Announcement

Collapse
No announcement yet.

Am I firing my financial advisor too soon?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • djohnflatfeecfp
    replied
    Man, that is/was a brutal relationship. Glad you fired the guy. The only thing that was missing was him breaking out the line of "I get paid in two ways. The fees you pay me and the referral of friends and family members." That line is at the end of every meeting for too many "advisors."

    Leave a comment:


  • Khart23
    replied
    You are most definitely not overreacting. Also, there was great feedback I saw along the way. Like it’s been said, find a fiduciary if you feel like you’re being sold to it’s because you are. And hearing you say that he “somewhat helped with a financial plan” is what really makes that clear. Jumping into insurance pitches and managed money without great planning is the equivalent of writing you financial prescriptions without any proper diagnosis.. it’s reckless and moving makes sense.

    Leave a comment:


  • Lordosis
    replied
    Originally posted by jfoxcpacfp View Post

    Very much so. That could be rather awkward.
    Maybe you should start sending the PDF. Especially if you send anything to CordMcNally

    Leave a comment:


  • jfoxcpacfp
    replied
    Originally posted by Lordosis View Post

    I hope it is not in hardcover.
    Very much so. That could be rather awkward.

    Leave a comment:


  • Lordosis
    replied
    Originally posted by jfoxcpacfp View Post

    Got it. All of our planning clients get a copy of Simple Wealth, Inevitable Wealth. You’d have quite a drive to shove it up my a$$.
    I hope it is not in hardcover.

    Leave a comment:


  • jfoxcpacfp
    replied
    Originally posted by CordMcNally View Post

    The biased articles to look over and the book to read. Homework probably wasn’t a technically accurate description.
    Got it. All of our planning clients get a copy of Simple Wealth, Inevitable Wealth. You’d have quite a drive to shove it up my a$$.

    Leave a comment:


  • CordMcNally
    replied
    Originally posted by jfoxcpacfp View Post

    Homework?
    The biased articles to look over and the book to read. Homework probably wasn’t a technically accurate description.

    Leave a comment:


  • jfoxcpacfp
    replied
    Originally posted by CordMcNally View Post
    If I got homework from a financial advisor I’d probably drive to his (or her, I don’t discriminate) office so I could personally shove it up their ******************.
    Homework?

    Leave a comment:


  • jacoavlu
    replied
    The IRAs are easy. Just call Vanguard or Fidelity or Schwab or E*TRADE and tell them you want to rollover IRAs. The investments can liquidate to cash and transfer cash to the new IRAs with no tax consequence.

    the brokerage requires some more analysis. Depends on the holdings and the short or long term gains or losses and your income and tax rate.

    you could try to post the holdings and gains and maybe we can help figure that out

    it might make sense to cash out so that you can make 2019 IRA contributions now before it’s too late

    it may also make sense to cash out to help cash flow, so that you can contribute to workplace retirement accounts.

    that’s the type of stuff a real fiduciary advisor should have been helping with

    I would cancel the WLI and eat the loss. At least you learned your lesson early and at 4 figures instead of 5 or 6

    Leave a comment:


  • hospitalistquack
    replied
    Guess I'll be firing my advisor now instead of in a few months. Definitely wasn't expecting to do it this quickly but sounds like everything is falling into place and no better time than yesterday.

    I'll try to do an update post in the next 1-2 weeks once the dust settles. Plus I'm sure I'll have a few more questions, especially if some of my stocks aren't available at Vanguard and I have to sell before transferring.

    Thank you all for your thoughts. This has certainly been a whirlwind of a month!

    Leave a comment:


  • zlandar
    replied
    He was double-dipping with the AUM charge + selling you a glorified savings account with a mediocre death benefit aka whole life.

    If you are already second-guessing your FA's motivations you know what the answer is.


    Leave a comment:


  • CordMcNally
    replied
    If I got homework from a financial advisor I’d probably drive to his (or her, I don’t discriminate) office so I could personally shove it up their ******************.

    Leave a comment:


  • jfoxcpacfp
    replied
    TLDR (most of it). These sales tactics bring me to a slow boil. But that is REALLY COOL and THOUGHTFUL that he sent you some self-serving and biased articles about life insurance! I bet he searched the web for hours on his personal time to find just the right information to help you make decisions that will help you improve your finances and reach FI as soon as possible! How sweet.

    You know, don’t you, that any decent FA will help you find an appropriate insurance advisor and a fee-only advisor will get nothing in return from the agent? Do you think your “advisor” helped you find insurance just because he’s a nice guy? Or that perhaps this was one of the steps leading you to buy WL? That doesn’t mean you don’t need an FA, just not this one.

    Yes, fire the guy. These folks are hired more for personality and sales skills than any other attribute. No wonder he has reeled you in to the point that you, as a WCI reader, are still questioning whether he‘s the right guy for you and your family. It’s like a spell you doctors fall under in residency - truly blows my mind.

    Ok, I know this sounds hard on you, but that’s not my intent - I’m a tough love mama. And it simply astounds me how many doctors tell me the same darn story. Be glad you found the medicine long before you got to stage 4 and hospice care.

    Wow, that felt good!

    Leave a comment:


  • ScopeMonkey
    replied
    You've done more learning already than most folks, so congrats on that. You should definitely bag the WLI - and that advisor - and take the 6k loss - they only want you to continue that for ongoing commissions. I'm not sure about Park Ave securities, but generally if you just open Vanguard accounts, they will do the transfers for you. Then perhaps just leave what you have there (i.e. the 60/40 allocation) and add to the stocks, over time, to get to 80/20; with your large looming income, that won't take long. Would check out the WCI blog on 150 portfolios: https://www.whitecoatinvestor.com/15...er-than-yours/ and pick something fairly simple.

    Leave a comment:


  • Peds
    replied
    should have done it yesterday.
    at the very least you need a real advisor, not a salesman.

    Leave a comment:

Working...
X