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I use to have two good ones. I now have one (old school type) since I lost the other one due to retirement a few years back. I did not have good chemistry with the successor broker (new school type) and with this I moved everything to the one I currently have. My concern is that he will soon retire (couple years). With this, I am now looking for a good second old school type seasoned broker that possesses independent thought. The newer ones today want to sell you on their firms managed account program. It seems they like the awarness, knowledge and wisdom that most of the old school brokers have. I am finding the old school type brokers are getting harder and harder to find. So I am still looking for a good middle aged old school type second broker to split some assets off too and then perhaps take over everything when my primary broker retires in a couple of years. I am not interested in managed accounts!
I have done well running mostly a conserative portfolio through my fund sleeve methodology consisting of mostly category leader funds that has provided portfolio returns in the 16.5% annualized range for the past five years. This has bettered some of the managed account programs that the new age brokers want to sell me. Some of their models (based upon my risk tolerance) have only generated around 10.5% annualized returns over the same five year period with similar allocations to my portfolio.
My comment ... Justfiy why should take a pay cut? Needless to say I did not buy and don't plan to.
So, I am still looking for the middle aged old school type broker that has independent investment thought and capacity! In short words ... Good Knowledge and Wisdom that comes from experience. And not the patend answer type found with most of the new age brokers.
Reply to @Old_Skeet: For your information. How many Advisors does it take to change a light bulb, three, one to hold the bulb, and two to turn the ladder. Regards, Ted
My RIA stories. Back in 1999, my friend and his wife (in their early 60s then) put all their retirment monies in several tech funds. Their advisor was well known in the local community - a mid size western town. She was always being quoted in the local papers and on local TV. Once the tech bubble burst, she told my friend don't worry be happy, stocks always come back. Sadly my friend and his wife eventually threw in the towel and lost more than half their retirement nest egg. Even more sadly, my friend is now deceased.
My ex wife developed some serious health issues even though she was still able to work. Her advisor (her best friend's husband and never a good match for selecting an advisor) put all her retirement monies in stocks. I never agreed with that one thinking she needed to more more conservative (can you say bonds) She didn't need a 100% equity portfolio based on her age and especially her health. But bonds were foreign to him apparently and my ex lost a ton in 2008 and to this day has barely recovered financially because some of that equity exposure was in foreign and emerging markets.
Edit: My ex's advisor also wanted to put her in some type of illiquid real estate investment. That was when I finally put my foot down.
Comments
Anyone here know or use this one?
I have done well running mostly a conserative portfolio through my fund sleeve methodology consisting of mostly category leader funds that has provided portfolio returns in the 16.5% annualized range for the past five years. This has bettered some of the managed account programs that the new age brokers want to sell me. Some of their models (based upon my risk tolerance) have only generated around 10.5% annualized returns over the same five year period with similar allocations to my portfolio.
My comment ... Justfiy why should take a pay cut? Needless to say I did not buy and don't plan to.
So, I am still looking for the middle aged old school type broker that has independent investment thought and capacity! In short words ... Good Knowledge and Wisdom that comes from experience. And not the patend answer type found with most of the new age brokers.
Old_Skeet
Regards,
Ted
My ex wife developed some serious health issues even though she was still able to work. Her advisor (her best friend's husband and never a good match for selecting an advisor) put all her retirement monies in stocks. I never agreed with that one thinking she needed to more more conservative (can you say bonds) She didn't need a 100% equity portfolio based on her age and especially her health. But bonds were foreign to him apparently and my ex lost a ton in 2008 and to this day has barely recovered financially because some of that equity exposure was in foreign and emerging markets.
Edit: My ex's advisor also wanted to put her in some type of illiquid real estate investment. That was when I finally put my foot down.
Hey, you for got one ... the supervisor. Now that makes four.