Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Reply to @Mindy: Hi, Mindy.... thanks for thinking of me. I've made a new post to let everyone know I'm still alive as I have such fond memories of everyone here at MFO - and am ashamed I haven't kept up more. Cathy
After this last June+ drop in all my bond funds due to the whisper of taper pullback and higher interest rates, it really did seem to confirm what most people said.... the 30 year bond bull market is over. Even though we have had a few respites here and there since then, the pull-out of tapering is inevitable... if not next year, then soon after (as long as the astonishingly stupid Congress faction doesn't destroy us all).
So, since my entire "crash course" knowledge was in Mutual Funds... especially the lowest volatility bond-type funds which I had the majority of our investments in... I felt it crucial in July to learn more about stocks and etf's (separately, and in relation to stock MFs), which is not a basic part of MFO discussions.
What a ride this has been. I switched from 80% bonds/20% stocks to now 70% stocks or stock funds and 30% bond funds. My portfolio has surged, and is getting close to what I feel is a good allocation (considering there is almost no diversity anymore). But what a shock to watch DAILY gains/losses of 1%-6% at some times for some stocks (especially before and after earnings reports - which, incidentally, seem to create buy/sell reactions totally in opposition to earnings like NFLX).
If fundamentals prevail, I fully expect a substantial downturn... any day now. But I've been expecting a crash for months now and found that logic, valuations, reasoning seem to have nothing to do with the market.
I agree with BobC. When I read that the guy was offering a Annuity product alarm bells started to ring in my head and it became lauder when I read the terms of the annuity product. If the guy has not offered those details outright, it is time to run away! He is not looking out for your best interest.
Run, don't walk away from this person.
(Update: I just noticed that this article was old. I hope you did not invest with this guy back then)
"I switched from 80% bonds/20% stocks to now 70% stocks or stock funds and 30% bond funds."
I think that is a big over-reaction. I feel you are trying to catch up and that is a dangerous game.
I personally maintained 60-70% allocation in the last 5 years. But, I am much younger and have around 2 decades to retirement (hopefully). I've got a lot of time to recover.
Perhaps I'm out of date (no surprise), but I thought Vanguard had the least costly annuities of the major firms, (This is the time for any posters with good recent data to advise me otherwise - I'm getting a bit old) and I was planning to use them whenever I finally decided I needed one.
If you have a large enough account, I think you can get some personal attention. Tough to trust the advice of anyone you haven't known for a long time, but I assume that young people at full service brokerages are 1) relatively inexperienced and 2) dependent on commission income.
My personal bias is that the market is near a short term top and bonds are horrible, so there is no financial rush to make a decision. Charles is 75% correct. Check out M* charts on PMHDX vs Whitebox before you go all in. If I didn't need the money too badly, I might put a good chunk into PMHDX and look at Grandeur Peak funds for the non US portion.
Raymond James is very expensive for a Roth that you may actively trade. They have a minimum of 70.00 per trade. I pay 7.99 for any amount in equities. Also their mutuals are all front and post loaded that eat up any profits. I have done very well in the ETF markets for income and growth with similar risk as my Raymond James mutual. Out of six mutual funds at Raymond James, four are highly touted, I have averaged a meager 4% with 100,000.
My mom had RJF for over 400k of her IRA. Honestly, the broker/dearler/advisor never had a idea that I could not have come up with on my own. He also charged at least 1.25% per annum. That on top of the ER for the funds. They did have some load waived MFs that are useful like the LW version of CAIBX. I moved her out to Trowe Price(2013) and have not been sorry. When she lost 50k in a private bank stock that his office offered (he was also on the bank's board) I never heard from him again. He sluffed her off to one of his associates. Oh by the was the FDIC is suing the board to recover 8-9million in fees, trips, salary for the board members. Not typical for a RJ advisor but I still have a bad taste in my mouth.
Raymond James is very expensive for a Roth that you may actively trade. They have a minimum of 70.00 per trade.
@2bwize11 : is that minimum $70 commission just to purchase a stock? Why so high? What if you research and choose the stock on your own, without a full service broker doing any work, is it still $70?
I think my opinion on "Investment Advisor" occupation is well documented. This profession needs to disappear. Certain things need to be done by oneself, or not done at all. We are not talking about performing open heart surgery on our friend here.
"Anyone who posts on MFO does not need to pay Edward Jones, Raymond James, etc."
I would say anyone who has FOUND MFO, needs to take couple of more steps, learn, and do it oneself.
If I have my story straight CathyG was the first MFO poster to mention PONDX (way back in April of 2011).
The following question that was posed by PSA: Name your Favorite Multi-Sector Bond Fund - Why? I've been very happy with PONDX (PIMCO Income D) and OSTIX (Osterweitz Strategic Income) - mainly because they have given decent returns with lower volatility for the category. CathyG CathyG April 2011 in Fund Discussions
There have been many posters since who have become Pimco Income fans...thanks for bringing this fund to our attention.
We are ready for another reccommendation when ever you are.
