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> The Financial Advise thread., I can help, seriously!
Method
post Jun 18 2008, 11:13 AM
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I would never let a financial adviser try and sell me a bill of goods. Those guys are "hunters and gatherers", glorified car salesmen.

All good.

I believe they are somewhat useful for old folks and for people who are completely oblivious, but at the end of the day, most of them are clueless parrots. They just regurgitate whatever some institutional wholesaler came in and presented at a free luncheon.

By the way, a Roth IRA should not be funded until you have reached your maximum funding on a traditional IRA for that given year first. More often than not, especially when it comes to putting away for retirement, it's much more beneficial to fund tax free accounts. By the time you retire, your income bracket is presumably a lot lower than it was, and therefore all of the pre tax principle you invested over time, coupled with capital gains and dividend/interest income, comes out and is taxed at a lower rate.

As far as flexibility is concerned, they have relaxed some of the penalties formerly associated with early withdraws from traditional IRA's that makes it much more advantageous.

Anyway.

That's it for now.

Before you go paying a financial adviser any kind of fee's for managing your money, look into a good stable of index funds. Vanguard has a host of them. extremely low fee, and performance, over the long run, is just as good as actively managed money. This has been back tested.
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Douchebag
post Jun 18 2008, 11:49 AM
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QUOTE(Method @ Jun 18 2008, 12:13 PM) [snapback]392920[/snapback]
I would never let a financial adviser try and sell me a bill of goods. Those guys are "hunters and gatherers", glorified car salesmen.

All good.

I believe they are somewhat useful for old folks and for people who are completely oblivious, but at the end of the day, most of them are clueless parrots. They just regurgitate whatever some institutional wholesaler came in and presented at a free luncheon.

By the way, a Roth IRA should not be funded until you have reached your maximum funding on a traditional IRA for that given year first. More often than not, especially when it comes to putting away for retirement, it's much more beneficial to fund tax free accounts. By the time you retire, your income bracket is presumably a lot lower than it was, and therefore all of the pre tax principle you invested over time, coupled with capital gains and dividend/interest income, comes out and is taxed at a lower rate.

As far as flexibility is concerned, they have relaxed some of the penalties formerly associated with early withdraws from traditional IRA's that makes it much more advantageous.

Anyway.

That's it for now.

Before you go paying a financial adviser any kind of fee's for managing your money, look into a good stable of index funds. Vanguard has a host of them. extremely low fee, and performance, over the long run, is just as good as actively managed money. This has been back tested.


You make some good points but you also speak in broad generalities that for the most part do not apply to most people.


1) All Financial Advisor have to be licensed to give advice so you saying they are nothing but glorified salesmen is a slap in the face to the Securities Exchange Commission, National Association of Securities Dealers and the states in which the Advisors hold Life Insurance Licenses. You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.

2) The bit where you said that someone should only fund a Roth after they have maxed out their traditional IRA utterly incorrect. First off, if you Max out your contribution to any IRA whether Roth or Traditional you CAN'T make any other contribution to any other type of IRA without being penalized. Example if one has a Roth and a Traditional account and is under the age of 50, one can only contribute a total of 5000.00 into the IRA account combined. You can 2500.00 and 2500.00 but you can't do 5000.00 and 5000.00.

Also a Roth still gives more flexibility with the money and if the client thinks that they need the fund for a home purchase or to pay for college education they should definitely consider it over a traditional IRA.

More IRA info.

3) As far as you telling people not deal with Financial Advisors, just note one thing not everybody has the time or acumen to study the ins and outs of the market or to research a the different investment options. Take a doctor for example. Most Doctors work over 50+ hours a week. You tell me when they are going to have the time research what financial strategies are going to fit best for their financial objectives.

If you have the time and acumen to do the required research yourself you should definitely to the cost affective thing and handle finances and investments yourself. That is sound financial advise, but if one of those areas is lagging and you can afford you should definitely be looking to get some kind of guidance from a professional.

This post has been edited by The Conscience: Jun 18 2008, 01:27 PM
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Method
post Jun 18 2008, 01:33 PM
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QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
You make some good points but you also speak in broad generalities that for the most part do not apply to most people.
1) All Financial Advisor have to be licensed to give advice so you saying they are nothing but glorified salesmen is a slap in the face to the Securities Exchange Commission, National Association of Securities Dealers and the states in which the Advisors hold Life Insurance Licenses. You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.


Fuck stick, passing the Series 7 is the industry equivalent of passing your driver's license exam. If you can't do THAT on your first try, you have no business IN the business. Of course I make some generalizations. If I got into the nitty gritty of my experiences, I'd lose most people, and in a general conversation, there's no need to really needle in to fine point details.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
2) The bit where you said that someone should only fund a Roth after they have maxed out their traditional IRA utterly incorrect.


