Go Back   Corvette Forum > Off Topic > Off Topic
Sign in using an external account
Register Forgot Password?
Register Search Today's Posts Mark Forums Read FAQ Vendor Directory
Search
Off Topic
Off Topic | Non-Corvette Sponsored by
Bondurant School of HPD

Welcome to Corvetteforum.com!
Welcome to Corvetteforum.com.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, at no cost, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, join Corvetteforum.com today!


Corvette Store
 
 
C7 Parts & Accessories
C6 Parts & Accessories
C5 Parts & Accessories
C4 Parts & Accessories
C3 Parts & Accessories
C2 Parts & Accessories
C1 Parts & Accessories
Wheels & Tires
Sponsored Ads
 
 
Vendor Directory
  
Reply
 
 
 
 
Thread Tools Search this Thread
Old 08-22-2012, 09:27 PM   #21
1Patriot
CF Senior Member
 
1Patriot's Avatar
 
Member Since: Sep 1999
Location: Evans, GA
Default

No outside planner here. But I must have done someting right After 13 years of retirement, my accounts are still paying well.

Money means management; full time.
1Patriot is offline   Reply With Quote
Old 08-22-2012, 09:43 PM   #22
00C Just for Fun
CF Senior Member
 
00C Just for Fun's Avatar
 
Member Since: May 2004
Location: Portage Mi
Default

I've been doing it myself. Besides 401k in mutual and index funds, investing non-retirement savings in stocks. I have used Motley Fool Hidden Gems and Million Dollar Portfolio for advice over the past 5-6 years. Did well prior and during crash combining their tips with my judgment. I beat the market (Dow and S&P 500) in 2008, 2009, 2010 and matched it last year. The crash actually worked really well for me as I bought on the way down and back up. Now I am selling. It was stressful to ride it out and I am feeling more risk adverse.

Probably look to give a portion to a financial planner going forward. I can put money in index funds. I'd look for them to find the other vehicles that are diverse, provide steady income, etc.
00C Just for Fun is offline   Reply With Quote
Old 08-22-2012, 09:44 PM   #23
Mad*Max
CF Senior Member
 
Mad*Max's Avatar
 
Member Since: Apr 2007
Location: Toronto, Canada
Default

Quote:
Originally Posted by gs568 View Post
and if so, how did you pick them?

TIA and smart azz responses always welcome.

Dave
I am my own
Mad*Max is offline   Reply With Quote
Old 08-22-2012, 10:40 PM   #24
PlanetZoom
CF Senior Member
St. Jude Donor '12
 
PlanetZoom's Avatar
 
Member Since: Jul 2012
Location: Arizona
Default

Referral. About 70% return in 8 months. So far so good!
PlanetZoom is offline   Reply With Quote
Old 08-22-2012, 10:49 PM   #25
jasper711
CF Senior Member
 
Member Since: Jul 2004
Default

Quote:
Originally Posted by Admiral Blue View Post
Dave,

I am a CFP and have my own wealth management practice. First and foremost, you need someone who you can trust. Do not shoot in the dark here. In my humble and professional opinion, you want an independent advisor who will have access to any fund/ETF/product and who will not be incentivized to use one over another. Stay away from captive advisors and salespeople.

Depending on your needs and what you are looking for, you may want a comprehensive planner or a less involved relationship. I also think there is a delicate balance between finding someone who is young enough, but has the knowledge and experience. I don't know how old you are, but you probably do not want your advisor retiring in 5 or 10 years. Ask about a succession plan in case something unexpected happens to him or her.

Good luck.

Jeff
What is the minimum size portfolio required to get the attention of a financial planner?
jasper711 is offline   Reply With Quote
Old 08-22-2012, 10:58 PM   #26
young grasshopper
CF Senior Member
 
Member Since: Jun 2005
Default

Depends where they work.
young grasshopper is offline   Reply With Quote
Old 08-22-2012, 11:03 PM   #27
Admiral Blue
CF Senior Member
St. Jude Donor '11
 
Admiral Blue's Avatar
 
Member Since: Feb 2001
Location: Park Ridge/Lincoln Park - Chicago, IL
Default

It also depends on the planner. There is not a blanket answer to that question.
Admiral Blue is offline   Reply With Quote
Old 08-22-2012, 11:04 PM   #28
Easy Rhino
CF Senior Member
 
Easy Rhino's Avatar
 
Member Since: Apr 2008
Location: No Longer Hawaii Virginia
Default

Quote:
Originally Posted by Polar_Bear View Post
Yes. Me.