I had two Raymond James accounts. Closed one and they left $0.35 in the account with their miscalculation and sent me statements in the mail monthly for over a year costing $0.79 in postage only. I finally informed them of the situation. Next, I decided to close the other account with the all the waste I witnessed personally. They could not get the amount correct and had to issue three different checks. This went on for some time. Finally they attached a penalty to the last check which I tried to contest much to my dismay. Their comment was ...it is a new fee to close the account.
Just IMO & confirm the following with any Firm you inquire to want to Hire: First of all as for buying any Ins. Products? Get at least a 2nd and 3rd Opinon, preferably from your own Ins. Agent and be very skeptical .. They are the #2 most Profitable Sales Item for Businesses. many pay 10% Commission to the Agent selling them.. and another 1% yr thereafter.. Thus why they push them so much ! I tell them, If I want an Insurance agent I'll use the one I have for over 20+ yrs thank you..
After Serving the Financial Industry ( and Several Firms , Including RJ ) thru my Limo business in Both Chicao and Boston for over 30 yrs and now Retired..
1- Understand, if they are a Franchise Business that like other Franchises, are Controlled and guided by the Franchisor ( Corp Office) and while may give individual Offices/Franchises some leaway, so that Your Investing your $ into Individual running is, at best 33% True, the other 66% is Controled by what Corp. Says they have to follow..
2- They are no Different in running their franchise type Office any Differently that a Mutual Fund store or EJ, etc.. They all have guidelines to adhear too by " Corporate".. and Depending on your account size, you may get a new Apprentice to one of the Senior Partners running that Office/Franchise.. but, all being Supervised by The Owenrs & Corporate..
3-Your 'Assigned Advisor Will Come and Go , Don't expect them to be with you ForeverMore.. and depending on your Account Size, their Replacement can be one of the Senior to New staff taking your account over, but again, Under the Guidence of the Franchise Owner(s) and 'Corporate'..
4- and you would be wise to be Frank with them, upfront and in informing them, while you have to disclose All your Assets to Determine your Investing plans, your only going to give them either (a) Their Min. Amt. Required to Open an Account or (b) a max of 25%, whichever is less for at least the 1st 3-5 yrs and/or until They Prove themselves Worthy to trust them with More of your hard Earned $.. " Talk is cheap, actions tell you who they really are and only time will prove that, right? "
5- As for these Message Board, always expect that at least 75% or more advisors have good intentions and are very Experienced and Manage their Own $ and don't use WMF's and thus have No Knowledge of what they could have Been & having one do at least 50% of their Decisions..
And , Like you do when evaluating Mutual Funds & Investment Mgmtn. Firms, unless they are willing to Share where their $ has been for the past 7,10 & 15 yrs to back themselves Up? I'd be very skeptical of following their Suggestions and Advice where to Put your $.. DYOR and then Get In Person Advice from people you Know that have been as or more Successfull doing what you have and want to do , then wait at least 3 mos., before Investing or making any changes with your $ .
6-Personally? I WOULD Recommend RJ if at least 1 of the Min of 3 WMF you want to Ck into and be honest with them all upfront .. of what your doing, ( Comparison Shopping)
and if you have Portfolio's? Bring or send them copies of their history and performance to Let them Know your not Some Rookie at this investing Game.. as well as Informing them your Law Firm that does Family ( & Co.) Business and a CPA firm that does your Taxes and other things will also have to sign off using them as well..
Do you have a Law Firm and CPA firm ? If not? Why not? my CPA firm I've used for over 20+ yrs ( and Now in Retirement ) ave about $500 yr to do my taxes..= Chump change and never been Audited and to me, that is my #1 Priority doing taxes..( I've Been audited in my early yrs in my business and its a Nightmare! )
If the CPA Firm you use has a Good Reputation with IRS? It can make a Big Difference..
Inclosing> I've Owned some of RJ Stock for yrs now and Only because, they were ( and still are) the Financial firm of the Owners of the Limo Co. I was with .. Then again, they Opened up an account with them to get them as a Co. Client to serve them and other Wealthy Clients & Co.'s they have.. And that stock has been Free $ to me for yrs and the only reason I kept it and let it ride on its own.. I think its about 5% of my Tot Assets as of last yr.. And Opptimistically? Will also be Passed Onto my Heirs and up to them wether to Cash it in or keep it ..They, all being Richer than I ever was at their age and their nice Over paid Jobs and Pensions, don't need the $.. Both Living in the "Beverly Hills of the Midwest" ( NorthShore or Chicago).. and R Yuppies as well ! ( and their Neighborhoods/Assoc. Don't allow owners to Mow their own lawns, it all is done by the Assoc. Landscapers ! Its Disgusting !
@MFO Once again Ted the cyberbully strikes, attacking fellow MFO members--CathyG and Limoman--and imperiously deciding what should or should not be discussed.
