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How has your financial advisor done?

Old 11-24-2008, 09:06 AM
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Default How has your financial advisor done?

Those with financial advisors how did they do? Did they warn you about a pending crash and advise you to pull out some money back in 2007? Did they call you when the market was crashing, take your temperature and tell you they suspect there are going to be great buying opportunities? Did they tell you to spread some of you cash around between banks in case the bank failed? Did they advise you to take you money out when the market first started crashing, sit on the sidelines for a while and get back in as the markets start to go back up? Did they tell you to continue to dollar cost average and essential do nothing?

If you got good advise was it from a large investment house or an independent guy?
Old 11-24-2008, 09:41 AM
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Default Re: How has your financial advisor done?

Yes, he warned me shortly after the firt small drop. I bailed out prior to the real big drops.

I have a small new 401k account (under 30k), he had nothing to do with this one, I took the chance, now I hope that dollar cost average stuff works.
Old 11-24-2008, 10:04 AM
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Default Re: How has your financial advisor done?

Yeah..He sucks. Told me back in Jan to "ride it out". He saw nothing coming. Now my 401k is half of what it was.

Way to go dude.
Old 11-24-2008, 10:08 AM
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Default Re: How has your financial advisor done?

Mine went bankrupt.LOL
Old 11-24-2008, 10:14 AM
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Default Re: How has your financial advisor done?

Yeah, holdings are about half of what they were. Only consolation is that he gets paid on percentage of my holdings, so he's screwed too.
Old 11-24-2008, 10:18 AM
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Default Re: How has your financial advisor done?

fishingfun - 11/24/2008 1:08 PM

Mine went bankrupt.LOL
DOH!

My guy basically did nothing. 1 year ago he called to tell me banking stocks were at very attractive prices and urged me to buy in. Nope, would not, did not.

February of 2008 I got a little nervous and told him to stop putting money into the investments but no other changes were made other than me taking some money away from him so I could do self directed trading again. When the market crashed (continues to do so) no changes were made, and he called to say things looked attractive.

I took some money from my retirement plan (cash) and moved it into a self directed account. It's done ok so far. My self directed regular account has done very well BUT even I'll admit it was nothing but luck and being in the right place at the right time.

As I look back he appears to be nothing more than a mutual fund salesman who really does not understand the market.
Old 11-24-2008, 10:18 AM
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Default Re: How has your financial advisor done?

come on, just because they tell you to ride it out, doesn't mean they suck.
Mine is putting up a good front, but secretely is hiding under her desk in the fetal position!

Picture our world if every advisor advised to bail out in August, and all clients bailed out!

Not how it works.

Old 11-24-2008, 10:21 AM
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Default Re: How has your financial advisor done?

Mike Boehler - 11/24/2008 1:18 PM

come on, just because they tell you to ride it out, doesn't mean they suck.
Mine is putting up a good front, but secretely is hiding under her desk in the fetal position!

Picture our world if every advisor advised to bail out in August, and all clients bailed out!

Not how it works.
I'm not looking for info on how high or low the ROI is/was but would like to know if any of these guys could see it coming. And what advice they offered once things started to tank. I guess every situation is different with respect to investors age, income, debt....
Old 11-24-2008, 10:32 AM
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Default Re: How has your financial advisor done?

Like most other advisors, mine is telling me that you need to buy while things are on sale. The best can't predict the bottom, but the best will tell you not to sell low and buy high. Kinda like selling your portfolio to buy gold! Not such a good idea. To answer your question, I guess mine is telling me to dollar cost average, as usual.
Old 11-24-2008, 10:36 AM
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Default Re: How has your financial advisor done?

I sat down with mine over a year ago and he told me to stay put. As I'm young and have 30+ years until I need the cash, I figure I'm getting a bargain right now.
Old 11-24-2008, 10:43 AM
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Default Re: How has your financial advisor done?

I don't think mine has ever called me. I suppose because I'm 32 and don't have hundreds of thousands with him - yet. It's amazing how many advisors you talk to that won't work with you unless you have tons of money.
Old 11-24-2008, 10:59 AM
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Default Re: How has your financial advisor done?

A relative put over $150K worth of equity from the sale of his house in a stock-funded growth fund last May on the advice of his financial advisor. He has lost over $35K right now. He wanted to purchase some property a couple of weeks ago, but can't touch it due to the loss that he would incur if he did.
I told him to give me the name of his planner so I would know who not to call......
Old 11-24-2008, 11:26 AM
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Default Re: How has your financial advisor done?

Mike Boehler - 11/24/2008 1:18 PM come on, just because they tell you to ride it out, doesn't mean they suck. Mine is putting up a good front, but secretely is hiding under her desk in the fetal position! Picture our world if every advisor advised to bail out in August, and all clients bailed out! Not how it works.


It tell sme that 1)I'm more concerned about my money than he is, and 2) that if I'm looking for any advice to make money (rather than just lose it) that I shouldfind it myself.

All he says is that "I'm losing money too". Is that supposed to make me feel better that I've lost half my retirement in the 12-14 months?

I really feel like a gambling addict now with my 401k. I'm afraid to pull out in order to not lock in my losses, so i just keep buying in hopes that "one day it will turn around".
Old 11-24-2008, 01:01 PM
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Default Re: How has your financial advisor done?

I'm curious as to how many of you are working with a broker-dealer and how many are working with a registered investment advisor?
I'm also curious how many of you know the difference between the two?
Old 11-24-2008, 01:03 PM
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Default Re: How has your financial advisor done?

My father had almost 100% of his retirement in stocks and he has been retired for about 5 years. Last year I talked him into moving most of his stuff into fixed acounts so he knew it was safe. Wow, he got lucky. This is true for anyone who is near to retiring. You need to move that money so you know it will be there when you need it most. He did leave some in the market but he could afford to loose that money. He firured he would have lost around $300,000 if it was still in the market. I know it will come back but if your retired you don't have a bunch of time to wait around.
Old 11-24-2008, 01:16 PM
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Default Re: How has your financial advisor done?

Not so good. Negative 100k plus to date. I am married to her. She is a strong Serbian woman though...I imagine she could swing a mean sickle in the fields well into her 80's. She makes a great Moussaka too. If only I could teach her how to fish and hunt.




Old 11-24-2008, 01:21 PM
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Default Re: How has your financial advisor done?

Good question Sheila. Answer: a broker is not legally obligated to act in your best interest. A registered investment advisor is leagally charged with acting in your best interest.

Is that the right answer?
Old 11-24-2008, 01:51 PM
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Default Re: How has your financial advisor done?

Ludicrous, good one! LOL! Plus, she is legally obligated to you until death do you part.

BottomPicker, I learned a little something today, thanks to all!
Old 11-24-2008, 02:26 PM
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Default Re: How has your financial advisor done?

Where's Sal?
Old 11-24-2008, 02:31 PM
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Default Re: How has your financial advisor done?

I got jumpy a couple of years back and put most of investments into rental properties. While they are probably not worth what they were a couple of years ago the rent has not chaged. I guess with the amount of foreclosures there are plenty of renters on the market.

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