Financial Advisors

[stratguy]

I am very unhappy with my financial advisor situation. I have had three advisors over the past 12 years, one with Ameriprise, and the other two with JPMC as part of their private client program. None of them were/are proactive - if I don't reach out to my advisor, I never hear from her. I just stopped by the branch to transfer money into my SEP, and she says to me "where have you been?". I'm tired of paying fees for what I'm getting, and I dread the thought of shopping for another one. Are there other options? I'm not trading stocks, it's all invested in mutual funds. Is self-management an option?

Thoughts?

[superdog]

If you want a good recommendation send me a pm.

I love my guy. He calls all the time. I call him all the time. He once picked up while in the pool in Aruba with his kids (i obviously didn’t know).

I always have questions. Like weekly. And he’s available all the time, or calls me back. He’s with ML.

Can’t say enough good things.

[AzPaul]

I've always done my own investing and I've always been happy, but then again, my 'fortune' is a rather manageable one

[brandrea]

I’ve used advisors and I now do my (our) own.

Fees amount to a huge part of your overall return and I felt the same as you ... I just wasn’t getting the service or the performance I was expecting.

I’m much happier handling our own affairs and I’m really not invested any differently than before.

What I do pay for is good tax planning.

[Wcdhtwn]

Originally Posted by stratguy

I am very unhappy with my financial advisor situation. I have had three advisors over the past 12 years, one with Ameriprise, and the other two with JPMC as part of their private client program. None of them were/are proactive - if I don't reach out to my advisor, I never hear from her. I just stopped by the branch to transfer money into my SEP, and she says to me "where have you been?". I'm tired of paying fees for what I'm getting, and I dread the thought of shopping for another one. Are there other options? I'm not trading stocks, it's all invested in mutual funds. Is self-management an option?

Thoughts?

Have you looked in Fidelity? They have a lot to offer including active management.


Sent from my iPhone using Tapatalk

[stratguy]

I have not, but I'll check into it...thanks

Originally Posted by Wcdhtwn

Have you looked in Fidelity? They have a lot to offer including active management.


Sent from my iPhone using Tapatalk

[stratguy]

Originally Posted by superdog

If you want a good recommendation send me a pm.

I love my guy. He calls all the time. I call him all the time. He once picked up while in the pool in Aruba with his kids (i obviously didn’t know).

I always have questions. Like weekly. And he’s available all the time, or calls me back. He’s with ML.

Can’t say enough good things.

Thanks, I'll PM you.

[.brian.]

The first thing to find out is if he/she is a fiduciary...

[bdex75]

Originally Posted by .brian.

The first thing to find out is if he/she is a fiduciary...

If the advisor is at Ameriprise or JPMC private client Group I am certain they have the ability to act as a fiduciary. The question is do they sell commission or fee based products or both.

We offer both depending on what the best product is for the client and their situation.

Many times we will do managed accounts where we act as a fiduciary and collect a management fee. And in those scenarios have a dozen different options of how to invest based on the investor. All have different fees and benefits.

Sometimes we offer commission based products such as MF and Annuities and Life Insurance. Again many different types and commissions based on what the client is looking to accomplish.

There is no one size fits all. The solution for an investor with $1m of investable assets that has a pension that they live on is different than the solution for an investor that has $1m and are relying on that entirely for their lifetime income. In many cases we do a combination of products.

If you are paying a management fee (say 1%) and your advisor sets the account and forgets about it and you, that in my opinion is not good. If it is a set it and forget it and your holding period is mid to long term A share MF are usually a better option. That may be what your advisor did as well. Opened up a brokerage account, bought A share MF and has just left it alone since.

There are self directed options thru firms like Fidelity and Schwab but I have found that the folks we work with generally want advice and help. But to each their own. There are pros and cons of each. The markets move. The opportunity to make return comes from different places. I would hire an architect or engineer if I were building a house. This is no different in my opinion.

I do not know where you are located but would be more than willing to refer you to one of my colleagues or at least set you on the right direction to find people to interview. May also check the CFP site as most there are well versed. Most importantly work with someone competent who wants to work with you and will give you the attention you deserve. I have no idea what kind of assets you have at JPMC private client but if you are a small fish in a big pond there the attention will be lacking. If you are a big fish you should get plenty of attention.


Sent from my iPhone using Tapatalk Pro

[jhilly8982]

Originally Posted by .brian.

The first thing to find out is if he/she is a fiduciary...

One can be a fiduciary and not act in a fiduciary matter.

Find an RIA (registered investment advisor)

Stay away from the big companies that have proprietary products- mutual funds, etf's, annuities.

