Poll

Do you contribute to retirement funds?

No
 Contribute <15% of take home pay
Contribute >15% of take home pay
Max out all retirement funds

Author Topic: Retirement Funds  (Read 64875 times)

Offline ushdadude

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Re: Retirement Funds
« Reply #80 on: April 14, 2021, 01:01:28 PM »

Offline ExGingi

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Re: Retirement Funds
« Reply #81 on: April 14, 2021, 01:02:42 PM »
I probably should

Eagerly waiting to hear back on how it went.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ushdadude

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Re: Retirement Funds
« Reply #82 on: April 14, 2021, 01:14:00 PM »
or you can speak with someone at an hourly rate
Have you found someone who does this?
I'm curious if any of the financial planners on ddf offer this.

Offline ExGingi

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Re: Retirement Funds
« Reply #83 on: April 14, 2021, 01:19:48 PM »
I'm curious if any of the financial planners on ddf offer this.

One needs to be an IAR or RIA in order to offer that.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ushdadude

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Re: Retirement Funds
« Reply #84 on: April 14, 2021, 01:25:56 PM »
One needs to be an IAR or RIA in order to offer that.
What designation do most planners have (if any)?

Offline ExGingi

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Re: Retirement Funds
« Reply #85 on: April 14, 2021, 01:34:05 PM »
What designation do most planners have (if any)?

IAR and RIA aren't designations, they are registrations. In most states they require special licensing (some states, such as NY allow IARs without a special license).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ushdadude

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Re: Retirement Funds
« Reply #86 on: April 14, 2021, 01:38:41 PM »
IAR and RIA aren't designations, they are registrations. In most states they require special licensing (some states, such as NY allow IARs without a special license).
oh got it. is it uncommon?

Offline aygart

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Re: Retirement Funds
« Reply #87 on: April 14, 2021, 02:02:02 PM »
Paying someone a fee to give you objective advice shouldn't be sales. They should be charging for the service they're providing (advice), not trying to upsell you for residual income.
Why isn't that sales?
Feelings don't care about your facts

Offline Euclid

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Re: Retirement Funds
« Reply #88 on: April 14, 2021, 02:27:15 PM »
Why isn't that sales?
What are they selling when they're advising you?

Offline aygart

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Re: Retirement Funds
« Reply #89 on: April 14, 2021, 02:38:18 PM »
What are they selling when they're advising you?
Advice
Feelings don't care about your facts

Offline Euclid

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Re: Retirement Funds
« Reply #90 on: April 14, 2021, 02:39:54 PM »
Advice
Huh? They sold that to you already; they're fulfilling that sale when they're advising.

Offline Yehuda57

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Re: Retirement Funds
« Reply #91 on: April 14, 2021, 02:48:56 PM »
Huh? They sold that to you already; they're fulfilling that sale when they're advising.

Do you go to one surgeon for advice and another to do the surgery?

Offline ExGingi

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Re: Retirement Funds
« Reply #92 on: April 14, 2021, 02:49:26 PM »
oh got it. is it uncommon?

That depends. Those registrations add another layer of bureaucracy and compliance (and associated costs) which many would rather not deal with (if they can have a decent business without that).
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Euclid

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Re: Retirement Funds
« Reply #93 on: April 14, 2021, 02:52:30 PM »
Do you go to one surgeon for advice and another to do the surgery?
(First of all, maybe - e.g. if the advisor is a retired surgeon.)

Secondly, that's not a good analogy; actually making an investment (usually) isn't rocket science and any layperson can do it themselves.

Offline aygart

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Re: Retirement Funds
« Reply #94 on: April 14, 2021, 03:00:59 PM »
Huh? They sold that to you already; they're fulfilling that sale when they're advising.
Future appointments
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Offline aygart

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Re: Retirement Funds
« Reply #95 on: April 14, 2021, 03:01:44 PM »
(First of all, maybe - e.g. if the advisor is a retired surgeon.)

Secondly, that's not a good analogy; actually making an investment (usually) isn't rocket science and any layperson can do it themselves.
Is that always true?
Feelings don't care about your facts

Offline Yehuda57

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Re: Retirement Funds
« Reply #96 on: April 14, 2021, 03:12:47 PM »
(First of all, maybe - e.g. if the advisor is a retired surgeon.)

Secondly, that's not a good analogy; actually making an investment (usually) isn't rocket science and any layperson can do it themselves.

1) It's also fairly common to get a second opinion from a second advisor. 2) If you are willing to do the investing yourself, you won't be charged for that. If you want the advisor to manage your accounts you're paying for that, not the advice. (I disagree with @aygart, they are selling advice AND products)

Like any salesman, the advisor is going to be making commissions and profits from what they advise you to do. Some will be honest and advise you on what is best for you, some will advise you to buy things that will earn them more, just the same as the car salesman, realtor, sheitel macher, etc.

For instance, I went to @ExGingi who gave me excellent advice, refused a penny in payment, and didn't sell me a single product. As it happens, I will be in the market for products he sells and you can bet I will be heading to his door. But the fact that he makes commissions or whatever on some of the products he advises people to buy doesn't make that advice bad or dishonest.

Offline ushdadude

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Re: Retirement Funds
« Reply #97 on: April 14, 2021, 03:13:57 PM »
Is that always true?
with the proper advice, why not?

Offline aygart

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Re: Retirement Funds
« Reply #98 on: April 14, 2021, 04:50:24 PM »
with the proper advice, why not?
Because then you are limited to simpler products.
Feelings don't care about your facts

Offline aygart

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Re: Retirement Funds
« Reply #99 on: April 14, 2021, 04:51:48 PM »
1) It's also fairly common to get a second opinion from a second advisor. 2) If you are willing to do the investing yourself, you won't be charged for that. If you want the advisor to manage your accounts you're paying for that, not the advice. (I disagree with @aygart, they are selling advice AND products)

Like any salesman, the advisor is going to be making commissions and profits from what they advise you to do. Some will be honest and advise you on what is best for you, some will advise you to buy things that will earn them more, just the same as the car salesman, realtor, sheitel macher, etc.

For instance, I went to @ExGingi who gave me excellent advice, refused a penny in payment, and didn't sell me a single product. As it happens, I will be in the market for products he sells and you can bet I will be heading to his door. But the fact that he makes commissions or whatever on some of the products he advises people to buy doesn't make that advice bad or dishonest.
This isn't disagreeing with me at all
Feelings don't care about your facts