Any recommendations on financial advisors?

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Bubblegum_IHB

New member
We have most of our financial accounts and affairs handled by Morgan Stanley. My better half is always pissed off at the service from our Financial advisor rep whom, my parents have had a relationship with many years. The problem is not so much performance of our money, as they all tanked relative to the economy, but of customer service and just dropping the ball on several occasions. To make matters worse, our rep is is Torrance, while we're in Irvine. So this time around, we'd prefer someone local.

Is Fidelity, or Schwab any better or is anyone happy with their financial advisor? I'd prefer a larger institution, not sure why, rather than an individual or smaller firm.

BG
 
Financial Advisor? Financial Advisor Rep? That is another term for salesman.

Morgan Stanley? A name for a sales organization.

They are not working in your best interest. They exist to sell you a product: stocks.

Why in the world would except returns that are comensurate with the ecconomy or market?

If that is all you want, you can achieve the same results with no advisor fees or mistakes by buying an S&P 500 index yourself with no "advisor".

Do I know any financial advisors? Yeah, I do, but I would not reccommend any of them. IMO, research yourself and learn yourself or you will lose money. Asking a broker's financial advisor for financial advice is like asking a car salesman what car to buy and how much to pay for it.
 
Listen to what awgee said. Stay away from them. They don't care about you.

On the other hand, I could be wrong. Perhaps they do care about you. Simply take a look at what they did for you. If their performance is close to what the SP 500 did on its own...then why are you paying them money to do what you can do.

It is difficult to make money in the stock market...however, personally it isn't difficult to beat the S&P 500 and someone like Morgan should be able to do that. If they aren't doing at least that for you...fire them and buy SPY on your own.
 
I used to work in a Financial advising office. It's true, they do not work in your best interests. Instead of saying "how much I made for my client this week", their meetings consist of "I sold 7 annuities and 3 life policies this week". It's just a sales game.

About a year ago I came close to purchasing a variable life policy from an adviser. Then I calculated the amount of money that would be going into their pocket instead of my account.

They make good money for a reason, and you have to be careful because there is a very large conflict of interest.
 
On that note, Vanguard and Janus are great do it yourself sites that charge minimal fees due to limited advice. I've started to use that and I haven't looked back.

And honestly, you are just a Google or Blog Forum away from getting any answer you would want to ask a Financial adviser. Except one key point, they have an interest in your money, and others don't.

Sure they may know your personal situation better, but it's a double edged sword, the more they know, the more they can take advantage.
 
Advise yourself. Become educated, really only you have YOUR own best interests at heart. As mentioned there are enough forums, free info to help you out. I went to a few guys and all they wanted to sell me was an annunity. Their fees were NEARLY AS MUCH as I was making. So instead of that 5-6% growth (which in fact is not really that guarenteed) I was only making 2-3%... gee ... thanks.. for the.... uhhh... help? :-S

Good luck

-bix
 
skek said:
Step 1. Give all of your money to Blackvault.

Step 2. Wait for Blackvault to give you back all of your money, plus profits.

Step 3. Give Blackvault 10% of your profits.

Win/win for all.
Click to expand...
Considering you can't count on your real estate to appreciate, you can't count on your 401ks to rebound and you can't predict the Lotto... this is probably the best option for me.

Where do I sign?
 
Thanks, I know we should manage our own money, it's been more of a convenience and a lack of time We use M-S more just to consolidate all our IRA's, 529 accounts, Mutual funds, stocks, etc... I know I can continue to use them just to hold our accounts, but the fees would be high if I traded with any frequency.

So let's say I do manage our own accounts, should I keep M-S or what other brokerage / financial firms would you use?
 
Bubblegum said:
Thanks, I know we should manage our own money, it's been more of a convenience and a lack of time We use M-S more just to consolidate all our IRA's, 529 accounts, Mutual funds, stocks, etc... I know I can continue to use them just to hold our accounts, but the fees would be high if I traded with any frequency.

