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Investing U.S poker winnings with finacial planner went like shit today

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  1. yeventry yeventry is offline

    Waukesha, WI
    United States

    Posts: 120
    Joined: Oct 06

    Apr 23rd, 2008 (4/23/2008 4:04pm)

    Poker is my business, and I pay my taxes like a good American!

    I met with a finacial planner about setting me up with a retirement fund. I went there today to cut him a check, and fill out some "new client forms".

    I get there, and he pretty much tells me that " I can't have you as a client because your money is coming from an offshore account, even though it goes threw my bank first! " He said something about a "know your client " bill , and other requirements the people he sends the money too needed. Idk, wtf , he was really talking about. I'm hoping he didn't either.

    Anybody know anything about this. I'm hoping this guy is just a dipshit, because I don't understand at all! I call my cpa, and ask her too.
     1
  2. TiltinShoes TiltinShoes is offline

    Posts: 7,076
    Joined: Sep 07

    Apr 23rd, 2008 (4/23/2008 4:11pm) in reply to yeventry

    Sounds like made up bullpoo to me, but I don't really know. I hope someone else can help you more than i can
  3. tcb21 tcb21 is offline

    IA
    United States

    Posts: 418
    Joined: Jul 07

    Apr 23rd, 2008 (4/23/2008 4:37pm) in reply to yeventry

    I invested some of my excess winnings without a problem with my local cpa and financial advisor (same business). I would talk to your CPA about setting up a SEP plan and also contribute to a Roth IRA for 2008
     
  4. Fkeplastictrees Fkeplastictrees is offline

    Towson, MD
    United States

    Posts: 367
    Joined: Mar 07

    Apr 23rd, 2008 (4/23/2008 4:44pm) in reply to yeventry

    Believe me the last thing he wants to do is turn away your business.

    I am a CFP (and a CPA incidentally) so I have seen this issue from a bunch of different angles. We have been getting a lot of business about the Anti-Money Laundering Bill (AML). Specifically, we are required to be able to know where the client's income is coming from. My hunch in this case is that your adviser was getting some crap from his back office (the brokerage company) about the source of your funds. In spite of the fact that we know how it works, I would not be the least bit surprised if his brokerage company told him not to work with you. We have significant penalties assessed if we don't do due diligence on this AML issue. Blame the lawyers and legislators here.
  5. JustKLLinItQ JustKLLinItQ is offline

    Pendleton, OR
    United States

    Posts: 1,129
    Joined: Feb 08

    Apr 23rd, 2008 (4/23/2008 4:51pm) in reply to yeventry

    Just watch the movie "Scareface" and see how Tony Montana did it!---you will be set for life imo!
  6. VINNY VT VINNY VT is offline

    Blacksburg, VA
    United States

    Posts: 851
    Joined: Mar 06

    Apr 23rd, 2008 (4/23/2008 5:32pm) in reply to yeventry

    how much are you investing? sometimes the paper work isnt even worth it for established FA's if it's only 10k or so

    sounds like bullshit to me

    commissions have been cut into so much that it may just be a hassle he doesn't want
  7. Futon Futon is offline

    Ndola
    Zambia

    Posts: 11,644
    Joined: Oct 07

    Apr 23rd, 2008 (4/23/2008 5:58pm) in reply to Fkeplastictrees

    ^^^what he said.
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