Check out Josh Brown's blog, there is tons of content on this type of thing.

http://thereformedbroker.com/

[RW16610]

Leaning as much as you possibly can to be well informed helps(with the unscrupulous in particular), regardless. I'm also one to take care of this stuff myself but would encourage anyone to know as much as they can. Your situation sounds like it definitely needs to change. I hope you find someone worthwhile to handle this important matter.

[Naples09]

A three fund portfolio of low cost index funds from Fido, Schwab or Vanguard is usually sufficient for most investors. I agree with the above comments - if JPMC is not actively calling you something is wrong or you are a small fish in there big pond. Either way it's time for a change. If you need/want help look for a CFP at the very least - but expect to pay for that advice which will impact the returns you earn every year. The advisor will get paid no matter if the market goes up or down.

[s14roller]

If you're mostly investing in mutual funds anyway, buy a Vanguard SP500 index fund and call it a day.

[soundserious]

People use advisers still? Seriously man, stop throwing away money and jeopardizing your retirement.

[Investr]

Ok Ive tried to stay quiet but cant any longer with all of this horrible advice floating around.... do it yourself, make sure they are a fiduciary, etc, etc. Good advisors are busy, NO very busy.Most dont call to chit chat, etc. Goodness gracious!! OP- shoot me a pm and tell me what state you are in. There is a 90% chance ill know someone who will take care of you. Signing off of this thread...

[Gaijin]

This is hysterical! Stock market piece from Saturday Night Live..

https://youtu.be/586Qd-fZQTA

[CamSLC]

Originally Posted by Investr

Ok Ive tried to stay quiet but cant any longer with all of this horrible advice floating around.... do it yourself, make sure they are a fiduciary, etc, etc. Good advisors are busy, NO very busy.Most dont call to chit chat, etc. Goodness gracious!! OP- shoot me a pm and tell me what state you are in. There is a 90% chance ill know someone who will take care of you. Signing off of this thread...

Lots of variables. Anyone providing advice based on what you've disclosed is unqualified to provide you advice.

[locutus49]

We have a designated Fidelity private wealth manager butt never hear from him and I don't really care as their job is t promote Fidelity funds and I buy individual stocks (which are held by Fidelity).

I am a big fan of Fidelity as they allow, and even encourage me, to pick my own stocks and fidelity has good research tools.

During the crash of 2009 when most people were selling stocks and stock mutual funds, I was buying stocks and they repeatedly thanked me for leaving my money in Fidelity and buying during the panic. They have kept meticulous records of my trades and occasionally talk to me about why I'm buying a certain stock, etc.

Now this is not my assigned wealth manager, but rather the people who staff the trading desks in Fidelity HQs. Really great and competent people.

Originally Posted by stratguy

I have not, but I'll check into it...thanks

[BNA/LION]

Originally Posted by Investr

Ok Ive tried to stay quiet but cant any longer with all of this horrible advice floating around.... do it yourself, make sure they are a fiduciary, etc, etc. Good advisors are busy, NO very busy.Most dont call to chit chat, etc. Goodness gracious!! OP- shoot me a pm and tell me what state you are in. There is a 90% chance ill know someone who will take care of you. Signing off of this thread...

I agree!

A great Investment Advisor is as important as a Good Accountant, Lawyer and Doctor! Make sure he/she knows your risk tolerance and your financial goals as we all have different wants, needs and desirers.

This thread below and Link in it may have some additional information that you might find of value. It is Always a good idea to Pay a Professional to help when the costs associated with the services outweighs the benefits, RIO and downside risk protection are critical IMHO.

https://www.rolexforums.com/showthread.php?t=589198

[Naples09]

Originally Posted by Investr

Ok Ive tried to stay quiet but cant any longer with all of this horrible advice floating around.... do it yourself, make sure they are a fiduciary, etc, etc. Good advisors are busy, NO very busy.Most dont call to chit chat, etc. Goodness gracious!! OP- shoot me a pm and tell me what state you are in. There is a 90% chance ill know someone who will take care of you. Signing off of this thread...

Rick

Would love to hear more of your thoughts as an industry insider. I agree the good ones are busy but they should still reach out for monthly/quarterly reviews, no?

[Xichan]

Originally Posted by stratguy

I am very unhappy with my financial advisor situation. I have had three advisors over the past 12 years, one with Ameriprise, and the other two with JPMC as part of their private client program. None of them were/are proactive - if I don't reach out to my advisor, I never hear from her. I just stopped by the branch to transfer money into my SEP, and she says to me "where have you been?". I'm tired of paying fees for what I'm getting, and I dread the thought of shopping for another one. Are there other options? I'm not trading stocks, it's all invested in mutual funds. Is self-management an option?

Thoughts?

Self-management is an option if you’re willing to put in the leg work to learn the basics. One path is to find a fee-only financial planner, pay for their time to teach you the basics and help you define your goals/risk tolerance, and then dial their involvement up or down over time as your knowledge grows and needs evolve.

