Gather around kids, Penny's last speech
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Penny-
I thought you already made your last speech at the top of this thread?
I, for one, had not figured you to be a fat ole' skank, or even a bad person. You could very well be a MILF for all I know! Mabye a little high-maintenance from an attitudinal standpoint, but that's all. Not meaning that as a nasty shot or anything. Some of my favorite clients can be a handful from time to time.
I'm glad that Babs' post helped you, even as she was giving you an earful. I dont know her personally, but she is a long time contributor to this board as am I, and I think she's a pretty classy gal. I suspect we'd get along just fine if we ever cross paths out there at a conference or whatever. She's also pretty damn smart!
As for some of the other comments that were made towards you on this board, let me point out to you that:
1.) This is largely intended as an industry board. You came in as a customer/consumer seeking our advice, and alluding directly to a hot topic.
2.) This board is open to anyone, including some who may have been in the industry for only a few months or years, and their perspective and attitude might be considerably different from myself or babs or some others. Most of us are sick and tired of folks who only care about COST, not about the value received. (Then again some of us in the business do such a poor job of delivering value that perhaps we deserve it.)
3.)In your first post, you essentially said: "Hey, I was totally overwhelmed, and now I've studied enough on my own to realize that I'm not getting a very good deal. So, what do you folks think about me trying to do this on my own at Ameritrade, and oh by the way what suggestions do you folks have about how I can minimize my costs to transfer a large amount of money to your competitor who always advertises about how cheap they are and how much you full-service guys suck?" I'm not sure if you meant it to come across that way, but that's how it sorta seemed to me. Just being honest.
So, what did you expect in terms of how folks might respond?
Anyone, by the way, who is either trying to solicit your business or trying to provide anything but the most general guidance to you on this forum would be making a pretty big mistake, as it is likely in violation of their fim's policies and probably also illegal, depending upon where they are licensed and where you are. It would also be directly in violation of NASD/SEC 'know your customer' requirements, for what that's worth.
I sorta see what you're saying about the mechaninc analogy, but you need to walk a mile in our shoes too.
FWIW, that guy from Houston, if he knows what he's doing.....that 1% isn't a bad deal at all. In fact, if he and his Dad know how to navigate these markets, it's likely a BARGAIN! This is not an amateurs market these days!
"nuf said. Good luck to ya!
Joe,
I thought I was done too, but you guys keep making it hard for me to sit still and be quiet. Yes, I agree about Babs. I had read through other posts a few days ago and figured out she was way cool and smart. Even though she let loose on me, I still respect her and I told her so. I have decided to go with my guy that visited me. You all, good and bad, helped me see the value in him.
I never intended to call anyone that PM'd me, just trying to make a few of you uncomfortable with the thought. Worked on a few.
I have been trying to balance value and cost and get an idea of what each means to me personally. I came in here juggling all this and I got it now.
P-
.....I think Penny is hooked.....
Penny, as it has been suggested in other response to you......any advisor worth their salt, is going to want 1% (it's the going rate), and there are too many clients who need the service, and are agreeable to the rate - to make concessions. Merrill is a great firm, that can utilize a vast amount of tools to help you get where you are going. You may have a not so great advisor. That does not mean Merrill is the problem......
Scorpio.....Merrill's fees are no more than anyone else. Do you honestly think anyone in this day and age, Firm or Advisor is going to price themselves out of the competition.
Penny, stay away from insurance companies and bank brokers, in an investment capacity. They have little options, and a ton of proprietary slant (they push there own products - whether it's right for you or not). Your account of $600,000 would be considered a good piece of business by anyone....except the Goldman types (5-10 million dollar minimums).
Merrill, Smith Barney, UBS, Morgan, AG Edwards,Raymond James, Local planners (these are guys who typically used to work at banks or large firms - who wanted a more independent - non corporate environment / like the attorney who leaves a firm to run his own practice) and yes even Edward Jones, can do the job for you. It really is the person not the place. Don't think that just because a guy has letters after his name CFP, CFA, CIMA etc, that you are golden. It helps.....but it is no guarantee of performance or service. Set your sights on 8-10% returns over time. Some years may be 15% others 2%. Not many quality portfolios will see less than an "average" return of 8 - 10 % over a 10 year period.
