I'm a Fiancial Advisor. What would you like to know

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[ARCHIVED THREAD] - I'm a Fiancial Advisor. What would you like to know (Page 1 of 2)

Posted: 5/20/2017 3:24:18 PM EDT

Hey guys,

I'm a financial advisor and I've been looking through a lot of these threads to see what you guys are looking for so I figured I'd post this here and see what questions most of you guys have in regards to retirement, investing, insurance, taxes etc and see if I can put something together that could help out.
Now I'll preface this by saying I don't know everything there is to know but I know a good bit and have access to a lot of other brilliant financial minds around me daily so if you have a complex question that I don't have an answer for, I can likely find out.
That being said, let's hear em' what do you guys want to know?

PSA: none of what I will be talking about will be actual financial advice, only sharing of information. Please do not act on anything said here with the assumption that I gave any advice. This is only theoretical discussion... not financial advice.

Posted: 5/20/2017 3:31:04 PM EDT

[#1]

I have a self directed ira, it's in cash.
what should I do with it?

Posted: 5/20/2017 3:39:46 PM EDT

[#2]

What target ROI should a mid 30 dude be shooting for in today's market?

Posted: 5/20/2017 3:52:16 PM EDT

[#3]

Yes....how do you spell financial?

Posted: 5/20/2017 3:56:10 PM EDT

[#4]

For someone with a fairly good paying normal job as primary employment: Is there any way to offset their tax liability by starting another company, such as a farm, etc?

Any other ideas for lowering taxable income?

Do you know anything about Self Directed IRA's?

What part of FL are you in?

Posted: 5/20/2017 4:00:09 PM EDT

[#5]

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Yes....how do you spell financial?

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Posted: 5/20/2017 4:01:27 PM EDT

[#6]

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Yes....how do you spell financial?

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Posted: 5/20/2017 4:06:34 PM EDT

[#7]

IDK if this would count or not, but ill through it out there. part of it is alittle "dave ramsey'ish"

Im 35, been at my job for 18 years and have another 7 till i am eligible to retire making 55-60k/yr. *I already know ill be working after this job prob for another 15-20 years. I havent done much retirement $ wise but i do have a deferred comp account with approx 20k in it (maybe 25k, not much). Last year i kinda had a wake up moment and ive been putting 8% (per paycheck) in. Ive also started the dave ramsey thing, have $1k in savings, paid off my truck and a C.C's but have about 9k left on . So my questions is; should I stop putting $ in my deferred comp (for now) and pay off the CC (sooner)? Right now im putting $500/mo towards the CC, where if i cancel the deferred comp, it would be more around $700. It would take me alittle over a year to pay it off if i did cancel the def comp vs 1.5 years by not doing it. IMO, not a REAL huge difference in time, but getting a 2nd job, while semi possible, would be real tough to pull off to make it worth wild do to because of time/family. Once the CC payment is done, i will have no other debt minus house payment ($600/mo) and normal utilities (about $4-500/mo). id be able to do step 3 (3-6 months saves up) as well as go up to the 15% into retirement. I know when i retire from here and get my next job, ill be dumping as much as i can into retirement for those 15-20 years.

Posted: 5/20/2017 4:12:24 PM EDT

[#8]

How much cash do you have, and how much on paper?

Posted: 5/20/2017 4:34:24 PM EDT

[#9]

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Quoted:
How much cash do you have, and how much on paper?

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If you are asking me, cash on hand is about $900'ish (might as well say $1k) in actual cash in hand i have in my safe. I have just over 1k in my savings account, my checking has a constant $500 balance at any time (after bills r paid). the rest of the $ i have left over has been going straight to the CC to pay it off. besides that, I have my deferred comp (as stated above) and thats pretty much it.

*side note, i am selling my motorcycle once it gets back from the paint shop getting touched up, and if I get the 6k im asking (should sell for 6k all day long), as much as id prefer to put it into my project camaro to finish it, right now i know ill prob just throw it at that CC and pay cash for everything else. at the same time, to get the camaro "up and running" incase i need to use it as a backup vehicle would take about 2k in parts and a weekend of my time, which part of me would prefer "just incase."

The reason I havent really gotten on board with paying off the house as fast as i can *dave ramset step 4* is because my g/f is graduating nursing school (bsn) and has a job lined up where she will make $35/hr and possible up to $40hr (if she does night shift, has only 3k in student loans, no other debt) and after a year or 2, I will prob sell my house (bought for 90k, owe 82k, worth 210-225k), and will be using the difference as our down payment on a new house, prob b married by then, poss kids, ect.

Posted: 5/20/2017 4:43:34 PM EDT

[#10]

Do you know any financial advisers?

Posted: 5/20/2017 4:52:20 PM EDT

[#11]

Quote History

Quoted:

If you are asking me, cash on hand is about $900'ish (might as well say $1k) in actual cash in hand i have in my safe. I have just over 1k in my savings account, my checking has a constant $500 balance at any time (after bills r paid). the rest of the $ i have left over has been going straight to the CC to pay it off. besides that, I have my deferred comp (as stated above) and thats pretty much it.

