Comments on: Independent Financial Advisors or Not? My Interview with 4 Advisors http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/ Latest Credit Card News, Reviews and Information Fri, 18 May 2012 20:20:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Irwin http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/comment-page-1/#comment-102587 Irwin Mon, 30 Mar 2009 22:16:07 +0000 http://askmrcreditcard.com/creditcardblog/independentfinancialadvisors/#comment-102587 Wished I had Joe Collins as an advisor. My Smith Barney guy just watched my portfolio tank to a 28% loss. He kept ssaying it was just a temporary "thing". Now he wants me to sell it all and put it into annuities and "laddered CD's. Seems he just realized I was 80 years old. Now I'm really not sure what to do....other than firing his ass and ..... Wished I had Joe Collins as an advisor. My Smith Barney guy just watched my portfolio tank to a 28% loss. He kept ssaying it was just a temporary “thing”. Now he wants me to sell it all and put it into annuities and “laddered CD’s. Seems he just realized I was 80 years old. Now I’m really not sure what to do….other than firing his ass and …..

]]> By: Joe Collins http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/comment-page-1/#comment-98309 Joe Collins Fri, 13 Feb 2009 06:02:07 +0000 http://askmrcreditcard.com/creditcardblog/independentfinancialadvisors/#comment-98309 Dear Mr. Credit Card I'm just curious. What is your financial advisor from Salomon Smith Barney saying now. Did he stick with you through the worst year in the stock market since 1931? Is he making more money now that your making more money? Or did he move your money into cash and bonds? As a financial advisor who uses wrap accounts I moved millions of dollars of my clients money into cash. I don't get paid the wrap fee on cash. So my income is down hugely as a result of doing the right thing for my clients. How does that factor into your equation about financial advisors. In addition I moved clients who would not take my advice out of wrap accounts into traditional brokerage accounts. "If you don't want to take -my advice- which you are paying for-- and continue to lose money then it's on you- not on me." This is a behavior issue not a market issue. How many people reading this blog would take a 40% pay cut to do the right thing? Dear Mr. Credit Card
I’m just curious. What is your financial advisor from Salomon Smith Barney saying now. Did he stick with you through the worst year in the stock market since 1931? Is he making more money now that your making more money?

Or did he move your money into cash and bonds? As a financial advisor who uses wrap accounts I moved millions of dollars of my clients money into cash. I don’t get paid the wrap fee on cash. So my income is down hugely as a result of doing the right thing for my clients. How does that factor into your equation about financial advisors. In addition I moved clients who would not take my advice out of wrap accounts into traditional brokerage accounts. “If you don’t want to take -my advice- which you are paying for– and continue to lose money then it’s on you- not on me.” This is a behavior issue not a market issue.
How many people reading this blog would take a 40% pay cut to do the right thing?

]]> By: Linda http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/comment-page-1/#comment-24691 Linda Sun, 01 Jul 2007 14:41:27 +0000 http://askmrcreditcard.com/creditcardblog/independentfinancialadvisors/#comment-24691 Interesting. I'm thinking that the second guy from Ameriprise was also charing you a wrap fee, which you did not mention. Otherwise, he couldn't stay in business. The wrap fee was probably 1 - 1.5% of your assets. An important point to mention is that using a financial advisor is a sure way to get low returns. A scientific study has proven that DIY'ers do MUCH better than those people using financial advisors: http://advisor.morningstar.com/articles/Doc.asp?docId=4482 Interesting. I’m thinking that the second guy from Ameriprise was also charing you a wrap fee, which you did not mention. Otherwise, he couldn’t stay in business. The wrap fee was probably 1 – 1.5% of your assets.

An important point to mention is that using a financial advisor is a sure way to get low returns. A scientific study has proven that DIY’ers do MUCH better than those people using financial advisors:

http://advisor.morningstar.com/articles/Doc.asp?docId=4482

]]> By: pf101 http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/comment-page-1/#comment-19847 pf101 Mon, 11 Jun 2007 08:20:54 +0000 http://askmrcreditcard.com/creditcardblog/independentfinancialadvisors/#comment-19847 Thanks for posting this. It's always interesting to me to hear about people's experiences with financial planners. You seem to have had a decent experience which is rare (you should hear some of the stories I hear...crazy stuff and what prompted me to start my company). Personally I'm very pro-DIY and anti-planner which some people find odd considering I am a financial planner. :-) People need to make the choice that's right for them and as long as they go in with eyes open and at least a base level of knowledge so they don't get screwed (that's the service I provide) then they're probably going to be ok. I look forward to learning more about how this works out for you. Thanks for posting. Thanks for posting this. It’s always interesting to me to hear about people’s experiences with financial planners. You seem to have had a decent experience which is rare (you should hear some of the stories I hear…crazy stuff and what prompted me to start my company). Personally I’m very pro-DIY and anti-planner which some people find odd considering I am a financial planner. :-) People need to make the choice that’s right for them and as long as they go in with eyes open and at least a base level of knowledge so they don’t get screwed (that’s the service I provide) then they’re probably going to be ok. I look forward to learning more about how this works out for you. Thanks for posting.

]]> By: AnotherConsumer http://personalfinance.askmrcreditcard.com/independentfinancialadvisors/comment-page-1/#comment-19500 AnotherConsumer Sat, 09 Jun 2007 18:33:50 +0000 http://askmrcreditcard.com/creditcardblog/independentfinancialadvisors/#comment-19500 There are a couple sites that have checklist-like tools that might be helpful when planning for retirement: - http://wiseupwomen.tamu.edu/ A financial literacy program for women run by the Department of Labor. - http://www.choosetosave.org/ballpark/ The Employee Research Benefits Institute, which has a pdf you can fill out to estimate your retirement needs - http://beta.boulevardr.com A step-by-step process to get on track for retirement, created by leading independent financial advisors. There are a couple sites that have checklist-like tools that might be helpful when planning for retirement:

- http://wiseupwomen.tamu.edu/
A financial literacy program for women run by the Department of Labor.

- http://www.choosetosave.org/ballpark/
The Employee Research Benefits Institute, which has a pdf you can fill out to estimate your retirement needs

- http://beta.boulevardr.com
A step-by-step process to get on track for retirement, created by leading independent financial advisors.

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