For 1 %, you should expect 2 face to face consultations per year, and a phone call at least 5-6 times during the year, to discuss progress, opportunity, and risk. If at the end of one year, you are not happy with the service....fire him or her.
Now finally...............what do you look like.
Great stuff and I’m glad we’re all friends again. Good luck, Penny…I think your decision to hire an advisor (and hopefully a very good one), is a wise one…
[quote=moneyadvisor]
.....I think Penny is hooked.....
Penny, as it has been suggested in other response to you......any advisor worth their salt, is going to want 1% (it's the going rate), and there are too many clients who need the service, and are agreeable to the rate - to make concessions. Merrill is a great firm, that can utilize a vast amount of tools to help you get where you are going. You may have a not so great advisor. That does not mean Merrill is the problem......
Scorpio.....Merrill's fees are no more than anyone else. Do you honestly think anyone in this day and age, Firm or Advisor is going to price themselves out of the competition.
Penny, stay away from insurance companies and bank brokers, in an investment capacity. They have little options, and a ton of proprietary slant (they push there own products - whether it's right for you or not). Your account of $600,000 would be considered a good piece of business by anyone....except the Goldman types (5-10 million dollar minimums).
Merrill, Smith Barney, UBS, Morgan, AG Edwards,Raymond James, Local planners (these are guys who typically used to work at banks or large firms - who wanted a more independent - non corporate environment / like the attorney who leaves a firm to run his own practice) and yes even Edward Jones, can do the job for you. It really is the person not the place. Don't think that just because a guy has letters after his name CFP, CFA, CIMA etc, that you are golden. It helps.....but it is no guarantee of performance or service. Set your sights on 8-10% returns over time. Some years may be 15% others 2%. Not many quality portfolios will see less than an "average" return of 8 - 10 % over a 10 year period.
For 1 %, you should expect 2 face to face consultations per year, and a phone call at least 5-6 times during the year, to discuss progress, opportunity, and risk. If at the end of one year, you are not happy with the service....fire him or her.
Now finally...............what do you look like.
[/quote]
Silly man....of course Merril's fees are higher when you consider:
1.) The level of all their 'nuisance fees', such as mandatory central asset accounts(RMA still?) with an annual fee, higher IRA fees, higher account termination fees, etc.
2.) The level of service you receive for the money you pay, unless you happen to be a 'mega client'. This is a natural consequence of the higher production thresholds per advisor.
JDB,
You don't know what you are talking about.
IRA's over $50,000 are free for life. Up tp max $100 per year under $50,000. We never said we were bottom feeders. If a client is going to bitch about $50 to $100 fees, they honestly, and truly should go elsewhere. You know who bitches about $50.00,.......$50,000 and less clients.
Service accusations???? what is your basis for knowing who gives what service. Anyone who is honest and intelligent knows,...that you could get great service and real bank for the buck from the right person, at any firm. And you could get lousy service, and pay high fees anywhere. Service is a personal, case by case intangible. Firms try and promote service and process, but the advisor delivers the service.
Joe, there are different platforms at places like Merrill, to accomodate various types of clients. To say that Merrill's fees are high....is ignorant.
I think anyone would agree.....A $150,000 account with 6 mutual funds is not going to take up alot of time, but they are still respected as a good client. A ten million dollar account, with estate issues and a certain level of complexity.....is going to take more time and effort. It's relative.....joe.
You could be right though,......Merrill has the highest rankings accross the board...........because they are expensive and give lousy service.
[quote=moneyadvisor]
JDB,
You don't know what you are talking about.
IRA's over $50,000 are free for life. Up tp max $100 per year under $50,000. We never said we were bottom feeders. If a client is going to bitch about $50 to $100 fees, they honestly, and truly should go elsewhere. You know who bitches about $50.00,.......$50,000 and less clients.
