Comments on: Planners and Fees http://allfinancialmatters.com/2007/07/10/planners-and-fees/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: FinanceGourmet http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-335072 FinanceGourmet Fri, 18 Jul 2008 13:44:29 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-335072 I'm a financial advisor and I actual do put my client's interests first. Do you want to know why? Because, I will pretty much <a href="http://blog.financegourmet.com/investing/a-financial-advisor-makes-money/" rel="nofollow">make money</a> off of a person no matter what I do, so I might as well help them out while I'm there. Is anyone else tired of the variable annuity cliche? Is there seriously no other way for a financial advisor to rip someone off? I’m a financial advisor and I actual do put my client’s interests first. Do you want to know why? Because, I will pretty much make money off of a person no matter what I do, so I might as well help them out while I’m there. Is anyone else tired of the variable annuity cliche? Is there seriously no other way for a financial advisor to rip someone off?

]]> By: A Financial Advisor Makes Money | Finance Gourmet Blog http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-335068 A Financial Advisor Makes Money | Finance Gourmet Blog Fri, 18 Jul 2008 13:42:55 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-335068 [...] Financial Advisor Makes Money Jul.18, 2008 in Investing Today’s inspiration comes courtesy of All Financial Matters (a solid blog with good hard numbers data) who notes that a Money Magazine article called “The [...] [...] Financial Advisor Makes Money Jul.18, 2008 in Investing Today’s inspiration comes courtesy of All Financial Matters (a solid blog with good hard numbers data) who notes that a Money Magazine article called “The [...]

]]> By: payday advance http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-139051 payday advance Tue, 11 Sep 2007 14:50:50 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-139051 I am 100% agree with Muddlehead, Be your won Financial planner. In these days it is not tough to plan about your money when there is internet and all other services there and you can meet many good people who can advice you. I am 100% agree with Muddlehead, Be your won Financial planner. In these days it is not tough to plan about your money when there is internet and all other services there and you can meet many good people who can advice you.

]]> By: muddlehead http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-120136 muddlehead Thu, 12 Jul 2007 15:11:35 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-120136 be your own financial planner. no one cares about your money as much as you do. it's easy, fun, and saves a ton of money and worry time. be your own financial planner. no one cares about your money as much as you do. it’s easy, fun, and saves a ton of money and worry time.

]]> By: thefeeonlyplanner http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119749 thefeeonlyplanner Wed, 11 Jul 2007 00:44:24 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119749 I get Money magazine as a member of the Financial Planning Association and I like it. My favorite writer is Jason Zweig whose latest writings deal with how the brain and investing works, fascinating stuff! I also really like the Mole column, this guy (or gal) is usually right on! I agree wholeheartedly with Al Brockman who said: "Particularly when dealing with financial planners, caveat emptor. There are not enough regulators to control them all. Even when caught, they can open up with another company name or get hired elsewhere." Just two incidents over the last few months: -Client's mother got taken high six figures from a scumbag who took advantage of her fragile mental state due to the recent death of her husband. He almost went and got the whole nest egg with two equity indexed annuities of six figures each but thank God for the grace period!! -I had a call today with a prospect who is a life insurance salesman and had some financial planning issues due to his wife's company being bought by one of these private equity outfits. As I was asking him questions I could not help but express my strong dislike about variabla annuities and then he tells me "Oh, that's what I do, I sell them but I am not buying them"!! I get Money magazine as a member of the Financial Planning Association and I like it. My favorite writer is Jason Zweig whose latest writings deal with how the brain and investing works, fascinating stuff! I also really like the Mole column, this guy (or gal) is usually right on!

I agree wholeheartedly with Al Brockman who said:

“Particularly when dealing with financial planners, caveat emptor. There are not enough regulators to control them all. Even when caught, they can open up with another company name or get hired elsewhere.”

Just two incidents over the last few months:

-Client’s mother got taken high six figures from a scumbag who took advantage of her fragile mental state due to the recent death of her husband. He almost went and got the whole nest egg with two equity indexed annuities of six figures each but thank God for the grace period!!

-I had a call today with a prospect who is a life insurance salesman and had some financial planning issues due to his wife’s company being bought by one of these private equity outfits. As I was asking him questions I could not help but express my strong dislike about variabla annuities and then he tells me “Oh, that’s what I do, I sell them but I am not buying them”!!

]]> By: trip http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119709 trip Tue, 10 Jul 2007 21:18:52 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119709 JLP that is ... JLP that is …

]]> By: trip http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119708 trip Tue, 10 Jul 2007 21:17:49 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119708 I read that and I was thinking, "JPL is The Mole!" I read that and I was thinking, “JPL is The Mole!”

]]> By: Jefferson Otwell http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119698 Jefferson Otwell Tue, 10 Jul 2007 20:24:55 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119698 The Mole's four rules are good. I had never really considered #4 as a rule, but I think that it fits. As a mortgage broker, I frequently have folks try to sell me on the Money Merge Account idea. While I know that other countries have successfully used it and that a few Americans might like it, it is presented as a convoluted way for me to extract money from my clients. Generally speaking with financial instruments, more convoluted = more expensive. Flat fee compensation really is the way to go. The Mole’s four rules are good. I had never really considered #4 as a rule, but I think that it fits. As a mortgage broker, I frequently have folks try to sell me on the Money Merge Account idea. While I know that other countries have successfully used it and that a few Americans might like it, it is presented as a convoluted way for me to extract money from my clients. Generally speaking with financial instruments, more convoluted = more expensive. Flat fee compensation really is the way to go.

]]> By: Jim Bigham http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119691 Jim Bigham Tue, 10 Jul 2007 19:25:45 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119691 It's not just the little old seniors who get hoodwinked. This is the same thing that happens everyday with "retirement plan consultants" who convince HR executives to purchase group variable annuities to fund a 401(k) plan. Just shameful. The last survey I read indicated 75% of plans with less than $3 million were in Variable Annuities, and 50% of plans with less than $5 million funded with Group VAs. This means millions of participants. I remember almost getting a CFO fired when I met with he and the company President to discuss their plan. "Barry, how did we get insurance (Group VA) for our 401(K)," the President barked. Me: "Not his fault Terry, you had this plan when you hired Barry. Whew!" It’s not just the little old seniors who get hoodwinked. This is the same thing that happens everyday with “retirement plan consultants” who convince HR executives to purchase group variable annuities to fund a 401(k) plan. Just shameful. The last survey I read indicated 75% of plans with less than $3 million were in Variable Annuities, and 50% of plans with less than $5 million funded with Group VAs. This means millions of participants. I remember almost getting a CFO fired when I met with he and the company President to discuss their plan. “Barry, how did we get insurance (Group VA) for our 401(K),” the President barked. Me: “Not his fault Terry, you had this plan when you hired Barry. Whew!”

]]> By: Owen Avery http://allfinancialmatters.com/2007/07/10/planners-and-fees/comment-page-1/#comment-119667 Owen Avery Tue, 10 Jul 2007 17:50:53 +0000 http://allfinancialmatters.com/2007/07/10/planners-and-fees/#comment-119667 People should really consider a truly self-directed IRA and place non-traditional assets in them. One you have only yourself to blame or pat on the back. 2) The risks are often easier to evaluate. A good site is http://www.myrealestateira.com it is the most comprehensive site on the subject. People should really consider a truly self-directed IRA and place non-traditional assets in them. One you have only yourself to blame or pat on the back. 2) The risks are often easier to evaluate. A good site is http://www.myrealestateira.com it is the most comprehensive site on the subject.

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