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Old 12-20-2008, 11:26 PM
 
1,177 posts, read 2,601,092 times
Reputation: 3541

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Seriously- I think I’m about ready to-and I know there are some savvy financial types on this board that maybe can give me some words to use. So then, what do I say when he picks up the phone and says Hello? Then I say what? Do I just say- you lost me a butt load of money and I could have done that myself so why should I continue to pay you out of the paltry sum that is now left? Shouldn’t he have had the knowledge to protect my funds? If I do fire him- (is that the correct word?) do I immediately have to take over maintenance of my funds and do I have to remove them from where he has them invested or what? Yes I realize it is ludicrous that I am posting these questions here instead of asking my financial planner- but I’m sure it’s obvious why I can’t ask him. Thanks
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Old 12-20-2008, 11:52 PM
 
1,462 posts, read 4,334,479 times
Reputation: 1009
The thing is this...

It's not your financial planner's fault the market has taken a dump. EVERYONE has lost money. You are not special or unique in this situation.

You're not the only one he's been getting phone calls from.

If you think you can do a better job yourself, go for it. With the advent of target date funds, that is pretty much a "no-thinking-required" investment.
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Old 12-21-2008, 12:18 AM
 
Location: Splitting time between Dayton, NJ and Needmore, PA
1,185 posts, read 3,718,693 times
Reputation: 763
Quote:
Originally Posted by SweepTheLeg View Post
The thing is this...

It's not your financial planner's fault the market has taken a dump. EVERYONE has lost money. You are not special or unique in this situation.

You're not the only one he's been getting phone calls from.

If you think you can do a better job yourself, go for it. With the advent of target date funds, that is pretty much a "no-thinking-required" investment.
Spot on.

My reasons for moving accounts away from one FP to another would be:
  • malfeasance,
  • consistent recommendations that don't square with my defined investment strategies,
  • suspect practices that are in violation of SEC rules.
As Sweep said, everybody has lost in this market. I wouldn't just ship on an FP because of a universal ******slap from Reality.
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