Talon Wealth Management Question
 

Does anyone have any experience with this company (Good or Bad)?
I am in the process of finding a new financial advisor and would like to hear from some Villagers.
Not interested in investing in annuities or the other company that begins with a "B".
Someone local and independent.
Thanks

I don't have any personal experience with the company, but looking at their website, I don't think there is any doubt that they will try to sell you an annuity.

I would suggest making an appointment with Fidelity Investments in Lake Sumter. If you want them to manage your investments, they have very low fees, and will only charge a small percentage of the actively managed funds, not the fixed income funds, like CDs. Good luck.

We have been with Ameriprise for around 2 decades, still using my advisor from back up North, so I have not met with anyone in the 2 local offices.

I hear that Michael Whitaker and Associates is looking for new clients.

Good morning, OP,

If you would like to read some background info on the company you are considering, do the following:

1. Type Talon Wealth into Google. (You will get several hits.)

2. Scroll through the list of hits until you find the one from investor.com which has a lot of information about the company in general.

2. Keep scrolling through that article until you get to a section titled “conflict alerts” where you will find 2 alerts.

4. One of the two conflict alerts says “ Insurance Agent Conflict Affiliation” — so click on that and it will open to a titled paragraph “What does this mean and why is it important?”

4. Read it.

5. Also notice there are a couple of things under “Alerts” that say “Ask Firm” — one is about 12b-1 fees.

6. Just read the whole article.

What reading the investor.com article about Talon Wealth can do for you is prepare you to ask questions……….

My take on this? Looks like this is just another one of those “wealth management” companies where you are likely to be guided toward annuities and other high commission instruments.

(Maybe I should not say this, but…….”Talon”? — geez. Whose marketing idea was that? Looks like they word-played with “Guarding Your Nest Egg”” — but c’mon, birds of prey have talons………Somebody did not think hard enough about word choice in that one…….or maybe the name is perfect — because it is really hard to get out of the clutches of an annuity.)

Boomer

PS: I know some people are happy with their annuities and that is none of my business. I have friends who have annuities…….and I just keep my mouth shut — after the fact.

OP, at least have a talk with someone at Fidelity or Vanguard. Educate yourself, please. And then decide if you really want to end up with an annuity.

By the way, 12b-1 fees are fees that are charged by a mutual fund or other investment product that are not used to actually manage the invested funds. They are used for advertising purposes to attract new investors. They must be disclosed in the prospectus. Low cost investment companies like Vanguard and Fidelity typically do not charge any 12b-1 fees in their products. So, if you see 12b-1 fees listed in a prospectus, you are probably not getting a good deal.

Look him up on FINRA Broker Check then decide.

Their form ADV on FINRA clearly states they are insurance agents and brokers. This is exactly NOT what you should be looking for. Get ready for pitches for annuities , life insurance, etc. Look back at the many financial advisor questions on TOTV and you will find two names often repeated: Vanguard and Fidelity. There is a reason!

Their website on which annuities share a prominent position indicates they are a commi$$ion$ and fee$ driven outfit.

You are better off going with a fiduciary. We have been with Synergy Wealth Alliance for over 10 years. They are not your typical "sell you an annuity" company.
They will work with you for your own personal situation, and they strive to get you into a financial plan with very low fees. Hidden fees are the real killer when it comes to investing. Stay away from the companies around The Villages that do a lot of advertising i.e., billboards, print, television/radio. They are just spending your kid's inheritance.
Matt Wade and Carrie Letsinger are just who you're looking for.
https://www.bing.com/maps?&mepi=103~...50623&v=2&sV=1

John Jansen of Talon Wealth Management has FINRA complaints going to the 1990s. That may not be so bad depending upon your perspective but certainly worse than no complaints at all.

Search "Talon Wealth" BrokerCheck - Find a broker, investment or financial advisor

Edit to add: apparently it's not too difficult to get a FINRA complaint, even the last poster, Dow Wealth Management, has some complaints, albeit few.

Annuities are great, for the guy selling them to you. They give you a guaranteed rate of return which very often is a lot less than you can get with other financial instruments.

Read all you can on investment instruments and start reading monthly publications like Kiplinger.

All financial management companies are in business to make money for themselves. You will be paying THEM first and then sharing any profit with them as well. I suggest learning to manage your own investments or just use high yield savings accounts which will probably get you as much, or more, than you'll make in today's market.

AKH Financial in Daytona Beach. She is fantastic!

I have always been cautious with annuities, but I recently came across an Athene annuity that allows "roth conversion" within, or inside, of the annuity. It also comes with an upfront big bonus, especially if you're under age 65. Have you heard of this product or any comments?

If you are trying to avoid taxes by converting traditional IRA funds into a Roth IRA by doing it within an annuity, I don't think it will work. In any event, I would not accept an annuity company's opinion or advice on this. You need to consult with an independent tax expert.