Unlike the old cliche' "he who has himself for a (doctor/lawyer/financial planner) has an idiot for a client", my wife and I have had several, due to requirements of 401Ks, 403b's, and 457 plans we funded.

To a man/woman, they were all useless, actually worse than useless, and we tell them to leave us the hell alone with their sales pitches, and do with our funds what we direct.

We actually had two of them that moved funds without our direction or permission, and without informing us until after the trade. We got both of them investigated, and they are no longer salesmen/saleswomen.

I recommend a fee-based certified advisor who is not interested in selling you what make them money, and that only if you do not feel you can, or have the desire to do it yourself.
Easy Rhino is offline   Reply With Quote
Old 08-22-2012, 11:07 PM   #29
Easy Rhino
CF Senior Member
 
Easy Rhino's Avatar
 
Member Since: Apr 2008
Location: No Longer Hawaii Virginia
Default

Quote:
Originally Posted by jasper711 View Post
What is the minimum size portfolio required to get the attention of a financial planner?
Wrong question.

This response is indicative of accepting that no advisor will have you unless they can enrich themselves off of sales to you, so the more money the better.

Go with an independent fee-based advisor, not a salesman.

And never, ever, go with an insurance agent. Ever. Worst investments this side of junk bonds and penny stocks.
Easy Rhino is offline   Reply With Quote
Old 08-22-2012, 11:19 PM   #30
Chance
CF Senior Member
St. Jude Donor '08
 
Chance's Avatar
 
Member Since: Nov 2000
Location: I was a young troubadour when I rode in on a song, and I'll be an old troubadour when I'm gone.
Default

I have an account with Edward Jones.

I also listen to my Dad, listen and read Dave Ramsey and try to use a lot of common sense.


Works well for me. Your results my vary.
Chance is offline   Reply With Quote
Old 08-22-2012, 11:41 PM   #31
jasper711
CF Senior Member
 
Member Since: Jul 2004
Default

Quote:
Originally Posted by Easy Rhino View Post
Wrong question.

This response is indicative of accepting that no advisor will have you unless they can enrich themselves off of sales to you, so the more money the better.

Go with an independent fee-based advisor, not a salesman.

And never, ever, go with an insurance agent. Ever. Worst investments this side of junk bonds and penny stocks.
Wrong: this response is indicative of not being able to attract a sincere investment adviser for the previous 10 years. Beyond casual chit chat I have invited three of them to talk at length to us and each was a bait and switch to some other program including Edward Jones which I am now convinced ONLY wants to sell insurance.

I thought me and my wife represented a good deal for these guys but they all acted like we were not worth their time.
jasper711 is offline   Reply With Quote
Old 08-22-2012, 11:45 PM   #32
Easy Rhino
CF Senior Member
 
Easy Rhino's Avatar
 
Member Since: Apr 2008
Location: No Longer Hawaii Virginia
Default

Quote:
Originally Posted by jasper711 View Post
Wrong: this response is indicative of not being able to attract a sincere investment adviser for the previous 10 years. Beyond casual chit chat I have invited three of them to talk at length to us and each was a bait and switch to some other program including Edward Jones which I am now convinced ONLY wants to sell insurance.

I thought me and my wife represented a good deal for these guys but they all acted like we were not worth their time.
You're still using the wrong bait (your future) to attract sharks (salesmen).

Run, Forrest, run.

I have a healthy portfolio, and all of the so-called advisors want a piece of it, but they know that my returns beat what they are offering, so they give up eventually.
Easy Rhino is offline   Reply With Quote
Old 08-23-2012, 01:17 AM   #33
TKgs2010
CF Senior Member
 
Member Since: Jul 2010
Location: Syracuse New York
Default

Quote:
Originally Posted by gs568 View Post
and if so, how did you pick them?

TIA and smart azz responses always welcome.