*side note, i am selling my motorcycle once it gets back from the paint shop getting touched up, and if I get the 6k im asking (should sell for 6k all day long), as much as id prefer to put it into my project camaro to finish it, right now i know ill prob just throw it at that CC and pay cash for everything else. at the same time, to get the camaro "up and running" incase i need to use it as a backup vehicle would take about 2k in parts and a weekend of my time, which part of me would prefer "just incase."

The reason I havent really gotten on board with paying off the house as fast as i can *dave ramset step 4* is because my g/f is graduating nursing school (bsn) and has a job lined up where she will make $35/hr and possible up to $40hr (if she does night shift, has only 3k in student loans, no other debt) and after a year or 2, I will prob sell my house (bought for 90k, owe 82k, worth 210-225k), and will be using the difference as our down payment on a new house, prob b married by then, poss kids, ect.

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Weigh your ROI in retirement versus interest for servicing your debt. You will more than likely be money ahead waiting on the retirement and paying down the credit card. Now for the house you are probably making more in retirement than the interest on your house. My advice would be.

1. Pay down credit card
2. Retirement to cap
3. Develop savings of 3 months minimum
4. Pay down home mortgage.

Posted: 5/20/2017 4:58:02 PM EDT

[#12]

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Maybe he's talking about fiance's.

If so, short advice thread: EJECT!

Posted: 5/20/2017 4:59:30 PM EDT

[#13]

Did you beat the indexes over the last 5 years?

How Did you do in 2008 and 2009?

V

Posted: 5/20/2017 5:03:06 PM EDT

[#14]

I would like to know why you would start a WWYLTK thread, and then refuse to answer questions. What's the point in that?

Posted: 5/20/2017 5:14:19 PM EDT

[#15]

Which firm do you represent? What's your FINRA CRD number?

Posted: 5/20/2017 5:33:04 PM EDT

[#16]

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Quoted:
Which firm do you represent? What's your FINRA CRD number?

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...and does your firm allow you to use a public forum to discuss the topic? Just slapping the old "this is not advice" at the bottom may not be good enough and could still be considered "advertising" in some situations, states and firms.

Posted: 5/20/2017 5:36:48 PM EDT

[#17]

I got hired on at Prudential Sec. Passed the series 7....Found out I couldn't sell for shit. Too bad because some of the guys in the office were rolling in it.

Posted: 5/20/2017 6:12:03 PM EDT

[#18]

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I got hired on at Prudential Sec. Passed the series 7....Found out I couldn't sell for shit. Too bad because some of the guys in the office were rolling in it.

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Wait. So you're saying that Financial Advisors are actually Salesmen?

Posted: 5/20/2017 6:18:48 PM EDT

[#19]

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Wait. So you're saying that Financial Advisors are actually Salesmen?

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Lets just say my MBA didn't do me much good..Former Car salesman and a girl with a connected family did way better than me.

Posted: 5/20/2017 8:41:46 PM EDT

[#20]

I have a 457f retirement account that I contribute after tax dollars into. When I withdraw in retirement do I have to pay taxes on gains?

Posted: 5/20/2017 8:46:43 PM EDT

[#21]

ETA never mind I clicked active topics and didn't realize this wasn't GD. Carry on.

Posted: 5/20/2017 8:50:52 PM EDT

[#22]

ITR Economics is predicting a recession in 2018 and a global depression in 2030. What your thoughts on that?

Posted: 5/20/2017 8:57:57 PM EDT

[#23]

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ETA never mind I clicked active topics and didn't realize this wasn't GD. Carry on.

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Yeah keep your pension gloating to yourself here.

Posted: 5/20/2017 9:04:32 PM EDT

[#24]

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Quoted:

Wait. So you're saying that Financial Advisors are actually Salesmen?

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Commission non-fiduciary, yes. (Insurance agents, brokers, registered reps - those governed by FINRA)

Fee-only fiduciary, no. (RIA and trust companies - those governed by SEC, state, or FDIC)

Posted: 5/20/2017 9:05:09 PM EDT

[#25]

Why do advisors make money when their clients lose money?

Posted: 5/20/2017 9:07:34 PM EDT

[#26]

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Quoted:

Commission non-fiduciary, yes. (Insurance agents, brokers, registered reps - those governed by FINRA)

Fee-only fiduciary, no. (RIA and trust companies - those governed by SEC, state, or FDIC)

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Not true, both commission and fee only advisors are paid for selling, not for providing good advice.

Posted: 5/20/2017 9:07:39 PM EDT

[#27]

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Quoted:

Yeah keep your pension gloating to yourself here.

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Nah had nothing to do with that

Posted: 5/20/2017 9:32:30 PM EDT

[#28]

Quote History

Quoted:
For someone with a fairly good paying normal job as primary employment: Is there any way to offset their tax liability by starting another company, such as a farm, etc?

Any other ideas for lowering taxable income?

Do you know anything about Self Directed IRA's?

What part of FL are you in?

View Quote

I know a bit about the self directed Iras.

I'm not a financial advisor but employee benefits director who deals with the tax code a lot and uses them for investing.

Any specific questions?

