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Thread: Shady Fucking Financial Advisors

  1. #1
    Banned Katrine's Avatar
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    Angry Shady Fucking Financial Advisors

    I try to help my clients out to the best of my ability. I absolutely uphold ethical standards. Its important to me not because the SEC and NASD would pound down on my ass, but because I care and want to sleep at night.

    I don't sell my clients expensive products they don't need. I don't overcharge on my wrap account fees. And if a client needs an asset distribution, I make damn sure that they will pay the least as possible in taxation.

    Not so for other assholes. I've stayed calm about this when communicating with the clients and the other advisor, but I've been absolutely livid over this all afternoon.

    So, my point is, working with a financial planner is very important if you don't have the time, knowledge, and inclination to do it yourself. But be careful who you work with. Just like there are shady strippers, car salesman, and realtors, there are just as many shady investment advisors/brokers. Do your research on the person and the company. Take a good look at what they are recommending.

    Let me know if you have any questions. Thanks!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  2. #2
    Sitri
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    Default Re: Shady Fucking Financial Advisors

    Good for you. I parked my series 6 because I don't want the pressure of sales goals to push products to meet quotas.
    My frustration is that I can't even find a fee for service planner. They are all on product commission or % of assets. That's fine once you have the plan, but you really can't create an unbiased financial plan if the only solutions you employee are product focused.
    Anyway, Give 'em hell.

  3. #3
    Banned Katrine's Avatar
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    Default Re: Shady Fucking Financial Advisors

    If you want to check out your advisor/broker's record, you can do so here:
    http://brokercheck.nasd.com/Search/Search.aspx?PageID=1

    Sitri, I am fee-based.

    They will give the title "financial advisor" to anyone these days. Even some kid in a bank, without designations, shilling out CD's and savings accounts.

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  4. #4
    Sitri
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    Default Re: Shady Fucking Financial Advisors

    Quote Originally Posted by Katrine View Post
    If you want to check out your advisor/broker's record, you can do so here:


    Sitri, I am fee-based.

    They will give the title "financial advisor" to anyone these days. Even some kid in a bank, without designations, shilling out CD's and savings accounts.

    And well worth it.

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    Default Re: Shady Fucking Financial Advisors

    Quote Originally Posted by Katrine View Post
    Just like there are shady strippers, car salesman, and realtors, there are just as many shady investment advisors/brokers.
    Oh, the stories I could tell .

    Quote Originally Posted by Katrine View Post
    Do your research on the person and the company. Take a good look at what they are recommending.
    I wholeheartedly agree, do some research, take an active role, it is your money/future at stake after all.

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    Default Re: Shady Fucking Financial Advisors

    Read a book, this stuff isn't rocket science. Don't be intimated by the unknown. Most financial advisers are crooks, I say avoid them at all costs. I'll go head to head with any 'professional' adviser, and best of all my advice is free. There are very simple ways to build savings plans and vehicles without paying a fee.

  7. #7
    Banned Katrine's Avatar
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    Default Re: Shady Fucking Financial Advisors

    Quote Originally Posted by zach69 View Post
    Read a book, this stuff isn't rocket science. Don't be intimated by the unknown. Most financial advisers are crooks, I say avoid them at all costs. I'll go head to head with any 'professional' adviser, and best of all my advice is free. There are very simple ways to build savings plans and vehicles without paying a fee.
    Neither is auto repair, yet most of us still go to a mechanic for diagnostics, maintenance, and to fix problem.

    Tell me a little bit more about why you feel the way you do Zach?

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  8. #8
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    Default Re: Shady Fucking Financial Advisors

    A mechanic will charge you $200 bucks for a break job. Care to say what the average wrap fee would be on a $150,000 retirement savings account?

  9. #9
    Banned Katrine's Avatar
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    Default Re: Shady Fucking Financial Advisors

    Quote Originally Posted by zach69 View Post
    A mechanic will charge you $200 bucks for a break job. Care to say what the average wrap fee would be on a $150,000 retirement savings account?
    How much money goes into your automobile every year? Oil changes, break jobs, tires, alignment, engine problems, electrical, transmission, etc. It adds up.

    And wrap accounts aren't the only investment product option. Besides, who cares if someone else is making money as long as the investor is also making money? What's wrong with providing a service to people who are not inclined to do it themselves, or prefer to additionally consult a professional?

    That being said, there are plenty of shady mechanics that will rip you off, shady salespeople, shady strippers, shady politicians, etc....

    I prefer to think of people in a more positive light. I'm just warning the readers to do their homework as well.

    But my role in DD is not to spark debate. Since I'm in the industry, I am biased. However, I had a FA before I became one. Plus, the MBA doesn't hurt. It doesn't help much per say, but I have solid finance, international finance, and accounting foundation.

    So I close this thread with extended olive branch. Shall we agree to disagree?

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

  10. #10
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    Default Re: Shady Fucking Financial Advisors

    Katrine,

    I suppose it's not polite of me to trash your profession, I'm sure there are some in your field that have a clients best interests at heart. That said, maybe you can help me understand how wrap fees can ever be considered fair? Whats really bad about them is that wrap fee's are collected even in down markets. If you want to share in my gains, why not share in my losses too? Its only fair right?

    You are not responsible for the fee structure and compensation schemes set up by the larger brokerages and i-banks, so I don't hold that personally against you. I just want to hear from you own lips the justification for earning an annual fee based on the total dollar value of my investment assets for the entire life time I hold those assets? Year after year after year, you take a percentage of my gains. Is it because everyone else does it so why shouldn't I?

    Do you disclose the entire value of all commissions, kick backs, rebates, perks you get for selling various financial products to your clients? If so maybe you can PM your sales pitch.

    MBA educated, it makes you just smart enough to be dangerous (do not take this disparagingly I have one too and l still feel very deficient, especially in tax) where did you do your MBA work?

    IMHO, A smart lady like you should sit for the CMA/CFM and get a cushy buy side job on the street. Good money and you get wined and dined constantly, and you may even hook yourself a multi millionaire if thats your thing.

    My forex quiz should be a piece of cake for you, why don't you show off and take a shot at it?

    Olive branch accepted.

    Friends?

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