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Response to A HERETIC I AM (Reply #9)

Wed Jul 8, 2020, 12:06 AM

10. "Well, guess what? It isn't up to her! It's YOUR MONEY! "

Yup, that's the biggest problem I've had with financial advisors under various names -- they kind of think it's their money, not mine. That has really annoyed me over the years.

I quit doing financial advisors and brokers decades ago because of that. Well, I had an account with Smith Barney until 2000 and yup, he seemed to think it was his money, not mine.

Tired of that. I do think that estate planning and taxes requires a professional. But I don't need or want someone to tell me what my equity allocations percentage should be, let alone giving me investment advice which I don't trust to be in my best interest (as opposed to his/her -- the Schwab disclosures are scary about their associates' compensation, though I love that Schwab is very very transparent about this -- unlike the others that I deal with (Vanguard, Fidelity) that one has to do a due-diligence deep dive to find out the same information -- but basically they get compensated a lot more for some investments more than others).

That said, I would emphasize that if someone is inheriting an IRA or 401k, they need to do it "right" like I explained in earlier postings in this thread. I've been lucky -- I had a good tax guy for decades who steered me toward Roth conversions and helped me in innumerable other ways with the complexities of all of this. Anyway, I don't think anyone recommending this stock or that allocation percentage is worth shit, but someone who knows what to keep out of trouble with the IRS is priceless.

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hermetic Jul 2020 OP
empedocles Jul 2020 #1
empedocles Jul 2020 #7
hermetic Jul 2020 #14
BComplex Jul 2020 #2
hermetic Jul 2020 #15
progree Jul 2020 #3
hermetic Jul 2020 #16
Canoe52 Jul 2020 #4
Merlot Jul 2020 #5
hermetic Jul 2020 #17
Merlot Jul 2020 #25
bottomofthehill Jul 2020 #6
hermetic Jul 2020 #13
csziggy Jul 2020 #8
hermetic Jul 2020 #18
csziggy Jul 2020 #20
A HERETIC I AM Jul 2020 #9
LineLineReply "Well, guess what? It isn't up to her! It's YOUR MONEY! "
progree Jul 2020 #10
progree Jul 2020 #11
A HERETIC I AM Jul 2020 #12
csziggy Jul 2020 #21
A HERETIC I AM Jul 2020 #22
csziggy Jul 2020 #24
hermetic Jul 2020 #19
A HERETIC I AM Jul 2020 #23
bucolic_frolic Jul 2020 #26
hermetic Jul 2020 #27
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