Service accusations???? what is your basis for knowing who gives what service. Anyone who is honest and intelligent knows,...that you could get great service and real bank for the buck from the right person, at any firm. And you could get lousy service, and pay high fees anywhere. Service is a personal, case by case intangible. Firms try and promote service and process, but the advisor delivers the service.
Joe, there are different platforms at places like Merrill, to accomodate various types of clients. To say that Merrill's fees are high....is ignorant.
I think anyone would agree.....A $150,000 account with 6 mutual funds is not going to take up alot of time, but they are still respected as a good client. A ten million dollar account, with estate issues and a certain level of complexity.....is going to take more time and effort. It's relative.....joe.
You could be right though,......Merrill has the highest rankings accross the board...........because they are expensive and give lousy service.
[/quote]
Ouch sounds like I touched a nerve!
Sounds like y'all have rationalized your fee structure somewhat since the last time I had a look at it. Good for you!
How's that call center lawsuit going anyway?
[quote=joedabrkr][quote=moneyadvisor]
How's that call center lawsuit going anyway?
[/quote]
Isolated, individual actions,....not firm policy.
Keep looking though.
[quote=pennypnch] I AM NOT ASKING FOR YOU TO BE MY FINANCIAL ADVISOR FOR FREE. [/quote]
Let's not try to rewrite history, Penny. The first thing you asked when you came to this forum was how to avoid costs and fees.
Mr. Mike,
The cost and fee avoidance had to do with me liquidating 650K in order to do an asset transfer. Such as turning an investment into some other type of investment (within ML) where costs to transfer assets were less. It always seems like there are little loop holes here and there, especially with taxes, just wondering. (I'll bet there probably is - I challenge you to find it, not for my benefit, because by the time you do, I'll be done with my stuff. Challenge yourself) Trust me, I've already paid ML enough in fees. I cringed at the thought of having to fork over more in my effort to get away to avoid more fees. Do you get it? Had nothing to do with not paying someone else to take over managing my money. I apologize, I didn't think I had made it that difficult to understand.
Have a good weekend,
P-
Just for fun, and to prove what a quick learner I am, I am guessing someone will come back and tell me how stupid I am for thinking there is a possibility of changing an account into something else to ..... bla bla bla,
Ha, ha. Okay, believe it or not, I'm going out, on a date, with my mate. Didn't want you all to think I don't have a life, being here online at 9pm and all.
This has become like a bad drug for me. I'll need therapy now. Anyone know a therapist that works for free???
TGIF,
P
[quote=pennypnch]
Just for fun, and to prove what a quick learner I am, I am guessing someone will come back and tell me how stupid I am for thinking there is a possibility of changing an account into something else to ..... bla bla bla,
Ha, ha. Okay, believe it or not, I'm going out, on a date, with my mate. Didn't want you all to think I don't have a life, being here online at 9pm and all.
This has become like a bad drug for me. I'll need therapy now. Anyone know a therapist that works for free???
TGIF,
P
[/quote]
Good one Penny!
Have a nice date! ;-) So are you really a MILF?
Did anyone else notice how excitable Penny got, right after the focus turned to whether Babs was a MILF? .........Typical girl behavior.
Penny, I do believe you have learned a good deal from this. Painful as it may have seemed to you. But......it did not cost you a cent (no offense)
Oh stop it, you silly trouble maker.
And, Du, I know it didn't cost me a cent. Do you always state the obvious?......Typical silly little boy behavior.
My 5 year old son does it all the time and I say to him..... "And now it's time for the totally obvious news flash by...."
I'll get what I want in the end, just like I did here. (Now THAT's a typical woman, Money Advisor ) I'll have fun along the way, just like I did here. (That's typical me, I always have fun) I'm sure I'll meet nice people as well as jerks, just like I did here.
I have a fabulous life I love, and I laugh at the crazy assumptions about me and my life that I get here, ESPECIALLY those PM one's!
Penny-
I must say now I’m dying of curiousity to see what these “PM assumptions” were…