Some people don’t understand us!

[CHRONOLEX]

My financial advisor knows I’ve been a long-time watch collector and enthusiast. But he still likes to pressure me into thinning my collection and redeploying the funds into the market. Sometimes will show me analysis eroding the value of my watches by the carrying costs of insurance vs. where I’d be if the proceeds were in growth investments. I politely point out that the purpose of money is to buy wants and needs, which for me includes my watch collection. I try to buy what I like and not compare my watches to investments. Tough/painful to look at his numbers sometimes but life would be a lot less fun without my watches.

[kieselguhr]

Tsk tsk. Amateur. You’re not supposed to disclose that you even own 1 Rolex to your finance advisor. Much less a whole collection.

[CHRONOLEX]

Originally Posted by kieselguhr

Tsk tsk. Amateur. You’re not supposed to disclose that you even own 1 Rolex to your finance advisor. Much less a whole collection.

Fair point!

[Mystro]

Find a new financial advisor that understands your priorities.

[CHRONOLEX]

Originally Posted by Mystro

Find a new financial advisor that understands your priorities.

Happy new year to you! I’ve been super busy but glad to be back!

[The OG Beef]

Assuming you’re on a fee schedule based on AUM, you can deduce why he wants those funds. Seriously though, you solved your own issue with your final statement.


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[HMHM]

Don’t they (financial advisors) have an incentive to get you to invest with them as they get a commission for every investment you make?

[Mystro]

Originally Posted by CHRONOLEX

Happy new year to you! I’ve been super busy but glad to be back!

There’s a lot worse places to spend your money on than luxury watches.

[CHRONOLEX]

Yes I get the AUM conflict but my greater point was just that smart people who in other ways are like us, see the amount of money we spend on watches and just don’t understand. I think for a lot of us, we never intended to spend so much and probably wouldn’t do it again in a lump sum. But years and years of buying something that you love every few months does add up to a number it’s best not to tally very often.

[BraveBold]

Most financial advisors should advise you to not use a financial advisor. The majority are just a fee suck.

[AF_Rob]

My FA knows about my collection and asks how it's going. She ended up getting one herself.

[AzPaul]

Sometimes will show me analysis eroding the value of my watches by the carrying costs of insurance vs. where I’d be if the proceeds were in growth investments.

But wouldn't the same be true for just about anything you'd spent money on that wasn't meant to be an 'investment'?

[Krash]

My FA is aware. He was silent. He didn’t say it was good or bad. He didn’t say anything. So I have no idea what he thinks about it, and I didn’t ask.


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[HHIslander]

You have a bad financial advisor. He’s not your wife. Unless you asked for his advice, your personal spending is none of his business and I’d fire him for sticking his nose where it doesn’t belong.

[INC]

The FA is bothered by your expenses, because it doesn't makes money for him. Of course, if you bought shares in a watch manufacturer, you would instantly become the perfect investor. Moreover, he would even call you a genius if his commission fee was even more than he expected.

[V25V]

They make money off of money he puts to work for you. Of course he doesn’t want it tied up in watches…… find a new advisor.


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[brandrea]

Your financial advisor is biased … he also wants his fees

[walds11]

Of course he’d recommend that. He collects vig off your action. He’s a tool. Find a new FA.

[1st amg]

For context, my FA knows that I am a car nut with somewhat pricey toys, he knows I am a watch nut etc. Never has he asked me to sell either in order to deploy the funds in the market. Your guy is jealous or envious and he would not work for your best interest. Like many stated above, say good bye to this turkey

[Pw92676]

Tbh the few people I know who discuss watches as investments and with their fa have collections that are in mid 7s, low 8s. Having a few pieces here and there probably shouldn’t warrant a discussion.

[Mccall86]

Unless your watch spending is way out of line with your investments I would be looking for a new financial advisor. Pressuring you to liquidate your watches so he can make more commissions is unacceptable imo. Sounds like a pushy salesman more than someone acting in your best interest.

[brandrea]

FWIW your financial planner sounds like my dad … he would have a heart attack if he knew what a decent watch was worth these days

[Spartacus]

Does your FA know how much you spend on women?

[prnceofpersia23]

I'm an FA. Switch to me and I'll encourage you to buy more watches.

As thrilled as I am to see how much distrust this thread has for my profession, I think his analysis comes from the heart. Sometimes I add up in my head the value of some of these collections on TRF and it really does seem unnecessary.

Of course, feel free to test that theory to see if your FA would be OK with liquidating watches and having the proceeds in an account outside of his fee schedule. Not that you actually would, but it would answer the question of whether he is thinking of his own self-interest (AUM) or yours.

[austinp]

Originally Posted by brandrea

FWIW your financial planner sounds like my dad … he would have a heart attack if he knew what a decent watch was worth these days

Same. My Dad thinks I’m nuts.


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[ERH]

I wanted to buy a new car, the old one (my wife's) was six years and 165K miles on it, still in 'good' condition for a car in that age group. She went through the song and dance of deploying funds to automobiles and how it was a depreciating asset. Better stay in the Market she said.

Well, cars or boats, or watches, or cruise trips. A financial advisor makes nothing off of them. And don't forget, sell your house and rent a hole in the wall so you can redeploy your funds into the market.

[piratfisk]

I know the OP's original post was made with a percentage of jest, but having an honest convo with your FA about your priorities & goals is important. I "inherited" my FA from my dad. My dad & I have different priorities & goals. My FA assumed they were the same until I said otherwise.

[Maleg]

Originally Posted by ERH

I wanted to buy a new car, the old one (my wife's) was six years and 165K miles on it, still in 'good' condition for a car in that age group. She went through the song and dance of deploying funds to automobiles and how it was a depreciating asset. Better stay in the Market she said.

Well, cars or boats, or watches, or cruise trips. A financial advisor makes nothing off of them. And don't forget, sell your house and rent a hole in the wall so you can redeploy your funds into the market.

Your wife was right. Six years and 165k miles is nothing for a modern car. Plus, it’s her car.

Don’t forget airplanes. My FA wants to know why I have two when I can only fly one at a time.

[Calatrava r]

You should not let your FA pressure you into anything.

[The OG Beef]

My FA encourages my car and watch purchases. He loves seeing the fruits of a long-term investing relationship. I think he’s been more excited than me about some purchases.


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