So let's say I do manage our own accounts, should I keep M-S or what other brokerage / financial firms would you use?
Click to expand...

I agree with what everyone else was saying above.

But to get at your question, a few years back I consolidated all my various investment accounts at Charles Schwab. I've been happy with that. Fees are minimal. They don't push any "products" on me. Customer service has been fine. When tax time comes, Turbo Tax automatically grabs all the trade data from them (once I provide my account name/password) and organizes it as long-term short-term, etc.

I'm sure other places are similar, but I haven't tried them.
 
skek said:
irvine_home_owner said:
skek said:
Step 1. Give all of your money to Blackvault.

Step 2. Wait for Blackvault to give you back all of your money, plus profits.

Step 3. Give Blackvault 10% of your profits.

Win/win for all.
Click to expand...
Considering you can't count on your real estate to appreciate, you can't count on your 401ks to rebound and you can't predict the Lotto... this is probably the best option for me.

Where do I sign?
Click to expand...

Step 4. Blackvault gives 1% to skek as a referral fee.

Win/win/win.
Click to expand...

Is this true?

His cut is only 10%

Don't answer yes if it's not just to get your 1%

Scouts honor!
 
BV,

With your clients money that could be tempting. Please don't get this guy to be your roomate.

16933.jpg
 
skek said:
tenmagnet said:
skek said:
irvine_home_owner said:
skek said:
Step 1. Give all of your money to Blackvault.

Step 2. Wait for Blackvault to give you back all of your money, plus profits.

Step 3. Give Blackvault 10% of your profits.

Win/win for all.
Click to expand...
Considering you can't count on your real estate to appreciate, you can't count on your 401ks to rebound and you can't predict the Lotto... this is probably the best option for me.

Where do I sign?
Click to expand...

Step 4. Blackvault gives 1% to skek as a referral fee.

Win/win/win.
Click to expand...

Is this true?

His cut is only 10%

Don't answer yes if it's not just to get your 1%

Scouts honor!
Click to expand...

Yes, but he has a special deal for you ten -- 20%.
Click to expand...

Knew that was coming.

Stuck my chin out so you could land it, very nice!

How about the same deal as others to bring me on board, that seems fair right?
 
Bubblegum said:
We have most of our financial accounts and affairs handled by Morgan Stanley. My better half is always pissed off at the service from our Financial advisor rep whom, my parents have had a relationship with many years. The problem is not so much performance of our money, as they all tanked relative to the economy, but of customer service and just dropping the ball on several occasions. To make matters worse, our rep is is Torrance, while we're in Irvine. So this time around, we'd prefer someone local.

Is Fidelity, or Schwab any better or is anyone happy with their financial advisor? I'd prefer a larger institution, not sure why, rather than an individual or smaller firm.

BG
Click to expand...

I am mostly familiar with the Registered Investment Advisor Industry(translation: these are advisors that are independant from brokerage houses. The use brokerage firms to custody assets but they do not work for them. The advisors are typically CFPs) It would be easier for me to offer suggestions if you laid out what exactly what you are looking for in a financial advisor. I think most client/advisor relationships go astray because expectations are not clearly communication from the gecko.

Personally, I don't care for the places like Morgan Stanley because I believe they isn't much value added in their services. I know for a fact the most valuable service you can get from a financial advisor is outside of investments. I work in this this industry and I've met some advisors that have an unbelievable vast knowledge of tax law, estate law, divorce issues, real estate, medicaid,family counseling, you name it. These are the people that are worth there weight in gold. Because even if someone that can beat the market for you; it's very likely that all those extra returns will be given back if that advisor doesn't have the expertise to save your ass when you get entangled in some estate planning mess or what have you. This where the real costly mistakes are made.
 
Mcdonna1980

I would be interested in advisors who are good at tax law/minimization, estate law, etc.. I can PM you my details, but I've been actually starting to look around for somebody who can help me with financial/tax planning. I self-manage my investments, but I just don't have the time to keep up on the latest (and need a very smart advisor...)
 
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