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?

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.

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.

Run

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.

Agree with this.

:agree:


Then again, I'm the only one I truly trust...to manage my investments. :shrug:

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. :shocked:

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.

I know...right? :oops:

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.' :ohdear:



PS. What is wrong with 'investing' in Beanie Babies/Pez Dispensers? :1rotfl:

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 $$

Me too. I have never understood how an investment advisor can add value to an investment portfolio. So, I have always done it myself.

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.




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


Oh Chat, you tickle me. Only time, huh. Half a mil, huh.

Would love to explore the opportunity, but I have to wait to see how my 'get-rich-quick' investment in Oakey sunglasses...goes first. :D

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2 words of caution: Bernie Madoff