You're right. What I meant to say was that you should first fully max out your 401K contribution before funding any kind of IRA, and in the flow chart that most bulge bracket brokerage firms present to their financial advisers, funding should take place in the following manner: 401k>IRA>THEN Roth IRA.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
Also a Roth still gives more flexibility with the money and if the client thinks that they need the fund for a first time home purchase or to pay for college education they should definitely consider it over a traditional IRA.


You can use Traditional IRA funds for a first time home purchase, for health care needs, education (etc.), and again, a traditional IRA is a tax shelter.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
3) As far as you telling people not deal with Financial Advisors, just note one thing not everybody has the time or acumen to study the ins and outs of the market or to research a the different investment options.


Exactly. That's why I said "they're good for old people or people who are completely oblivious"....people that just don't have the time/acumen.
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Douchebag
post Jun 18 2008, 01:54 PM
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QUOTE(Method @ Jun 18 2008, 02:33 PM) [snapback]392933[/snapback]
Fuck stick, passing the Series 7 is the industry equivalent of passing your driver's license exam. If you can't do THAT on your first try, you have no business IN the business. Of course I make some generalizations. If I got into the nitty gritty of my experiences, I'd lose most people, and in a general conversation, there's no need to really needle in to fine point details.
You're right. What I meant to say was that you should first fully max out your 401K contribution before funding any kind of IRA, and in the flow chart that most bulge bracket brokerage firms present to their financial advisers, funding should take place in the following manner: 401k>IRA>THEN Roth IRA.
You can use Traditional IRA funds for a first time home purchase, for health care needs, education (etc.), and again, a traditional IRA is a tax shelter.
Exactly. That's why I said they're good for old people and young kids....people that just don't have the acumen.



This is exactly what I didn't want this thread to turn into. Good job there Moderator. Basically you don't know what you where talking about so resorted to name calling. Just leave right there because it's plain as day what happened in this thread. Later.

This post has been edited by The Conscience: Jun 18 2008, 01:59 PM
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Method
post Jun 18 2008, 02:32 PM
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QUOTE(The Conscience @ Jun 18 2008, 02:54 PM) [snapback]392935[/snapback]
This is exactly what I didn't want this thread to turn into. Good job there Moderator. Basically you don't know what you where talking about so resorted to name calling. Just leave right there because it's plain as day what happened in this thread. Later.



Yeah, what happened in this thread is you came in here expecting you were going to be able to spout off some junior mint financial adviser jargon, throw the weight (or LACK thereof) of a Series 7 around (as if it had any) and expect to come off as some sort of "expert".

You're a used car salesman. A hunter and gatherer.

Which wholesaler came in and bought the office lunch today? Franklin Templeton? American Funds? What's the flavor of the week?
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Douchebag
post Jun 18 2008, 02:34 PM
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QUOTE(Method @ Jun 18 2008, 03:32 PM) [snapback]392938[/snapback]
Yeah, what happened in this thread is you came in here expecting you were going to be able to spout off some junior mint financial adviser jargon, throw the weight (or LACK thereof) of a Series 7 around (as if it had any) and expect to come off as some sort of "expert".

You're a used car salesman. A hunter and gatherer.

Which wholesaler came in and bought the office lunch today? Franklin Templeton? American Funds? What's the flavor of the week?



You're an idiot. Point Blank.
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Method
post Jun 18 2008, 02:42 PM
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You're a piker, point blank.

Go sell a 529 plan, you f*cking wannabe.
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Douchebag
post Jun 18 2008, 02:45 PM
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QUOTE(Method @ Jun 18 2008, 03:42 PM) [snapback]392941[/snapback]
You're a piker, point blank.

Go sell a 529 plan, you f*cking wannabe.



I will do that and you will still sound like the idiot you are because you don't what you are talking about and every post you make proves it, so keep them comming.
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Method
post Jun 18 2008, 02:49 PM
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I know EXACTLY what I am talking about and that's why your panties are in a twist.

"Go pass your Series 7 and come talk to me"

LOL. Suck my dick, piker.
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Douchebag
post Jun 18 2008, 02:55 PM
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QUOTE(Method @ Jun 18 2008, 03:49 PM) [snapback]392943[/snapback]
I know EXACTLY what I am talking about and that's why your panties are in a twist.

"Go pass your Series 7 and come talk to me"

LOL. Suck my dick, piker.



Listen to the Frauderator, LMAO you got all you facts fucked up. I have my 7, 66 and Life Insurance Licences and am currently working becomming a Certified Financial Planner so that I can better serve my clients. You sound like one of those no nothing no it alls that we come accross from time to time in the industry. You already got your facts WRONG once in this thread so please just stop emabarrassing yourself.


But since you brought it up, why don't you go pass the seven and tell me if it's the equivalent of a driver's license exam. Idiot.

This post has been edited by The Conscience: Jun 18 2008, 02:56 PM
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