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How many of you use a financial advisor???? NSFW!!!!

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  1. Hawkhill7 Hawkhill7 is offline

    Schwenksville, PA
    United States

    Posts: 1,718
    Joined: Mar 05

    Sep 3rd, 2008 (9/3/2008 3:17pm)

    Sorry for the boring topic and the misleading NSFW (maybe Slugger can add some pics) but I am hoping all the P5's ballers could give me some insight on how they currently manager their investments / savings.

    How many of you have a financial advisor vs. do-it-yourself?
    If you have an advisor, how involved are you in the planning process?
    Is your advisors compensation commission-based or fee-based? \
    Do they provide other services (estate planning, tax, insurance, etc.) or is it strictly investments?
    And quite simply, are you happy with your financial advisor?

    I have been in the investment industry for 10 years now as a research analyst, investment consultant and portfolio manager, helping create investment solutions for advisors and their clients. After working hand-in-hand with advisors for years, I see a huge opportunity in the advisory / wealth management space and am seriously considering a startup wealth management shop. Quite frankly, 95% of the advisors that I have had exposure to are ripping off their clients. Whether its a lack of qualifications / investment knowledge or a complete disregard for ethics and their fiduciary responsibility, most of them are not providing the level of service that their clients are paying for.

    If anyone has good/bad experiences with their advisors, or is an advisor themselves, I'd definitely like to hear your thoughts and perhaps discuss further offline. Its time to make that jump and get this business off of the ground, so your feedback / experiences are a huge help in developing the business plan.
     
  2. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
    United States

    Posts: 23,740
    Joined: Jan 07

    Sep 3rd, 2008 (9/3/2008 3:19pm) in reply to Hawkhill7

    I do it myself but I'm only playing around with 100k or so in the markets, so I'm not really baller status
  3. HK_MP5N HK_MP5N is offline

    Posts: 9,389
    Joined: Jul 05

    Sep 3rd, 2008 (9/3/2008 3:26pm) in reply to Hawkhill7

    I do, have done so for 10 years now. I am using the same person that took care of my mom plus a few long-term friends of mine. She has been a tremendous asset for myself since learning the subject matter of her job in detail bores me, so it is much easier to meet with her 3-4 times a year and she provides great guidance.

    Turn to your parents or someone who has used a person over an extended period.
  4. dank773 dank773 is offline

    Chicago, IL
    United States

    Posts: 2,432
    Joined: Jul 05

    Sep 3rd, 2008 (9/3/2008 3:31pm) in reply to HK_MP5N

    Marge : Maybe you should see a financial planner.

    Homer : Financial Panther, eh?
  5. Hawkhill7 Hawkhill7 is offline

    Schwenksville, PA
    United States

    Posts: 1,718
    Joined: Mar 05

    Sep 3rd, 2008 (9/3/2008 3:33pm) in reply to HK_MP5N

    For those of you that do-it-yourself, so you use a Vanguard or Fidelity as a one-stop-shop? For anyone that has any interest in managing their investments, keeping up with the market, this is certainly the way to go.

    HK---thanks for the feedback. As for my parents, family, friends, etc, I have been managing their investments for 10+ years now, so I figured its about time that I actually find a way to get paid for my service.

    I have been polling clients / advisors for some time now and observing their business practices, but equally interested in hearing from the P5s community, which represents a different slice of society (which is a good thing, w/ the exception of guys like sweetness, bgx, etc.)
     
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