Dave
I do, and I chose them by their track record in investments. I keep a pretty close watch, I'm no expert but I minored in Finance in College so I do know a little bit.
TKgs2010 is offline   Reply With Quote
Old 08-23-2012, 07:45 AM   #34
AU N EGL
CF Senior Member
 
AU N EGL's Avatar
 
Member Since: Sep 2003
Location: Raleigh / Rolesville NC
Default

Quote:
Originally Posted by savewave View Post
One of the perquisites for me
Should the planner have more personal assets then the individual they do the FP for? Not the company but the Planners net assets?
AU N EGL is offline   Reply With Quote
Old 08-23-2012, 08:30 AM   #35
bave
CF Senior Member
 
Member Since: Jun 2007
Location: Philadephia, Nashville, Kiawah PA, TN, SC
Default

Quote:
Originally Posted by Admiral Blue View Post
Dave,

I am a CFP and have my own wealth management practice. First and foremost, you need someone who you can trust. Do not shoot in the dark here. In my humble and professional opinion, you want an independent advisor who will have access to any fund/ETF/product and who will not be incentivized to use one over another. Stay away from captive advisors and salespeople.

Depending on your needs and what you are looking for, you may want a comprehensive planner or a less involved relationship. I also think there is a delicate balance between finding someone who is young enough, but has the knowledge and experience. I don't know how old you are, but you probably do not want your advisor retiring in 5 or 10 years. Ask about a succession plan in case something unexpected happens to him or her.

Good luck.

Jeff
:BS:

Independents are over-rated. They are often simply those who couldn't make it in the wire house world (big guys like GS, ML, MSSB) and they generally have a much much smaller platform (options) to work from than the big guys. This because particularly and painfully clear when you venture outside of the normal options.

My experience has always shown me that unless the independent is *successful* then the reason they are independent is lack of success in prior occupations/worlds.

The best way to figure out the overall quality of a planner is a few simply questions, client turnover rate (how often people leave), AUM (assets under management), and tenure at one firm (changing firms is a sign of greed and incompetence).

Now, I am in the capital markets side of finance so this isn't my particular niche, but I do know a number of the big dogs in this space who do a very good job, maybe 1 in 20 of them are at an independent outfit and it is generally one of the ones no one has ever heard of or their own.

Quote:
Originally Posted by jasper711 View Post
What is the minimum size portfolio required to get the attention of a financial planner?
Generally speaking a good planner won't be available to you with less than 250k book assets, meaning what you are going to give them to work with, more realistically you are going to need 500k as a transfer + more in the background or future.

Quote:
Originally Posted by AU N EGL View Post
Should the planner have more personal assets then the individual they do the FP for? Not the company but the Planners net assets?
Not really, a really good financial planner is going to cap out earnings at around 3-5MM a year. Those guys are generally working with accounts well in excess of 50mm++ and their account minimums tend to be 10-15mm+.


Here is a real tip that no one in the industry will tell you about....

If you took the top 100 private bankers and wealth managers and looked at what they invest in for their super wealthy clients. 90%+ of them will be using index funds. Almost none of them pick individual stocks, though they will use individual bonds more often. My point here is that anyone who claims to beat the market is completely full of it. Determine your risk level/allocation plan and then implement it using ETF's and save yourself a *ton* of money.
bave is offline   Reply With Quote
Old 08-23-2012, 08:48 AM   #36
psychodiagnostik
CF Senior Member
 
psychodiagnostik's Avatar
 
Member Since: Jan 2005
Default

The first company I worked for out of college used Edward Jones for 401K & when we merged with another company I kept my retirement accounts and set up new accounts with the small office that managed the old companies' 401K.

I also have some accounts my dad's FP, who he has used for decades with good results.

