Investment Advisor going Independent...your thoughts?

Investment Advisor going Independent...your thoughts?

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  #11  
Old 05-19-2018, 12:22 PM
Chatbrat Chatbrat is offline
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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
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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.
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  #13  
Old 05-19-2018, 01:11 PM
Boomer Boomer is offline
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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
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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
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  #15  
Old 05-19-2018, 01:19 PM
JGVillages JGVillages is offline
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2 words of caution: Bernie Madoff
  #16  
Old 05-19-2018, 01:32 PM
Chatbrat Chatbrat is offline
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In this day and age and back in 2000 $500K is not a lot of $$-- it depends on the size of your portfolio/assets--I'm fortunate enough to have been successful and have invested to make growth when it was need-- the Solomon Smith Barney advisor i had was more interested in her commissions from pushing Citi bank investments that looking out for me--I wanted her to get me a large position in Goldman Sachs--she said "we don't cover that" should have been a red flag--cost me close to $2 million Goldman Sachs went public @$50.00 back then
  #17  
Old 05-19-2018, 06:53 PM
JoMar JoMar is offline
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I have a broker, was with Shearson and it's mergers over the years. He decided to go independent with Raymond James and I stayed with him. It has worked out great for my portfolio. My second broker ended up as an executive with Wells and is now going to go independent. I would have left Wells awhile back but his expertise and willingness to work with my Raymond James guy (I know, a unique arrangement) has also been successful. Will see where he goes next and will make a decision on going with him at that time. Short answer, I felt I had more of a partnership with the guy in a smaller environment then the guy with the big company.
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  #18  
Old 05-20-2018, 11:51 AM
thetruth thetruth is online now
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Originally Posted by TimeForChange View Post
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?
An old story. I was buying Tax free bonds from RBC Dain.
Many people are not aware but depending on where you buy bonds the yield is different. The difference is mostly the commission that is hidden in the price of the bond.
The guy I was dealing with, like what you have posted, sent me a letter that he was moving to another firm.

IMPORTANT-if your FORMER SALESPERSON was able to contact you, he STOLE the files from the firm he left. I WOULD NOT DO BUSINESS WITH HIM OR THE FIRM HE HAS LEFT. Clearly your PERSONAL INFORMATION has not been properly protected.

Aside-RBC would regularly try to charge fees for holding my bonds. If, you have bonds, they are no longer bearer bonds. They are just dots and dashes on a computer so you have to hold them with a brokerage firm. My guy used to waive the fees. RBC refused to do it unless I bought ----. I moved my bonds to Fidelity NO FEES, NO SERVICE CHARGE.

Years ago I was hounded by a small firm. I'm talking they would call about every month. A story on the radio-it was a fraud and they were marched off to jail. There was a similar story in the villages.

MY VIEW-I would go with a large firm.
  #19  
Old 05-21-2018, 03:25 AM
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Before you sign on with anyone, Ask to see their personal portfolio. 9 times out of 10 they will not even discuss it with you.
  #20  
Old 05-21-2018, 04:50 AM
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Quote:
Originally Posted by Biker Dog View Post
Before you sign on with anyone, Ask to see their personal portfolio. 9 times out of 10 they will not even discuss it with you.
Yep.


It's analogous to what Lee Trevino said... "I'll take lessons, when I find someone who can beat me."
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