What's your opinion on Financial Advisers?

[jongib369]

I'm recently tasked with the decision of either pulling a nice chunk of change from one investment company, to someone from Capstone that my father has been using...Or just pull it and stick it in the bank to let it sit for the most part. I'm borderline clueless about this shit so any advice would be great.

[Ben Simmons 25]

Do your homework and find an honest one if you’re going to use one.

My best friend’s is currently trying to sell him on the idea that he needs a $4 million life insurance policy and that he will need $20 million to retire and his income is only like 100k annually between him and his wife...

Lol.

[highwhey]

[QUOTE=Ben Simmons 25]Do your homework and find an honest one if you

[Ben Simmons 25]

20 is a lot, but it depends on his lifestyle choices as well.

and i'm not that surprised. inflation is crazy bc of real estate prices being artificially jacked up by morons trying to get rich, only they don't acknowledge they're fcking up the economy.

Real estate prices are not artificially jacked up... well they are... but maybe not for reasons you think... actually you have it backwards... IN PART, REAL ESTATE prices are jacked up because of inflation via the federal reserve. Inflation isn't high because of manipulated real estate prices... not in the sense of it being a recent thing anyways. It extends back to the financial crisis of 2008 and the shady lending for the decade preceding it.

But yeah... inflation isn't high because of real estate prices... that's reversed. Also, the demand has been strong for the past few years as peoples' credit scores have started to recover from the bankruptcy they faced 7+ years ago and the retirement of baby boomers all at the same time...

Real estate was artificially pumped in the 2000s due to bad lending practices and federal policy. Banks aren't giving out crazy loans like that any longer.

However, the federal reserve has kept interest rates at 0/near 0 for 10 years, and when you add that on top of the other two factors that I mentioned, you have the result today... soaring demand AND more expensive prices. Though I am fairly certain think it's slowing.

We'll see.



Back to the topic at hand... let me tell you dude, that $20 million is either WAYYYYYYYYYYY too much or all paperless money printed by the federal reserve will be worthless upon his retirement and so therefore it's not even remotely close to being enough.

At the age of retirement, let's say 65 in my friend's case, he will have no debt to speak of. He's a year away from that outside of his mortgage anyways. But anyways, he'll have no debt to speak of, and you want to argue that him and his wife will need $20 million to get by for another 20 to 30 years? Are you ****ing joking? LMAOOOOOOOO. Maybe you should look into a career change to being a predatory financial adviser, much like my friend's.

[FreezingTsmoove]

You want financial advice? Invest in rite aid

[Akrazotile]

short the dollar and buy dat dere gold.

when the collapse comes, it's all that will save you :crazysam:

[Ben Simmons 25]

short the dollar and buy dat dere gold.

when the collapse comes, it's all that will save you :crazysam:


Maybe, maybe not. Certainly more useful than the USD in a case like that, however. An extensive knowledge of how to live off the land is going to be more useful during the next financial meltdown.

Not to be incredibly dramatic about it, but we could see 50% unemployment or more within 20, 30 years... maybe sooner... due to financial conditions AND ai.

The 2008 recession was like 10% unemployment? Imagine.

[jongib369]

Maybe, maybe not. Certainly more useful than the USD in a case like that, however. An extensive knowledge of how to live off the land is going to be more useful during the next financial meltdown.

Not to be incredibly dramatic about it, but we could see 50% unemployment or more within 20, 30 years... maybe sooner... due to financial conditions AND ai.

The 2008 recession was like 10% unemployment? Imagine.
Idk how true it is but I heard that someone mentioned another collapse coming to Trump and he said he didn't care because he will be out of office by the time they expect it to happen :lol.

Thinking about pulling the money and spreading it out amongst things that wont go to shit if/when things go south

[DukeDelonte13]

They are all full of sh*t. There is extremely little oversight and it's not exactly rocket science to become one.

I think all you need to do is pass two tests and Boom you are a financial advisor.

No matter what advice they give its always going to be tainted by the fact that their income depends on you having some sort of account with them.

With that being said some companies have better overall customer service than others. Accessibility and convenience are factors you need to consider.

[Jasper]

Roth IRA

[Hawker]

Think about it this way - if you use a financial adviser or use a managed fund, your fees will be higher than a self managed fund. That’s a lot of money on fees over a long period of time.

[Cleverness]

Read this book: Boglehead's Guide to Investing

https://www.bogleheads.org/wiki/Bogleheads%27_Guide_To_Investing


You want financial advice? Invest in rite aid

Why Rite Aid?


They are all full of sh*t. There is extremely little oversight and it's not exactly rocket science to become one.

I think all you need to do is pass two tests and Boom you are a financial advisor.

No matter what advice they give its always going to be tainted by the fact that their income depends on you having some sort of account with them.

With that being said some companies have better overall customer service than others. Accessibility and convenience are factors you need to consider.

Pretty much this. They are mostly salesmen.

[JohnnySic]

Financial advisers/money managers are useless. They generally dont understand the markets and are reactive to what's already happening rather than proactive as to what's likely going to happen. Aka dumb money.

[hold this L]

20 is a lot, but it depends on his lifestyle choices as well.

and i'm not that surprised. inflation is crazy bc of real estate prices being artificially jacked up by morons trying to get rich, only they don't acknowledge they're fcking up the economy.
Unless you want to live like a millionaire, 20m is way more than you need. When you only make 100K annually, then that's quite a stretch.

[bigkingsfan]

Youre welcome dude (if you bought)

For those in the shadows taking my free ISH financial advice I have returned your money 1900% in the last 5 months
Woot? Rite aid just lost more than half in the last 6 months.

[Raymone]

I interned for a financial advisor when I thought I wanted to go into finance.

They were basically salesmen baby boomers. Big firm too. You'd be better off just choosing mutual funds yourself.

[Long Duck Dong]

I interned for a financial advisor when I thought I wanted to go into finance.

They were basically salesmen baby boomers. Big firm too. You'd be better off just choosing mutual funds yourself.

My oldest cousin is married to one. He went to Cornell. Guy appears at least to make serious bank. They have a huge house in Aspen and that's where he does most of his work. 6 blonde kids, all homeschooled, kinda creepy. They always have a lot of the family reunions over there. Hate going. Guy really flaunts his wealth.

[MaxFly]

I'm recently tasked with the decision of either pulling a nice chunk of change from one investment company, to someone from Capstone that my father has been using...Or just pull it and stick it in the bank to let it sit for the most part. I'm borderline clueless about this shit so any advice would be great.

Honestly, before you make any moves, study up. There are numerous books and publications that do a good job in explaining the markets, various investment strategies, and the general psychology behind investing and the markets.

If I may ask... why the need to pull the money from your original investment company in the first place? Concerned about to high a percentage of your investments localized on one place and with one firm?

[MaxFly]

Roth IRA

There's a $6,000 limit on Roth IRA contributions.

[egokiller]

I see too many grads take the bait and jump into the first job they are offered without even looking at their retirement program. The biggest mistake you can make when finding a job is one that has some bullshit tied to it like 7 years of employment until fully vested, or mutual funds that have high expense ratios. Get some books on the subject and read.

Atm, my company matches the first 6% at 100%, and then adds another 7% of your salary on top. So someone could only be putting in 6% but they are actually getting 13% of their yearly pay invested. That won't be enough, you should max out the IRA each year also.

As far as a good financial adviser? It's a toss up.

[red1]

the barrier of entry to become a financial adviser is pretty low. I see financial advisers all the time hurting for customers looking for lead generation services - that tells me everything I need to know.