This is in addition to my current job's 401K plan, I have a contact at the firm that manages that but I've never contacted them.
psychodiagnostik is offline   Reply With Quote
Old 08-23-2012, 08:57 AM   #37
Tormania
CF Senior Member
Cruise-In IV Veteran
Cruise-In V Veteran
 
Tormania's Avatar
 
Member Since: Jun 1999
Location: San Antonio Texas
Tormania
Default

OK, how much does having a finanical planner cost? Is it an annual fixed cost, % of amount invested, etc?? I honestly have no clue and have been wary of spending money on one without knowing how much it would be costing me. But if they could increase my return and then some then obviously it would be worth it.
Tormania is online now   Reply With Quote
Old 08-23-2012, 09:04 AM   #38
bave
CF Senior Member
 
Member Since: Jun 2007
Location: Philadephia, Nashville, Kiawah PA, TN, SC
Default

Quote:
Originally Posted by Tormania View Post
OK, how much does having a finanical planner cost? Is it an annual fixed cost, % of amount invested, etc?? I honestly have no clue and have been wary of spending money on one without knowing how much it would be costing me. But if they could increase my return and then some then obviously it would be worth it.
Any decent wealth manager is going to charge an annual rate, generally based on billable assets (ie: assets invested with them). That fee should include everything from advice to transaction and account costs etc.

I would never pay anyone more than 1% all in. As the amount of money grows, your fee goes down. I pay 28bps a year, but I have a good deal.
bave is offline   Reply With Quote
Old 08-23-2012, 09:12 AM   #39
basicstrategy777
CF Senior Member
St. Jude Donor '11-'12-'13-'14
Support Corvetteforum!
 
basicstrategy777's Avatar
 
Member Since: Oct 2006
Location: Glastonbury CT.
Default

Unfortunately, the people here think of a financial planner as someone who.....' will make me the most money so that I can retire early and comfortably'.

This is a good goal but is but one element of a financial plan.

Everyone is real good at something, but they are not experts in everything. No one person has a monopoly on good ideas.

A good financial plan requires a team providing input to make happen what you want to happen. This team normally consists of.....an investment broker....an accountant/CPA.......an estate attorney.......an insurance agent.

The insurance agent, of course, is the most important as it is his knowledge and products that will allow the plan to be carried out in spite of death, disability, or extended illness. The aformentioned calamities can torpedo a financial plan and sink it or severely dent it. You can drain 25 years of great investment returns very quickly. The end result, without the insurance products, is a life for you and your heirs that borders on the unthinkable.

The point here is that a financial plan requires more than one person....it requires a team, with each having expertise in his particular field. The overall result is a plan that covers ALL the bases and will do exactly what you want it to do.

777

Last edited by basicstrategy777; 08-23-2012 at 10:26 AM.
basicstrategy777 is offline   Reply With Quote
Old 08-23-2012, 09:17 AM   #40
Admiral Blue
CF Senior Member
St. Jude Donor '11
 
Admiral Blue's Avatar
 
Member Since: Feb 2001
Location: Park Ridge/Lincoln Park - Chicago, IL
Default

Bave, I agree with almost everything you said, but I'll stick to the independent channel. I will never consider a wire house, they call all the time to recruit. Most of the VERY successful people I know came from the wire houses and started their own independent business.

There are thousands of ways to approach this busness though, so it is not to say independents are the only way to go. As is the case with any business, you'll find lousy independent and captive reps and there will be quality individuals in both arenas.

HNW individuals/families might be better at big name place. A couple of decent advisors I know (one with GS, one with UBS) have $7 and $10 million minimum requirements, respectively.

I based my model off of Northern Trust and refined it from there, essentially operating as a family office for my clients.
Admiral Blue is offline   Reply With Quote
Old 08-23-2012, 09:17 AM
 
Go Back   Corvette Forum > Off Topic > Off Topic
Reload this Page Do you have a Financial planner???
 
 
 
Reply


Thread Tools Search this Thread
Search this Thread:

Click for Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
HELP: No power from OBD II Port, trying to Flash/Read Car Dave Schotz C6 Corvette ZR1 0 04-10-2014 09:50 PM
Pfadt specs for GS ibicycle C6 Corvette General Discussion 0 03-24-2014 07:25 PM
FS: 1962 Distributor Dave1998 C1 & C2 Parts 0 08-25-2013 05:46 PM
2009 ZR1 Sales Brochure Dave1998 C6 Corvette ZR1 1 08-02-2013 10:28 PM
WTB: Danbury Corvettes 1:24 Dave1998 Die Casts & Collectibles 7 09-17-2012 09:40 PM


All times are GMT -4. The time now is 09:28 AM.


Emails & Password Backup