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March 5, 2010 at 6:01 PM #522457March 5, 2010 at 6:16 PM #522117CoronitaParticipant
[quote=as]So how would a young person start out investing then? Someone who had no savings or investment yet, but wanted to start a monthly investment plan… I guess financial planners these days wouldn’t be interested in working with someone like that? When I started investing 26 years ago, there were numerous financial planners who were willing to help a young person just starting out who had less than $10,000 in assets.
Also, our primary issue with him was how rude and unprofessional he became when we told him we were initially going to invest $25K with him. We even told him we would put more in later.[/quote]
Oh, I totally agree with you about trusting a total stranger to managing money. Not saying not to, but usually this is definitely a referral business.
Here’s the irony though. Assuming a financial advisor is really good and can beat the market consistently, then he/she would be devoting his/here time to managing money for people with a large asset (because it’s more money for him/her). So then who would take the time to manage folks with smaller nest eggs?
Imho, the advisor did you a favor… Assuming you don’t know him (he’s not a relative/friend doing you a favor) if he actually told you he’ll actively manage $25k, it’s almost certain he’s not getting the big whales, which leads me to question how good he really is to begin with.
Note also, the corollary isn’t true eithe : advisors that manage large assets doesn’t necessarily mean they are good either. (Can you say Madoff?)
The young person “starting out” is pretty much on his/her own. Research/read/learn on themselves….Which is why I think we have the economic issues in this country as we have them.
Exceptions where you might consider an advisor are:
1)If you are totally irresponsible financially, then you need an advisor to discipline yourself
2)You really are too busy. But even this, I would argue, that this shouldn’t be an excuse…Being too busy to watch your money is the perfect way to getting cheated. I think that’s what happens with so many famous people….
March 5, 2010 at 6:16 PM #521545CoronitaParticipant[quote=as]So how would a young person start out investing then? Someone who had no savings or investment yet, but wanted to start a monthly investment plan… I guess financial planners these days wouldn’t be interested in working with someone like that? When I started investing 26 years ago, there were numerous financial planners who were willing to help a young person just starting out who had less than $10,000 in assets.
Also, our primary issue with him was how rude and unprofessional he became when we told him we were initially going to invest $25K with him. We even told him we would put more in later.[/quote]
Oh, I totally agree with you about trusting a total stranger to managing money. Not saying not to, but usually this is definitely a referral business.
Here’s the irony though. Assuming a financial advisor is really good and can beat the market consistently, then he/she would be devoting his/here time to managing money for people with a large asset (because it’s more money for him/her). So then who would take the time to manage folks with smaller nest eggs?
Imho, the advisor did you a favor… Assuming you don’t know him (he’s not a relative/friend doing you a favor) if he actually told you he’ll actively manage $25k, it’s almost certain he’s not getting the big whales, which leads me to question how good he really is to begin with.
Note also, the corollary isn’t true eithe : advisors that manage large assets doesn’t necessarily mean they are good either. (Can you say Madoff?)
The young person “starting out” is pretty much on his/her own. Research/read/learn on themselves….Which is why I think we have the economic issues in this country as we have them.
Exceptions where you might consider an advisor are:
1)If you are totally irresponsible financially, then you need an advisor to discipline yourself
2)You really are too busy. But even this, I would argue, that this shouldn’t be an excuse…Being too busy to watch your money is the perfect way to getting cheated. I think that’s what happens with so many famous people….
March 5, 2010 at 6:16 PM #521686CoronitaParticipant[quote=as]So how would a young person start out investing then? Someone who had no savings or investment yet, but wanted to start a monthly investment plan… I guess financial planners these days wouldn’t be interested in working with someone like that? When I started investing 26 years ago, there were numerous financial planners who were willing to help a young person just starting out who had less than $10,000 in assets.
Also, our primary issue with him was how rude and unprofessional he became when we told him we were initially going to invest $25K with him. We even told him we would put more in later.[/quote]
Oh, I totally agree with you about trusting a total stranger to managing money. Not saying not to, but usually this is definitely a referral business.
