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The E.J. rep reaching out seems like some new friend to your dad, one who is spending time and energy to help him. Dad may not have the capacity to evaluate choices or understand he will be paying more $$$$, and if he thinks he's formed an emotional connection then he may dig in even deeper..
If I knew a lot more about investing, I'd take over, but I don't. My Dad's wife's family got his money over the years - all of it. He re-married into a family of heavy spenders, so his money is mostly gone now. (I can't even begin to count how many cruises they went on).
So I'm thinking now, maybe an EJ investment is better than him leaving it loose in the bank where it's easily accessible. I really don't know, but maybe this is for the best.
If I knew a lot more about investing, I'd take over, but I don't. My Dad's wife's family got his money over the years - all of it. He re-married into a family of heavy spenders, so his money is mostly gone now. (I can't even begin to count how many cruises they went on).
So I'm thinking now, maybe an EJ investment is better than him leaving it loose in the bank where it's easily accessible. I really don't know, but maybe this is for the best.
You have a point there. At least it's not millions. There's probably an annuity in his near future.
Online trading was supposedly going to kill the brokerage business as well. Shifts are already happening and fee compression is real but the truth is the vast majority of wealthy investors want and advisor and the personal relationship that comes with it
i see that with the 50+ crowd and they are the ones with most of the money right now. however, that will change as time goes on. i agree that there will be shifts in the industry to adjust with the changes and there will always be some people that prefer dealing with humans and having face time. the companies that figure out the best way to navigate that will flourish and the ones that dont will die.
i have limited control over what my dad does with his money (though he does have index funds now and has put trust funds and utma accounts into index funds) but my two brother's will listen to me. i could have more control over my mother but i cant deal with the psychology of that relationship. i think my situation is not uncommon so i think wealth management will look very different in 20 years than it looks today.
Last edited by CaptainNJ; 06-19-2017 at 09:37 AM..
If I knew a lot more about investing, I'd take over, but I don't. My Dad's wife's family got his money over the years - all of it. He re-married into a family of heavy spenders, so his money is mostly gone now. (I can't even begin to count how many cruises they went on).
So I'm thinking now, maybe an EJ investment is better than him leaving it loose in the bank where it's easily accessible. I really don't know, but maybe this is for the best.
Well that's important information and changes things. Yes it just might be better with EJ than loose in the bank. Obviously he's vulnerable to others getting his money, so whatever will afford him some protection is good to pursue.
I've known several people, actually, who have lost all their money to other people they knew. Friends or relatives who made a grab for their money - and got it.
I think there will always be a place for managed advisors. The majority of people do not handle their own finances nor want to. There is a learning curve and most older people would not be able to manage their investments on their own.
I handle our finances now out of necessity. I would rather have a trusted person do it because I feel like I'm shooting in the dark. I had no training in finance. I am 68, hubby 85.
I wouldn't mind paying fees which were reasonable to have someone monitor the accounts.
But, I'm doing it now because we were getting ripped off all those years.
You might be better off using someone to handle your father's money. Make sure you are present to meet with this guy and ask the right questions. What are the costs for the investments you are recommending?
Good luck
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