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Always Surprised To Have To Turn Down Financial Advisors

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  • Always Surprised To Have To Turn Down Financial Advisors

    I'm always surprised when I have to turn down a "financial advisor" who wants to advertise on the site. I have them fill out an application that basically reads like an open book test. It seems pretty obvious what I'm looking for from the questions. While there is no perfect financial advisor, I'm looking for someone with:

    • Experience

    • Multiple physician clients

    • Fiduciary duty

    • Fee only

    • Primarily using passive mutual funds/ETFs

    • Avoiding market timing, technical analysis etc

    • Wary of cash value life insurance

    • A higher level designation etc

    • Lower than average fees


    Why would you apply with me if you couldn't even check two or three of those boxes? It's like they've never read the site and can't read between the lines on the application. Interesting.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2


    Fee only
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    This might be one of your major problems. Most financial advisors do not want a fee only consultation from a client. Many are so called fee based or want AUM so that whatever happens to the markets, they get their percentage. I am not saying that is wrong, just that it eliminates a lot of FA if you state Fee only.

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    • #3




      Morning Watchlist $MBOT $AMMA $CBIO $GNMK
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      Have to admire you for the rapid fire spamming in multiple threads  :x

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      • #4







        Morning Watchlist $MBOT $AMMA $CBIO $GNMK
        Click to expand…


        Have to admire you for the rapid fire spamming in multiple threads
        Click to expand...


        Thanks for the head's up, think i got them all blacklisted  
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5





          Fee only 
          Click to expand…


          This might be one of your major problems. Most financial advisors do not want a fee only consultation from a client. Many are so called fee based or want AUM so that whatever happens to the markets, they get their percentage. I am not saying that is wrong, just that it eliminates a lot of FA if you state Fee only.
          Click to expand...


          This.

          *Most* of them are AUM.  I've seen several friends & colleagues go into the business driven by this interest.  If you're at it for long enough, before you know it you have $100M+ of assets under management and your percentage management fees are tremendous.

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          • #6
            AUM fees might be the best kind of passive income there is, but if you're only paid by AUM fees, you're still considered Fee-only. Fee-based are the ones charging commissions too. Now if they happen to do a little DI on the side, fine, but if they're using loaded mutual funds? You really think I'm going to send readers to you? Especially when you're also using technical analysis to pick stocks?

            The most interesting thing is that I've never had an advisor admit to not being a fiduciary. I'm not sure there's an advisor out there who doesn't think he's a fiduciary, even if his client's portfolios are 50% NML WL insurance and 50% loaded 2% ER mutual funds.
            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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