[uscmatt99]

There are many approaches. I'm reading The Bogleheads' Guide to Investing right now. Honestly, it doesn't seem like rocket science to make money in the markets as long as one has time on their side, money to consistently invest, and the fortitude to stay the course when the markets are volatile.

Turns out I've been an inadvertent Boglehead thus far in my career, just check my annual statements and keep pushing as much pretax money as I can into the market through my profit sharing plan and cash balance plan. Post-tax money goes into a few different buckets for now, mostly the home, my business, and kids' college funds. The rest is for fun stuff. I'm sure I could do a little better with some luck, or a LOT worse.

[JasoninDenver]

Originally Posted by uscmatt99

There are many approaches. I'm reading The Bogleheads' Guide to Investing right now. Honestly, it doesn't seem like rocket science to make money in the markets as long as one has time on their side, money to consistently invest, and the fortitude to stay the course when the markets are volatile.

Turns out I've been an inadvertent Boglehead thus far in my career, just check my annual statements and keep pushing as much pretax money as I can into the market through my profit sharing plan and cash balance plan. Post-tax money goes into a few different buckets for now, mostly the home, my business, and kids' college funds. The rest is for fun stuff. I'm sure I could do a little better with some luck, or a LOT worse.

X2. One of my best friends is a financial advisor. He fully supports the Boglehead approach with Vanguard funds. I have recommended Bogle’s “The little book of common sense investing” for years.

Only after a ton more self education have I ventured into active trading but, even then, follow a very conservative value investing approach. Not looking for home runs, just a lot of base hits on dividend paying funds.

[rollex4me]

Just buy vanguard s&p index fund and don't think about it. You will out perform 99% of managed portfolios over the long run.

The Content in this post is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

[rollex4me]

Just keep buying Rolex watches you will be fine!

[HHIslander]

Word of mouth is the best way to find one. I have one I’ve used for 30+ years, though I work in finance and could pull it off myself. A FA will have access to products that aren’t easily accessible to the retailer.

I’d ask around your local area.

[SMD]

I am not sure I would want a FA that is reaching out to me frequently. That would make me feel like he has something to sell as opposed to managing my cash. I use active management at Vanguard. I hear from him quarterly or whenever I reach out, but frankly a well diversified portfolio does not need a lot of handholding, Quarterly rebalancing at most.

They also offer services of trust and tax planning depending on how much you have invested. Fees are as low as you can expect for proper management.

I also have money at Chase and Chase Private Client is constantly calling me, which is not want I want from a FA. There is also JPM Private bank, but that is 25 million +. And the fees are quite high, but it is a very different product than Chase Private Client.

[7sins]

I've been a financial consultant for over 15 years selling a wide array of different financial solutions to financial advisors. I've met thousands of financial advisors across many states in my career, I can comfortably say I would trust very few of them with my own money. With that being said, the role of being a FA is NOT to pick mutual funds and investments (if you believe that, you are living under a rock) or can they beat a relative benchmark? The value in that is deminimis, in fact research suggest the value of picking investments is 10-15bp. It isn't difficult picking mutual funds or building a financial plan.

Most of my clients, whom are uniquely successful, all believe they live simple financial lives. Which is 110% not true, they just lack the financial self-awareness. The role of a financial advisor is to raise awareness to impairments and challenges you are not aware of. Those challenges can cause a major setback in your financial future. As you progress through life, your needs and challenges change. How do I allocate to a charitable remainder trust? How do I access private credit with liquidity? How do I teach my children about wealth while ensuring they aren't ruined by inheritance? If I sell my business how can I use investments as a tax shelter? How can I use a line of credit against my assets to let my money work for me instead of using a mortgage? What is a SMA and why are they more tax efficient than mutual fund? etc etc there are 100s of items on a financial checklist that you NEED to be aware of and this includes life changing events such as going through a divorce, selling a business, newly windowed etc.

My point being is that you will have MANY questions as your life progresses, it is a FAs job to anticipate these challenges but their bigger role is to raise awareness of these issues before they happen to help you avoid a very costly mistake while successfully navigating your financial future. That, and I promise you, is worth every penny, not who can pick a better mutual fund or who has a hot stock idea (we have a thread for that).

[airchitect]

I manage our coin and I’m not sure a financial advisor would fair any better than I do.


Sent using Tapatalk

[jltait]

7Sins nails it, as usual. The advisor’s job is to help clients anticipate and plan for the unanticipated. JPMC private client advisors serve the sole purpose of selling JPM products which you can purchase through any investing platform.

I’ve found one of the hidden benefits of a good financial advisor is access to their broad network of clients, for professional services and referrals. Need a good lawyer, accountant, or hard to get Porsche? They know a guy.