes, I worry that someday, I might start investing in Beanie Babies, Pound Puppies, Franklin Mint Plates, and/or Pez Dispensers so we recently decided to relinquish a piece of the action to an independent, but kept the rest of it under our control.

But that independent puts the accounts on deposit with one of the recognized, big fund and investment companies. We look at our accounts — anytime we want to through a portal we create that takes us to that well known site.

Baby step though it should seem, it was a big step for me.

Took me forever to find somebody who did not try to buy me dinner first.

Last edited by Boomer; 05-19-2018 at 12:06 PM.
  #9  
Old 05-19-2018, 12:07 PM
l2ridehd's Avatar
l2ridehd l2ridehd is offline
Sage
Join Date: Dec 2007
Location: Bridgeport At Miona Shores
Posts: 3,516
Thanks: 1
Thanked 169 Times in 55 Posts
Send a message via AIM to l2ridehd
Default

And I also would not use a small firm. But then I do all my own anyway using Vanguard. I figure by the time I start investing in Pez dispensers it won't matter much anyway. And I have trained my better half well to carry on without me.
__________________
Life is to short to drink cheap wine.
  #10  
Old 05-19-2018, 12:11 PM
ColdNoMore's Avatar
ColdNoMore ColdNoMore is online now
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 9,933
Thanks: 0
Thanked 987 Times in 460 Posts
Default

Quote:
Originally Posted by Boomer View Post
Sometimes, I worry that someday, I might start investing in Beanie Babies, Pound Puppies, Franklin Mint Plates, and/or Pez Dispensers so we recently decided to relinquish a piece of the action to an independent, but kept the rest of it under our control.

But that independent puts the accounts on deposit with one of the recognized, big fund and investment companies. We look at our accounts — anytime we want to through a portal we create that takes us to that well known site.

Baby step though it should seem, it was a big step for me.

Took me forever to find somebody who did not try to buy me dinner first.
I know...right?

I am inundated every week...with those offers.

I personally look with a jaundiced eye, towards those who can afford mass mailings...and taking me out to dinner.

Much less those that have enough...to sponsor polo teams.

I mean cripes, it doesn't take a genius to figure out...how they make enough money to do all that 'advertising.'



PS. What is wrong with 'investing' in Beanie Babies/Pez Dispensers?
__________________
Standing up for the underdog and against bullies...every chance I get.
  #11  
Old 05-19-2018, 12:22 PM
Chatbrat Chatbrat is offline
Sage
Join Date: Sep 2014
Posts: 4,371
Thanks: 0
Thanked 836 Times in 343 Posts
Default

The only time I ever lost $$ is when I had a managed account with Solomon Smith Barney--needed it when we were boating--the so called advisor cost me $500K-- fired her made it back in 18 months--using someone to manage your $$--IMHO-- is akin to paying someone to roll dice for U on a crap table--they have all the fun and U pay to play with your $$
At our age , it isn't rocket science-- we don't need growth we need income

Read all the financials, subscribe to the Wall Street Journal--U too will make $$
  #12  
Old 05-19-2018, 12:48 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 3,879
Thanks: 157
Thanked 1,342 Times in 565 Posts
Default

Quote:
Originally Posted by ColdNoMore View Post



Then again, I'm the only one I truly trust...to manage my investments.
Me too. I have never understood how an investment advisor can add value to an investment portfolio. So, I have always done it myself.
  #13  
Old 05-19-2018, 01:11 PM
Boomer Boomer is offline
Soaring Parsley
Join Date: Nov 2007
Posts: 3,929
Thanks: 0
Thanked 216 Times in 88 Posts
Default

Quote:
Originally Posted by l2ridehd View Post
And I also would not use a small firm. But then I do all my own anyway using Vanguard. I figure by the time I start investing in Pez dispensers it won't matter much anyway. And I have trained my better half well to carry on without me.

Aw, ride, I was just going to tell you I might know where I can get you some Longaberger Baskets or some of those teddy bears.



Quote:
Originally Posted by ColdNoMore View Post
I know...right?

I am inundated every week...with those offers.

I personally look with a jaundiced eye, towards those who can afford mass mailings...and taking me out to dinner.

Much less those that have enough...to sponsor polo teams.

I mean cripes, it doesn't take a genius to figure out...how they make enough money to do all that 'advertising.' hdear

PS. What is wrong with 'investing' in Beanie Babies/Pez Dispensers?

Hey! Cold! Maybe I can cut you in on my vintage Coach purses. And they are the real thing -- not Assistant Coach.


Quote:
Originally Posted by Chatbrat View Post
The only time I ever lost $$ is when I had a managed account with Solomon Smith Barney--needed it when we were boating--the so called advisor cost me $500K-- fired her made it back in 18 months--using someone to manage your $$--IMHO-- is akin to paying someone to roll dice for U on a crap table--they have all the fun and U pay to play with your $$
At our age , it isn't rocket science-- we don't need growth we need income

Read all the financials, subscribe to the Wall Street Journal--U too will make $$
Oh Chat, you tickle me. Only time, huh. Half a mil, huh.

Last edited by Boomer; 05-20-2018 at 07:18 AM.
  #14  
Old 05-19-2018, 01:17 PM
ColdNoMore's Avatar
ColdNoMore ColdNoMore is online now
Sage
Join Date: Apr 2016
Location: Between 466 & 466A
Posts: 9,933
Thanks: 0
Thanked 987 Times in 460 Posts
Default

Quote:
Originally Posted by Boomer View Post

Hey! Cold! Maybe I can cut you in on my vintage Coach purses. And they are the real thing -- not Assistant Coach.
Would love to explore the opportunity, but I have to wait to see how my 'get-rich-quick' investment in Oakey sunglasses...goes first.

https://www.talkofthevillages.com/fo...43-post91.html
__________________
Standing up for the underdog and against bullies...every chance I get.
  #15  
Old 05-19-2018, 01:19 PM
JGVillages JGVillages is offline
Veteran member
Join Date: May 2014
Location: TV Calumet Grove
Posts: 852
Thanks: 7
Thanked 183 Times in 44 Posts
Default

2 words of caution: Bernie Madoff
Closed Thread

Tags
large, years, company, investment, leaving

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 12:30 AM.