I don't like annuities at all, but I would never use IRA funds to purchase any annuity. An IRA and an annuity both have the advantage of tax defferal. But, with an annuity, you are paying higher fees, and reducing your liqudity to get the tax deferral advantage. So, you are paying for something that you already have with an IRA.

We have a friend that got sucked in by this Athene annuity program. The up-front bonus of $6K sounded good but now after in it for 4 years it is all regrets.

Look into Fross & Fross in Lake Sumter Landing & Brownwood. Local & independent financial advisors.

Pretty much ALL annuities allow ROTH conversion
Watch out for Big bonus. Look at your caps and par rates in other words what will the returns be over the next 10 yrs and if you are under 65 that means they will try to sell you an annuity with over a 10 year surrender period.
Nothing is for free you paid for that bonus one way or another

I’ve been extremely well-served by Merrill Lynch for almost thirty years. My advisor has “beaten the market” every single year. Actually, my advisor’s office is up north in suburban Chicago. He also has a home here in Florida. When I call him I never know what office he’s in. With the Merrill Lynch application, I get all the information I want and need in real time. Even though neither of my sons live in the Chicago area, he also advises and manages their portfolios. And in fact my advisor and his two sons, who joined his team at Merrill about five years ago, have begun to advise two of my young adult grandchildren!

You don’t need a financial advisor locally here in The Villages if you have one who you’re pleased with back home. Telephone, e-mail and computer data bases make managing your money even easier than if you had an advisor down here.

I would never ever invest in an annuity. High fees, low growth, you're better off in equities.
If I was going to ever use a financial planner, I would look into Creative Planning (Creative Planning | Wealth Management & Financial Advisors) or Schwab.
Most of the companies that claim they are insurance agents and brokers, they will try to sell you insurance and annuities.

If any financial advisor indicates they have beaten the market every year for 30 years, put him/her in Ripley’s believe it or not. Buffet would love to hire him because Berkshire Hathaway can’t or hasn’t done this.
Also, the brokers are the 1’s who get rich, not their clients. For example, there are commercials about a broker that claims they do well only when the client does well. So I called and they wanted $60k to manage my money. 10 years paying them is over $600k. I told them why are they charging me this fee when they haven’t made me a cent? What they should do is have you pay a % of the gain they make you, not what you bring to them. Hell no, they get paid if they make or lose money, they get paid on your portfolio value. Let’s say you bring them $1M to invest day 1. They tell you the fee % you will pay. Then say in a year you los $500k, now the broker only charges you a fee on $500k, but they just lost you $500k!
So then I asked if I’m paying this large sum of money each year will they guarantee that they will make me $60k more money per year than what I was getting doing it myself? Hell no. I just happened to be making 30+% at that time.
One more thing what people should do. I did some Google work looking into this broker on how they did in 2008/2009. Turns out, their customers lost an average of 30+% doing business with them and when I brought this up, they told me they changed things on their end.

I'm going to recommend a FA who is two things:

First, a fee-based (only!) advisor. That means no commissions, not even part fee / part commission. They make a fraction of a percentage on your returns. When you make money, they make money. When you lose money, they lose money. Well, they don't lose money, they just make much less money. They can't guarantee profits, but they will certainly smooth out any economic down turns to lessen losses;

Secondly, one who is an accountant. That means they intimately understand the tax consequences of the advice they are giving you.

For me, there is only Annette diBello of DiBello Financial. She is in Orange County, CA, but that should not matter. She has clients nationally and even internationally (Italy).

One of the first things she did for us was fire-test our retirement options. Essentially running your budget and income expectations through every single recent past (several decades including 1928/1929) economic condition to determine whether you can weather them.

Annette Di Bello CPA CFP(R) PC - Di Bello Financial

your right I’ve been in vanguard since the 80’s the funds cover much of the market , at 84 I’m still having money pulled automatically ,just not as much , I pay very little interest in the market , mostly just how it’s affecting the country , but as far as a personal interest in it not much , if I don’t use the money I hope it’s squandered by my heirs on frivolous fun things , because I’ve done enough of that myself
,

Index funds are all you need. Save the unnecessary fees. Listen to Warren Buffett. Many advisors are using the same allocation programs you can get at Fidelity or Vanguard free.. There are no secrets in this business. Low fees matter

Speaking of Buffett — I recorded the CNBC coverage of the Berk meeting Saturday and have been watching it in bits and pieces when I have time.

For years I have been reading Warren Buffett — and listening to Jimmy Buffett. I always wanted to go to that meeting. I did not have sense enough to buy in in 2007-2008. (sigh)

From what I have watched so far, my favorite quote was from Charlie Munger. They were taking questions and someone asked if and how you should advise your kids about their potential inheritance…..

Charlie answered, with a bit of a growl, “Just tell ‘em to hold the g-damned stock.”

Boomer

If, and only if, you really want an annuity, contact Vanguard Group. Very low fees and no middleman.