Here’s the irony though. Assuming a financial advisor is really good and can beat the market consistently, then he/she would be devoting his/here time to managing money for people with a large asset (because it’s more money for him/her). So then who would take the time to manage folks with smaller nest eggs?
Imho, the advisor did you a favor… Assuming you don’t know him (he’s not a relative/friend doing you a favor) if he actually told you he’ll actively manage $25k, it’s almost certain he’s not getting the big whales, which leads me to question how good he really is to begin with.
Note also, the corollary isn’t true eithe : advisors that manage large assets doesn’t necessarily mean they are good either. (Can you say Madoff?)
The young person “starting out” is pretty much on his/her own. Research/read/learn on themselves….Which is why I think we have the economic issues in this country as we have them.
Exceptions where you might consider an advisor are:
1)If you are totally irresponsible financially, then you need an advisor to discipline yourself
2)You really are too busy. But even this, I would argue, that this shouldn’t be an excuse…Being too busy to watch your money is the perfect way to getting cheated. I think that’s what happens with so many famous people….
March 5, 2010 at 6:16 PM #522466CoronitaParticipant[quote=as]So how would a young person start out investing then? Someone who had no savings or investment yet, but wanted to start a monthly investment plan… I guess financial planners these days wouldn’t be interested in working with someone like that? When I started investing 26 years ago, there were numerous financial planners who were willing to help a young person just starting out who had less than $10,000 in assets.
Also, our primary issue with him was how rude and unprofessional he became when we told him we were initially going to invest $25K with him. We even told him we would put more in later.[/quote]
Oh, I totally agree with you about trusting a total stranger to managing money. Not saying not to, but usually this is definitely a referral business.
Here’s the irony though. Assuming a financial advisor is really good and can beat the market consistently, then he/she would be devoting his/here time to managing money for people with a large asset (because it’s more money for him/her). So then who would take the time to manage folks with smaller nest eggs?
Imho, the advisor did you a favor… Assuming you don’t know him (he’s not a relative/friend doing you a favor) if he actually told you he’ll actively manage $25k, it’s almost certain he’s not getting the big whales, which leads me to question how good he really is to begin with.
Note also, the corollary isn’t true eithe : advisors that manage large assets doesn’t necessarily mean they are good either. (Can you say Madoff?)
The young person “starting out” is pretty much on his/her own. Research/read/learn on themselves….Which is why I think we have the economic issues in this country as we have them.
Exceptions where you might consider an advisor are:
1)If you are totally irresponsible financially, then you need an advisor to discipline yourself
2)You really are too busy. But even this, I would argue, that this shouldn’t be an excuse…Being too busy to watch your money is the perfect way to getting cheated. I think that’s what happens with so many famous people….
March 5, 2010 at 6:16 PM #522210CoronitaParticipant[quote=as]So how would a young person start out investing then? Someone who had no savings or investment yet, but wanted to start a monthly investment plan… I guess financial planners these days wouldn’t be interested in working with someone like that? When I started investing 26 years ago, there were numerous financial planners who were willing to help a young person just starting out who had less than $10,000 in assets.
Also, our primary issue with him was how rude and unprofessional he became when we told him we were initially going to invest $25K with him. We even told him we would put more in later.[/quote]
Oh, I totally agree with you about trusting a total stranger to managing money. Not saying not to, but usually this is definitely a referral business.
Here’s the irony though. Assuming a financial advisor is really good and can beat the market consistently, then he/she would be devoting his/here time to managing money for people with a large asset (because it’s more money for him/her). So then who would take the time to manage folks with smaller nest eggs?
Imho, the advisor did you a favor… Assuming you don’t know him (he’s not a relative/friend doing you a favor) if he actually told you he’ll actively manage $25k, it’s almost certain he’s not getting the big whales, which leads me to question how good he really is to begin with.
Note also, the corollary isn’t true eithe : advisors that manage large assets doesn’t necessarily mean they are good either. (Can you say Madoff?)
The young person “starting out” is pretty much on his/her own. Research/read/learn on themselves….Which is why I think we have the economic issues in this country as we have them.
