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Non-Tech : Kirk's Market Thoughts
COHR 154.52-3.0%Nov 7 9:30 AM EST
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To: Jerome who wrote (5810)5/25/2018 11:13:39 AM
From: Kirk ©1 Recommendation

Recommended By
Jerome

   of 26439
 
The mistake was hiring a crook, not a fiduciary or fee only adviser that charges by the hour.
The new advisor promptly sold off all the fidelity holdings and put 100K into an annuity paying 4%. There was no exiting that annuity without large penalties . The balance went into load mutual funds of his choice.
There was also an $1800 dollar fee for administrative purposes.
Sadly, too many do this and prefer to have their hands held than to learn to do it themselves.

I've told people for decades that they can probably outperform 95% of "advisers" they pay for to manage their money by just following one of my core portfolios where they only have to rebalance the Vanguard index funds or ETF equivalents and FDIC savings vehicles once a year... or add new money in such a way as to keep moving towards my target allocation. Some listened and are huge fans... while most fall for the slick marketing of the multi billion industry that gets new suckers, er clients with free dinners at fancy steak houses that is paid for by the fees you mention.

Obama was smart to require anyone advising about retirement funds to act as a fiduciary as that is basically a requirement they don't cheat the clients by offering products known to under perform.... Sadly, I think Trump eliminated this requirement thus us who save will be on the hook to take care of the suckers who give up their great returns to the crooks.
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