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The people that don't know how to manage their money/investments are also too stupid to assess the ability of a financial professional to manage their money/investments.
Huh, that’s a good point! It’s like with anything, I’ve found it simply takes a LOT of research time to understand something enough to be “dangerous,” enough to communicate with a professional and know what you want and why even their recommendation may not be right for you. As a recent example, I hadn’t done my research when moving forward with a pool company but I had time before they’d even be able to proceed. I started thinking about it and realizing I should know what systems are involved here, what they selected, and whether that makes sense. I even called a distributor of pool heating systems and he gave me 20 minutes of his time. In the end I realized that every piece of advice said gas heating a pool only makes sense for occasional pool users and can be very expensive to gas heat daily. By contrast electrical heating is cheaper but also slower, so if you’re turning it on for weekend use it’s not ideal but for daily use it is. I work from home and will use it daily, but I recalled a conversation where my contractor said “I just boot it up for the weekend because I’m working at the office all week.”
He argued with me a bit over the phone, but I explained what I had read and that I’d spoken to another expert who gave the same advice, and that we will also have solar panels covering the house’s power needs to natural gas isn’t free but solar power is once it’s installed. I had even spoken to the solar company I want to use about system sizing. So by the end he admitted it made sense for me under my circumstances. But had I not done the research to understand myself, I could have been in for a nasty surprise with $500/month gas bills. There’s no substitute for doing your own research.
I’m guilty of trusting other people sometimes who are experts without doing the research and I’ve stopped relying on that. Even my financial advisor has been keeping money in an account of mine that pays 0.5% interest and there’s enough there, it really should have been put into high yield savings at 2.1% or so. My mistake for not actively paying attention.
The people that don't know how to manage their money/investments are also too stupid to assess the ability of a financial professional to manage their money/investments.
if you think it is hard finding a good planner in the accumulation stage , just wait until the decumulation/retirement stage .
it is a different world with different knowledge needed and most planners don't have that knowledge .
there is a lot going on in retirement research and most of these fee only guys are behind the times ... in my opinion , and i consider myself very well versed in retirement planning the fee only advisers run on what used to be thought .
most are fee only because they lack the training and certification in more comprehensive retirement planning that today use both your own investing and low cost insurance products to improve efficiency under wider outcomes then just a well performing market
if they had the knowledge and certification to be able to sell these other products they would not waste it being fee only ...let that sink in .
the problem is in order to evaluate an adviser you need quite a bit of knowledge yourself
WFA has been my broker for over ten years - and I have zero complaints - but I don't think the retail-branch advisors are in the same class, and with WF's deep retail woes, I'd block the calls.
I’ve also been with them for many years and have had Zero problems with them, have plenty of branches and ATM’s and have always been very helpful when needed.
I just opened a bank account with Wells Fargo. I tried to enroll in their online banking and it wouldn't let me. I called the phone number displayed on the screen and wow do they have poor customer service. The first woman I got on the phone laughed at me (not with me). I called back and got a different woman who was nicer but still didn't know how to help. I mentioned to her about the prior bad experience so she insisted I talk to a supervisor to whom I explained what happened. The supervisor said both me and the prior rep were wrong in how we acted. I hung up.
I just opened a bank account with Wells Fargo. I tried to enroll in their online banking and it wouldn't let me. I called the phone number displayed on the screen and wow do they have poor customer service. The first woman I got on the phone laughed at me (not with me). I called back and got a different woman who was nicer but still didn't know how to help. I mentioned to her about the prior bad experience so she insisted I talk to a supervisor to whom I explained what happened. The supervisor said both me and the prior rep were wrong in how we acted. I hung up.
I get calls from the Chase Private client place regularly. I have done the math. I would have to sit $250k in an account foregoing a higher interest rate elsewhere. The guys are, on average, 30 years old. No thanks.
I get calls from the Chase Private client place regularly. I have done the math. I would have to sit $250k in an account foregoing a higher interest rate elsewhere. The guys are, on average, 30 years old. No thanks.
It doesn’t have to be cash to become private client so your interest example wouldn’t apply to everyone. What are you doing sitting on that much cash anyhow?
I get calls from the Chase Private client place regularly. I have done the math. I would have to sit $250k in an account foregoing a higher interest rate elsewhere. The guys are, on average, 30 years old. No thanks.
I have private client free as well as free stock trades ..all I did is move my s&p 500 etf over for them to baby sit ...I use them as my checking account to pay all my charge cards
I have private client free as well as free stock trades ..all I did is move my s&p 500 etf over for them to baby sit ...I use them as my checking account to pay all my charge cards
You have that much in a single fund? See that just scares me. I guess I am still a noob.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,508,849 times
Reputation: 9798
So far, Chase, WF, USB, BoA, have all refused to setup a return call
Last edited by leastprime; 08-20-2019 at 12:32 PM..
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