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Fired my advisor...finally! Feeling good.

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  • jfoxcpacfp
    replied
    I apologize for coming off as if I were criticizing you for leaving the company or hiring him at all. Just pointing out that he wasn't fee-only. Regardless of whether you got "free" insurance in training, I would be shocked if all of their insurance products were given away free to residents as opposed to also being sold to attendings. Whether or not he got a commission for you (but my guess is there is an in-house commission program for reeling you in), if an FA gets commissions at any time, the advisor cannot label themselves as "fee-only". Fortunately, the CFP has been coming down hard in the last couple of years on folks who do.
    Last edited by jfoxcpacfp; 02-20-2020, 10:50 AM.

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  • Tim
    replied
    Originally posted by mianesmd View Post

    Well...we got our insurance way back in training 5 or 6 years ago when we weren’t paying them anything (yes, it was one of those companies trying to suck in trainees)...and haven’t changed anything since...so I wasn’t sure how to think about it. When you get insurance through someone do they get ongoing commission or just at the time of original purchase? Also when we bought originally I also compared prices /policies with an independent broker (WCI approved) and things were comparable...so I figured why not go with the guy who already knows my financial situation? Not sure how I should have done things differently?
    Congrats!
    Buy Insurance based on what you need and what it costs you. You know how to do this. Yes, agents make commissions and residuals. That won’t impact you since you know how to shop.

    Question for you. My impression is most residents are led down the path that they will “need a finance guy”. Was that your path?
    Sure would be different if a different path was:
    - get own occ disability insurance
    ​​​​​​-max out retirement savings

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  • mianesmd
    replied
    Originally posted by jfoxcpacfp View Post
    Well, it wasn't fee only if he sold you insurance unless he didn't take a commission...
    Well...we got our insurance way back in training 5 or 6 years ago when we weren’t paying them anything (yes, it was one of those companies trying to suck in trainees)...and haven’t changed anything since...so I wasn’t sure how to think about it. When you get insurance through someone do they get ongoing commission or just at the time of original purchase? Also when we bought originally I also compared prices /policies with an independent broker (WCI approved) and things were comparable...so I figured why not go with the guy who already knows my financial situation? Not sure how I should have done things differently?

    Leave a comment:


  • jfoxcpacfp
    replied
    Well, it wasn't fee only if he sold you insurance unless he didn't take a commission...

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  • mianesmd
    started a topic Fired my advisor...finally! Feeling good.

    Fired my advisor...finally! Feeling good.

    I'm sure some of you went through this same process. After a year or so of knowing I could do things on my own...I still dragged it out with my advisor and kept up our biannual meetings...until now! Terminating things today. It was a fee-only advice-only relationship (other than us getting disability/life through him), but was still $1800/year and we just feel like our situation is on a bit of cruise control. Plus, I actually ENJOY keeping track of things and learning about finance so it's all good.

    Now...what to spend $1800 on? Invest it, upgrade to a better parking spot at work, new gun, buy an ounce of gold...or I suppose I could put it in the 529
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