Merrell lynch, Sumter Landing
 

I’d personally recommend Rob Luther, he’s a licensed fiduciary with Merrill Lynch located at Sumter Landing.

It's a SHARK FEAST here in la la land, like nothing you've (probably) every experienced. I do hope you will not find my comment judgmental or "snarky", but if you are of average intelligence, which I am sure you are, believe me, NO "financial professional",or "retirement planner" is EVER EVER EVER going to care as much about your future and YOUR money as YOU DO. You might consider "managing" your own investments since you will have plenty of time after you retire, and in many cases you are probably infinitely more educated then most of the individuals around here who will happily invite you to a "free"dinner to gain access to you assets. The villages residents have many active groups who study finance and manage their own investments, something else you might enjoy getting involved in.

Oh dear, that's quite a moral lecture I'm sure the poster (don't know her/him) received from you, kind of his/her "punishment for asking an innocent question" of those she assumed were her friends and neighbors. But, nice that you were able to avoid her innocent question and fill her in on her lack of a moral foundation and fill her in on what you would prefer, etc.etc. etc. But that's part of "social" media, so people can preach and berate others ? I've read other things you've posted, this seems out of character to be so judgmental of others ! ?

TOTALLY agree with "Clark" !

I appreciate everyone’s comments. I have always been very involved in my finances and have always managed an aggressive percent of my own. However as my success has grown and things have become more complex I do like to work with a professional team that understands taxes and details around retirement deeper then I do.

So, I agree that I would never be hands off and I would never blindly follow anyone’s recommendations without doing my own research. However, one of the keys to my success over the years had been recognizing that I cannot be the expert at everything and leaning on professionals in specific areas of expertise can be very advantageous.

Again , thanks to all for the conversation

This is one of my favorite things and a great learning early in my career.

Ross Perot said in an interview a long time ago that he isn't really all that bright, but he is a good judge of talent. He identifies great talent, surrounds himself with them and exploits their skills. Success.

Yes. Ask yourself how in the world Mr. Parady can afford to do all the promotions and advertising in the media and billboards all over that we see. He is in your pocket, and you must not realize it.

Congratulations on getting where you are today!

My investment history is somewhat similar and at age 82 I am now for the first time ever considering finding and using a fee-only financial consultant. I have invested in real estate since I was in my 20s and done pretty well but in 2022 and 2023 sold a couple properties I co-owned with other investors because we were aging out. A couple had died, and I was dealing with their devisees, heirs and estate trustees which was not fun. I have never been much of a stock guy but had a Roth IRA and had maintained some liquid assets in stocks, bonds and money market funds. Anyway, I hoped to replace the income stream I had given up by selling the properties with dividends and interest. It has been educational but at this point in life I do not want to spend a lot of time on it. I bought some index ETFs and a few stocks and retained 40% in T-bills and money market funds. I have used a CPA firm for years and they have done a good job for me. I have never used a financial advisor who charges me a fee based on AUM or other means. I do have a RLT which I have updated every few years and designated a trust company to take over when I become incapable of running my own show or pass away. No one can predict the future but one can prepare for likely eventualities.

Good luck on your search!

Like a doctor, get a second option on how things look, ask for suggestions, then pay the doctor bill.

Don't pay anyone a 1% (for a lot of times, generic models).

To me, Clark is a bozo.
Very basic information he read some where.
I doubt any successful, rich person listened to Clark.....the radio talking head.
I've talked to Wells Fargo Advisors many times over the years.....without fees.

:ho:

I very much appreciate what you said in your post.

I am right there with you — almost. :)

It’s not easy, is it. Finding the right match is a lot of work. Too many wet-behind-the-ears, aging frat boys out there all set up to make their fortunes — fast.

But I am working on it. I know I want someone who has seen decades of markets, like I have. But I also know that such a find is unlikely because such a person would also be retired.

I can start by turning over a piece of the action— and I am actually ready to do that — maybe.

I think it would be good to have things in place with an advisor if I can no longer do what I have been doing for decades. But even if I still can, I must admit. . .the thrill is gone — almost.

