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Not loving my financial advisor

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  • #16
    Originally posted by Hatton View Post
    Expenses matter. In the future as an orthopedic surgeon the increased percentages he is costing you will be real money and over your lifetime you could be looking at several million less in retirement funding. How good of friend is he?
    Yep, with this kind of AUM fee, you could pick up the tab every single time you guys go out for drinks, go bowling or fishing, go out for a meal, and possibly add ski trips and cruises and still come out far, far ahead of $1M+ in excess fees.

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    • #17
      Agree with everything that's said here. I'm plugging Jim's course here, the Fire your Financial Adviser course, which I took. After you write your financial plan, you get this sense of security (and humility). You know that you're in a better position not to get bamboozled, but you're also aware of how much needs to occur (or how little) before you reach your financial goals.

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      • #18
        Clean break, never complain, never explain.

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        • #19
          Not that I would ever recommend this, but I'm always curious how it would go if someone sat down with an "advisor" and tore apart their little money making operation. Everyone always says that the majority of these advisors truly think they're doing a good job, but how is that possible when evidence to the contrary is so readily available.

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          • #20
            I also do not love your financial advisor.

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            • #21
              Originally posted by goldenchimpy View Post
              Not that I would ever recommend this, but I'm always curious how it would go if someone sat down with an "advisor" and tore apart their little money making operation. Everyone always says that the majority of these advisors truly think they're doing a good job, but how is that possible when evidence to the contrary is so readily available.
              I tried for quite a while to discuss our differences with my former advisor/friend. I believe he thinks he is doing honorable work, and he cannot afford psychologically to believe otherwise. I realized that in the end there was no discussing the matter. The only way to get off the phone was to hang up.
              My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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              • #22
                Originally posted by goldenchimpy View Post
                Not that I would ever recommend this, but I'm always curious how it would go if someone sat down with an "advisor" and tore apart their little money making operation. Everyone always says that the majority of these advisors truly think they're doing a good job, but how is that possible when evidence to the contrary is so readily available.
                Good point. I wonder how many really believe vs toe the line. I wonder if an advisor who knows that it is wrong but does it anyway is better or worse at their job.

                I have ha similar wonderings about alternative medicine doctors.

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                • #23
                  Originally posted by Jstephens View Post
                  Hello. I am a newbie to the WCI forum. I am a PGY-3 orthopedic resident. Due to a relatively slow past several weeks due to covid, I have taken the opportunity to dive into researching and reading personal finance, etc. I have a financial advisor, one of my childhood friends. I cringe as I write this but his firm charges an AUM model and he has tried unsuccessfully to sell me whole life insurance in the past. Honestly, I don't think he was trying to trick me. I do believe he was taught that whole life is a good strategy...
                  I made it this far in your post before making up my mind.

                  Exit this relationship with all speed. Do not allow Mike to bring feelings into this, if he does your response is, "Mike I know you are upset and the fact that you are shows why we shouldn't be doing this, this was my mistake for asking me to help you with this stuff, sorry but I'm going to go a different way." Then wait a few weeks and ship him a bottle of bourbon with a hand written note.

                  The whole thing about having accounts with an FA is wildly overblown. You just email them and say you are going to move them. It isn't like they can hang on to them or anything.

                  On other threads people have suggested that when you are getting ready to Fire Your Financial Advisor (hmm where have i heard that?) that you should send them a letter stating that they no longer have permission to access or change your accounts. This has always struck me as a darn fine idea.

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                  • #24
                    Anytime “Friends & Family” become a factor in business decisions, someone gets shafted. Withdrawing your financial support should not damage your friendship. If it does, it was a childhood acquaintance. The business relationship is toxic and will damage your relationship. No choice.

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                    • #25
                      My friend was caught in a similar situation. In his case it was even worse and it was his BIL who managed all the funds.
                      My friend asked me what he should do, after finding the poor returns. I said a clean break is the best. He said what explanation is needed for the break since it will be coming out of the blue. Even though it is easy to say no explanations are needed, it is always good to have one handy. I told him to say that he now has more time and feels that he can manage it himself. That is it.
                      But be prepared for this usual comeback - You would not want me to operate on you as a financial advisor, so why would you want to manage money that is not your field of expertise. You can emphasize that you have the time and knowledge. If he does not stop and becomes pushy / nasty then state simply " my money, my wish to do as I please with it". And end the topic.

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                      • #26
                        One excuse is failsafe:
                        My spouse doesn’t want anyone else in our business. Sorry dude, nothing to debate.

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                        • #27
                          Originally posted by Kamban View Post
                          My friend was caught in a similar situation. In his case it was even worse and it was his BIL who managed all the funds.
                          My friend asked me what he should do, after finding the poor returns. I said a clean break is the best. He said what explanation is needed for the break since it will be coming out of the blue. Even though it is easy to say no explanations are needed, it is always good to have one handy. I told him to say that he now has more time and feels that he can manage it himself. That is it.
                          But be prepared for this usual comeback - You would not want me to operate on you as a financial advisor, so why would you want to manage money that is not your field of expertise. You can emphasize that you have the time and knowledge. If he does not stop and becomes pushy / nasty then state simply " my money, my wish to do as I please with it". And end the topic.
                          I used this approach. He kept saying “You are dissatisfied”. I said “No, I’m at a point where I want to manage it myself”. After repeating that several times, we agreed to speak in the future about how it went.
                          We never had that follow up conversation. I think he didn’t bring it up, because he didn’t want to hear that I felt better with the new arrangement. For me, no reason to bring it up. it wouldn’t have been an authentic conversation.
                          My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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