Exceptions where you might consider an advisor are:
1)If you are totally irresponsible financially, then you need an advisor to discipline yourself
2)You really are too busy. But even this, I would argue, that this shouldn’t be an excuse…Being too busy to watch your money is the perfect way to getting cheated. I think that’s what happens with so many famous people….
March 5, 2010 at 6:54 PM #522471asParticipantWe started $25/month investment with the financial planner we used to have about 30 years ago. He was really nice and good, too. Unfortunately he passed away few years ago.
I don’t think this new one did us any favor. I am glad he showed his true face. I could have given him much more than 25k, but now I won’t even give him a penny. He lost my business by showing his greed and arrogance.
Be careful when you choose a financial planner. It is true they are more interested in their commissions and fees. Before you hand them your money, make sure you have good feelings about them.
March 5, 2010 at 6:54 PM #521550asParticipantWe started $25/month investment with the financial planner we used to have about 30 years ago. He was really nice and good, too. Unfortunately he passed away few years ago.
I don’t think this new one did us any favor. I am glad he showed his true face. I could have given him much more than 25k, but now I won’t even give him a penny. He lost my business by showing his greed and arrogance.
Be careful when you choose a financial planner. It is true they are more interested in their commissions and fees. Before you hand them your money, make sure you have good feelings about them.
March 5, 2010 at 6:54 PM #522216asParticipantWe started $25/month investment with the financial planner we used to have about 30 years ago. He was really nice and good, too. Unfortunately he passed away few years ago.
I don’t think this new one did us any favor. I am glad he showed his true face. I could have given him much more than 25k, but now I won’t even give him a penny. He lost my business by showing his greed and arrogance.
Be careful when you choose a financial planner. It is true they are more interested in their commissions and fees. Before you hand them your money, make sure you have good feelings about them.
March 5, 2010 at 6:54 PM #521691asParticipantWe started $25/month investment with the financial planner we used to have about 30 years ago. He was really nice and good, too. Unfortunately he passed away few years ago.
I don’t think this new one did us any favor. I am glad he showed his true face. I could have given him much more than 25k, but now I won’t even give him a penny. He lost my business by showing his greed and arrogance.
Be careful when you choose a financial planner. It is true they are more interested in their commissions and fees. Before you hand them your money, make sure you have good feelings about them.
March 5, 2010 at 6:54 PM #522122asParticipantWe started $25/month investment with the financial planner we used to have about 30 years ago. He was really nice and good, too. Unfortunately he passed away few years ago.
I don’t think this new one did us any favor. I am glad he showed his true face. I could have given him much more than 25k, but now I won’t even give him a penny. He lost my business by showing his greed and arrogance.
Be careful when you choose a financial planner. It is true they are more interested in their commissions and fees. Before you hand them your money, make sure you have good feelings about them.
March 6, 2010 at 8:17 AM #521771LA ReaderParticipantAm I the only one who thinks financial planners are complete waste of money?
I mean hasn’t it been proven that most “planners” & “fund managers” can’t beat Index funds long term?
The only reason I can think of to use Financial planner is for estate planning and advance tax planning.
March 6, 2010 at 8:17 AM #522551LA ReaderParticipantAm I the only one who thinks financial planners are complete waste of money?
I mean hasn’t it been proven that most “planners” & “fund managers” can’t beat Index funds long term?
The only reason I can think of to use Financial planner is for estate planning and advance tax planning.
March 6, 2010 at 8:17 AM #521630LA ReaderParticipantAm I the only one who thinks financial planners are complete waste of money?
I mean hasn’t it been proven that most “planners” & “fund managers” can’t beat Index funds long term?
The only reason I can think of to use Financial planner is for estate planning and advance tax planning.
March 6, 2010 at 8:17 AM #522293LA ReaderParticipantAm I the only one who thinks financial planners are complete waste of money?
I mean hasn’t it been proven that most “planners” & “fund managers” can’t beat Index funds long term?
The only reason I can think of to use Financial planner is for estate planning and advance tax planning.
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