Boomer

I could not agree more ! Btw I am not the smartest in most rooms I lead , but I have always had amazing people.

I did read the google reviews for Parady and did note that the overwhelming amount was about their events , not the actual service. No idea about anything beyond that as I have never spoken to them.

You’re my hero !! Exactly where I
Hope to be at 82 , successful , confident, intelligent and sharp as ever. Thank you for the comments !

Another thought came to mind. One size does not fit all.

When I start to search for an advisor I will look for one who "gets" me and primarily counsels clients in similar circumstances having, in general, the same sorts of goals. An advisor working mostly with 40 years olds with $500K portfolios building their estates would likely not be a good fit; neither would one handling $100M+ portfolios for 50 year old high-rollers. I would seek an individual having a history of successfully counseling seniors within my net worth range on retaining what they have spent a lifetime accumulating, living off their investment earnings and enjoying their retirement years as comfortably as possible.

Yes, my expectation was successful and a greater net worth than myself.

Too many times, you talk to someone "starting up" wearing $85 shoes and $200 suits. Automatic NO. Jus me.

As a smart guy once said, nobody buys an annuity they are sold

Call Vanguard or Fidelity. Look at the BOGLEHEADS website for a couple of hours. Spend some time learning because NO ONE will treat you as well as you will ... if you learn the basics. You stand to keep or pay/lose big time depending on who is making your financial choices. You owe yourself. Note: I was a FA. years ago...licensed, acted as "fiduciary" (let me tell you that most folks don't understand the true meaning of that word).

Everyone here knows that index funds consistently BEAT "actively managed" or "professionally managed" funds. Right? Same goes with portfolios. Sure you may, by some crazy lucky chance get one of the few FAs or professional money managers who knows the magic sauce and picks winners that outperform the market consistently. If you want them odds, have at it. Many studies have shown that's nearly always a losing proposition. Vanguard index funds, and Fidelity gave many of us returns that were nearly untouchable by any professional money manager anywhere.

If you do interview a so called financial professional, make sure you quiz them on their education and experience.
Many have very little of both.

Hi, Just thought I would ad my 0.02 (punn intended). I park my money with Ruggie Wealth Management. A great team of people and have grown my portfolio consistently over the past 6 years. I can promise you that they "actively" manage accounts because I see trade notifications a lot! Unlike my previous advisor who did very little unless I called him. They have an office in The Villages. Call George @407-376-0185. He is the Villages IA.

That's a very low bar for the last six years. :super:

I shuddered when I read this. All that trading would be a huge red flag to me. Are your heavily traded accounts taxable or nontaxable? Brokers make money on every trade by commission and/or spread. What rate of return have you obtained over the last six years and at what risk factor? How else are they compensated, AUM or otherwise?

I am not alleging this is happening but overtrading is known as churning. Churning: Definition and Types in Finance.

FINRA is the Financial Industry Regulatory Authority.

If you go to the website at finra.org and click on the section titled Broker Check and enter the name of an advisor, you can find out if there are any disclosures (disciplinary actions) in their history. (Of course, just because you do not find disclosures does not mean the advisor is doing everything in your best interests.)

The financial industry needs to be accountable to consumer protection. There are many instances where things get by anyway, but without any oversight, it definitely would be open season. (So? A warning: I know people like to complain about regulation, but be careful what you wish for. When it comes to people and their money, oversight is necessary or there would be even more lambs to the slaughter than there are now. And even if we think we know what we are doing, if regulations are gone, all bets are off. We have to think about how the big picture can affect our own personal lives, our own best interests.)

Boomer

PS: manaboutown, I thought what you said about frequent trades.

I'll take Governmental accountability prior to more Financial Industry every day.

Who hasn't done well during that time period? The talking baby from the old E-Trade commercial probably did better.:jester:

is that like jumbo shrimp or a baby grand piano

Aw, c’mon, dewilson , you took me out of context. I did not intend to go there. (Being the helpful type, I then quoted my entire post without the snipping.)