Posted: 5/20/2017 9:38:25 PM EDT

[#29]

I have a FA that handles my investments. I have some cash that is sitting in savings and a checking accounts that I would like to do something with. I've read a little about robo advisers like Betterment or Wealthfront. Any experience with these? How about tax returns, too?

Posted: 5/20/2017 9:41:13 PM EDT

[#30]

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Not true, both commission and fee only advisors are paid for selling, not for providing good advice.

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Explain. The only product a fee-only advisor sells is advice, and the advisor is legally bound to provide advice that is in the client's best interest.

Compensation is 100% independent of what investments are used and when they are bought and sold. All compensation comes from the client.

Posted: 5/20/2017 10:04:45 PM EDT

[#31]

What do you think of people who defer retirement savings in order to pay off their house quicker?

Posted: 5/22/2017 6:19:53 AM EDT

[#32]

What type of structure is your practice?

RIA, Indie, Broker-Dealer etc?

Posted: 5/22/2017 6:23:16 AM EDT

[#33]

Quote History

Quoted:
...and does your firm allow you to use a public forum to discuss the topic? Just slapping the old "this is not advice" at the bottom may not be good enough and could still be considered "advertising" in some situations, states and firms.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
Which firm do you represent? What's your FINRA CRD number?

...and does your firm allow you to use a public forum to discuss the topic? Just slapping the old "this is not advice" at the bottom may not be good enough and could still be considered "advertising" in some situations, states and firms.

oh you guys.

Posted: 5/22/2017 6:29:10 AM EDT

[#34]

How do I put the "n" back in Fiancial?

Posted: 5/22/2017 6:38:00 AM EDT

[#35]

What's going to happen to the DOL Fiduciary rule on 6/9?

Posted: 5/22/2017 9:31:32 AM EDT

[#36]

Worst AMA ever.

Posted: 5/22/2017 9:43:59 AM EDT

[#37]

OP fail...post and leave. Gotta love those.

Posted: 5/22/2017 10:04:06 AM EDT

[#38]

Is your house completely paid off?

Posted: 5/23/2017 8:18:34 AM EDT

[#39]

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Is your house completely paid off?

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Posted: 5/23/2017 8:32:05 AM EDT

[#40]

Do you take your own advice or is all your money offshore?

Posted: 5/23/2017 9:08:43 AM EDT

[#41]

He probably just got hired, and they said, "Go sell some whole-life policies."

So he joined 50 forums, hoping someone would IM him for advice, and that's when he'd push to sell a policy.

Posted: 5/23/2017 10:31:07 AM EDT

[#42]

Quote History

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He probably just got hired, and they said, "Go sell some whole-life policies."

So he joined 50 forums, hoping someone would IM him for advice, and that's when he'd push to sell a policy.

View Quote

And @midcap is his boss

Posted: 5/23/2017 1:20:24 PM EDT

[#43]

OP what do you think of the many articles similar to the one linked below ?

https://www.fool.com/investing/general/2012/03/20/the-cold-hard-truth-about-brokers-and-financial-a.aspx

Posted: 5/23/2017 1:37:11 PM EDT

[#44]

Quote History

Quoted:
And @midcap is his boss https://media.tenor.co/images/025271525d2b264ab0e63992a844a834/tenor.gif

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
He probably just got hired, and they said, "Go sell some whole-life policies."

So he joined 50 forums, hoping someone would IM him for advice, and that's when he'd push to sell a policy.

And @midcap is his boss https://media.tenor.co/images/025271525d2b264ab0e63992a844a834/tenor.gif

Op better be slinging some 30 year surrender annuities too if he wants to get his bonus!

Posted: 5/23/2017 1:47:28 PM EDT

[#45]

Quote History

Quoted:
OP what do you think of the many articles similar to the one linked below ?

https://www.fool.com/investing/general/2012/03/20/the-cold-hard-truth-about-brokers-and-financial-a.aspx

View Quote

The Sharpe ratio is really good if you are using the right data. I.E. you need to use the modified Ex-Sharpe ration formula which used actual returns and not expected returns, the reason is that when you use expected returns you are using a very long time horizon, I.E. Sp500 for example, may return 8% annually with a std deviation of 15%. While that may be historically accurate it's not what happened in 2014, 15, and 16.

You need to also use thing like upside/downside capture ratio, Alpha etc.

I am not saying they are wrong, they are more than probably right and I am useless to anyone.

Posted: 5/23/2017 1:54:14 PM EDT

[#46]

When will automation fully replace you?

Posted: 5/23/2017 2:05:42 PM EDT

[#47]

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When will automation fully replace you?

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When tap water makes bottled water go away

Posted: 5/23/2017 2:07:26 PM EDT

[#48]

On average, how many times per day do you work "I'm a financial advisor" into a conversation? Because if it's less than 20, those are rookie numbers. You gotta get those numbers up.

Posted: 5/23/2017 2:09:12 PM EDT

[#49]

Tag for later....

Posted: 5/23/2017 2:09:24 PM EDT

[#50]

What's your opinion of Edward Jones?

[ARCHIVED THREAD] - I'm a Fiancial Advisor. What would you like to know (Page 1 of 2)

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