Re. Regulations, my home state Ohio is one with payday loans running amok. Those types of operations are usually in some ugly strip mall, next to tobacco shops and pawn shops.

Seems like long ago, I learned in school about usury lending, but somewhere, somehow, lobbyists must have crossed palms and legislators decided to allow those who do not know any better to be thrown to the wolves. That’s my old state. And yet, those very borrowers do not recognize their worst enemy. It’s creepy.

And, yes, I know that you and I will never need a payday loan, but I must say that I like the idea that there is at least, for now, some federal oversight of the financial industry. I recently showed a friend how to use Broker Check and Voila! There he was, that guy she had been trusting to take care of her money. He had been pushing regulations and needed to have his chain yanked. FINRA did that.

Even though we might “think” we are smarter than the average bear about our money, the financial system cannot be left unregulated because that would cause chaos for all of us.

Boomer

Did not realize I was, "you took me out of context"..............thought you wanted more regulation by your statement.

Having worked in and independently audited the financial industry, they are heavily regulated and accountable............where our Government is not accountable to the consumer, they are out of control (in my book).

Never worked in the payday loan arena, but they are regulated as well.
What is a payday loan? | Consumer Financial Protection Bureau



No intent to "you took me out of context".

Thank you again, OP, for initiating this thread. It has motivated me to initiate seeking a financial advisor/consultant for when my time comes.

Entire alphabets of designations most of those in the industry seem to love posting after their names as if they were MDs, CPAs, ESQs, and PEs appear on their websites. What do they mean? How much study is needed to acquire them? How difficult are the exams, if any are required?

Well, I found this. Top Finance Certifications - List and Overview of Top Designations.

and this: The Alphabet Soup of Financial Certifications

Call me a snob, but before I even take the time to delve into the alphabet soup of professional designations I want a look-see into their post high school educational backgrounds. Where did they attend college (if at all), what bachelors' degrees have they obtained and in what majors, what were their class standings, do they have advanced degrees such as MBAs and if so in what specialties?

As an aside I started with the broker assigned to my Ameriprise account. He teaches investment courses and is a CFA, CRPC, RICP and a CDFA. He is based in CA which kind of explains the CDFA designation after his name. Certified Divorce Financial Analyst (CDFA): Meaning, How it Works.

I am a Chartered Financial Consultant (ChFC), it took me about 3 years to complete and about 8k in tuition. It consists of 8 parts and I would say each one is about like a midlevel college course.

I will say that it helped me understand personal finances much better but in no way made me competent to give anyone else financial advice.

My wife is a ChFC, CPCU and has several other smaller insurance/financial services designations and she would say the same thing about her ability to guide someone else's finances.

OK. Thanks.

Boomer

Between the two of you, you have a lot more education on financial finances than any of the so called professional we have come across.

Scary how many so called professionals with no educational experience can called themselves professional financial consultants

How the sausage is made???
 

Somebody earlier in this thread said something about advisors who work for banks. I have always been curious about how those advisors get paid. I know for a fact that some banks incentivize tellers to direct customers carrying higher balances to make an appointment with the bank’s in-house advisor.

So? About those advisors who work under the umbrella of a bank. . .

Are they paid salary plus bonus in addition to a percentage of assets managed? Or is it salary plus bonus (maybe including trailer fees) but not AUM?

I know there could also be commissions, especially with annuities, but what about the “advising” of various kinds of funds. Some types of funds have shockingly high expense ratios.

Does the bank itself get paid out of the expenses charged inside the funds sold by their in-house advisors? (I have heard that advisors will say things like, “Oh, those expenses are paid by the fund itself.” ….. Well, yeah, but where does the fund get that money. (rhetorical question)

And even if an advisor can claim he is not paid by a fund, if the bank itself is paid by the fund, wouldn’t that be the pile of money where bonuses to advisors could come from?

Connecting the dots to figure out how some advisors are paid is not easy sometimes.

Boomer

Back when I was in law school in the late 1960s more than one professor recommended never using a bank's trust department as they were typically run by at best mediocre attorneys. The implication was they could not cut it in "the real world". I do not know if that was true then or if it was and it still holds true today. One professor mentioned he had had a client who passed away and designated a bank's trust department to manage his estate. They sold a lot of the portfolio's securities and put the money into CDs issued by the bank. Oh my...

My RLT is set up with a trust company. It will cooperate with my as yet undesignated financial advisor, my CPA and so on. They are based in NM and AZ. I am using them because I still own commercial real estate in NM and they are set up to manage it, and likely sell it after my demise as my trust beneficiaries will then enjoy a stepped up basis.

I mentioned earlier that I've worked with Citi Bank the past 4 or 5 years. They have a group called citigold wealth management. This group will assist you in 3 or 4 different ways and tiers based on your dollars on deposit or under management by them.

I do all self managed and use them only for checkups and Monte Carlo scenarios. I am in a high enough tier for them to manage with low/no fees but I am not comfortable turning any management over to them. They get the benefit of using my cash money as well as having my stocks and IRAs bought sold through their brokerage. I don't pay them any fees of any kind, trades are at no cost. I moved to them when things fell apart because they paid the best rates and I'm one of those people that hold too much cash (rather than invest it). I moved my cash first then after I got comfortable with my relationship manager I moved some stocks and IRAs.

I get the feeling my relationship manager gets some commission on how much I have with them because he is quick to thank me for any additional deposits or purchases. The other financial folks seem more like hourly or salary people as they are very indifferent to my level of involvement. I will say they are very thorough, the guys that run the annual checkups / MC and the brokerage desk will call 2 or 3 times to check and double check what I'm asking or looking for.

Thank you for sharing your insight. Sounds like things can vary from bank to bank. A regional bank is based in my Ohio hometown, and I know that they incentivize tellers to pay attention to high balances and try to drum up business for their advisor department. (They also try to get their tellers to sell credit cards to people who come to their windows.)

Re. cash: I also believe in maintaining a moat of cash and did so even through all those no-return years.

Keeping cash around is, of course, for obvious reasons, like sleep, but a not necessarily obvious reason is that I never want to find myself in a position where I would have to sell stock to pay taxes. Therefore, a moat of cash inside an IRA protects stocks at RMD age.

Overall though, I am basically a boring, buy-and-hold, dividend investor…..

I probably hold a little too much of one particular stock, but its dividends Tide me over through a lot of markets…..

Over the years, it has made a steady Gain. Even when it takes a hit, the hit is always followed by a nice Bounce……

I guess you could say I Luvs that stock. It is no Secret that sometimes I feel like it Pampers me. Even though it might be too boring for some investors, in the Scope of things, I think it is Head & Shoulders above the rest. It has shared the Bounty from selling its iconic products by paying dividends. The company started paying dividends in 1890, and there has been a Cascade of dividend increases for the past 69 consecutive years.

But maybe someday it will Dawn on me that I should sell and put it all in the latest, greatest tech or maybe Bitcoin.

Boring Boomer

I inherited a few shares of P&G years ago and have just held it, not paying much attention. Owning it, no matter the market, does not cause me to lose any sleep or jump for joy.

Oh my, someone hit the sauce early today.

I mostly buy and hold too, at least for any significant sum. I like s&p index, it never hits big but it beats actively managed funds about 75% of the time. I'm ok beating 75% of investors for free. I do play with small sums of cash on certain things.

Holding too much cash isn't wise but it makes me sleep better.

Sorry, no funny puns available on my end. I think you proved you aren't boring with yours.

Hey, manaboutown and LeRoySmith, thanks for the Cheer. That old stock can be a real Safeguard, but sometimes shareholders get to have fun riding the next Crest.

Boomer Being Silly — and can’t seem to stop on this one. :) But I think I have just about covered it now.

Glad you’re happy. I know his annuities are high in cost, low in returns but you get your income for life by spending down your principal. I believe annuities can be good depending on the investor and what they are looking for