@MFO Members: Edit ! My four worst nightmares, CathyG, Limoman from M* Discussion Board, Lewis Braham and a three year old thread. May it rest in peace. Regards, Ted
Can't comment about another person's nightmares; don't know "Limoman" or their writings/thoughts (except this recent post, which is not much related to Raymond James), but I don't understand the malice towards CathyG.
Trying to think of a subject or person here not subject to attack.
I'll use B.B. King's lyric of: "The Thrill is Gone" ,as a summary.
As a regular reader who rarely posts, I have to speak up and say that I respect and admire CathyG; I have learned and profited from reading her thoughtful questions and the responses they elicit from several of the really helpful posters who have taken time to think, analyze, and provide good answers and suggestions for the issues that she has raised. MFO is (IMHO) a forum where a lot of good information and good suggestions are proposed and discussed by people with typical, average investment issues and a sub-group (no names here!) who are mostly not professionals, but are unusually experienced and well informed and willing to offer opinions and suggestions that are meant as fodder for further examination and thus exceptionally useful for the reasonably bright individual to pursue. Cathy is surely an example of such a questioner, and she is willing to stand up and ask questions in open forum. Many of her questions have been peripheral to my own situation, but some are not, and I have been most grateful to see them brought to the fore and have been most appreciative of the thoughtful answers that she received, and have used them to research some of my own issues. Her courtesy, modesty, and willingness to learn and have been exemplary, and I frankly have little to say to those who have made offensive remarks..
As a part -- however modest -- of MFO, and one who has recommended it to many friends, I have appreciated the absence of snark & 1-up-manship and the willingness of the community to accept newcomers who are courteous with corresponding courtesy. Having lurked around for quite a while, I know a little bit about Ted. I have always admired the time & (wee-hours) effort he has invested in combing the net for a wide range of references. I also suspect that I am at least the same age, if not older -- but -- I am also a female, who at 17 stepped into a totally male environment as a freshman engineer, back in the early 50's. That environment persisted for the next few decades as women slowly entered the engineering field. Don't know Ted's background, but I hope that vestiges of 50's & before is not the backstory that propels his comments about Cathy. Back then it took courage for a girl to stand up & ask a question that just "might" sound dumb, but you had to learn to do it, because the guys did it too, & they didn't just shrink back into the closet -- they kept on asking. I doubt that Ted really faced that environment as I did.
So -- good for Cathy -- and Ted -- I appreciate both of your special contributions -- however different -- Cathy's well-thought out questions and willingness to ask, as well as the many well-thought-out responses that her posts evoked -- and Ted's daily news-survey and loyalty, but -- hey -- sometimes you need to just ignore what threads you don't want to read or comment on -- and that's both a privilege AND a responsibility.
OK this is too long already, but I hope that it expresses my appreciations for the specialness of two important contributors -- and how important it is to have them both.... CathyG and Ted...
Limoman appears to be a long-winded (greatly in excess of 40 words) version of tb. Perhaps they were schoolmates, as their writing style is, to say the least, distinctive.
I really agree with icyone's comments, above. I also appreciated Cathy G's questions and feedback informing us of her decisions. Ted.. well, yes, Ted is Ted, and there's only one of him...mumble.. mumble..
Limoman appears to be a long-winded (greatly in excess of 40 wordks) version of tb. Perhaps they were schoolmates, as their writing style is, to say the least, distinctive.
@hank- Speaking of school, you remind me of the guy who never got in trouble himself, but was always making great suggestions to dummies like me that got me in the trouble.
@ MFO Members: If my memory is correct, after a number of very, very, very, long-winded messages, I recommend that Cathy seek professional advice regarding her mother. I told her that she should be careful about taking financial advise for nameless, faceless strangers on the internet. Instead she would ask even more detailed question followed by well meaning MFO's answers that brought more question on infinatum. I won't mince any more words Cathy to me was nothing more than a pest. And what did those MFO members who reached out to here get a long, long absence before she reappeared. Time to close this thread !!! Regards, Ted
But, I'd agree there should be some time limit to threads. Kathy and all the others in the thread were, I presume, real humans with real feelings. Some seem to have moved on and haven't posted in a year's time. I don't think it's fair to pull-up and critique comments they made so long ago when they're no longer here to defend themselves or dish it back out.
Not all of us are hardened internet posters. In general, I would agree that it might have been preferable for Cathy to start a new thread, mentioning the previous (and some sites save things forever & some preserve only a brief lifetime) rather than specifically resurrecting the old, but that is a side issue, not her main content. She raised new questions, so fine, let the thread spin forward and stop complaining because she referenced a connection with the past.
As for her questions and those who chose to answer, at length or otherwise: on the internet, nobody MAKES you read ANYTHING. I read what I choose, and skip a lot. Even (dare I say it) on MFO!
Comments
Regards,
Ted
After this last June+ drop in all my bond funds due to the whisper of taper pullback and higher interest rates, it really did seem to confirm what most people said.... the 30 year bond bull market is over. Even though we have had a few respites here and there since then, the pull-out of tapering is inevitable... if not next year, then soon after (as long as the astonishingly stupid Congress faction doesn't destroy us all).
So, since my entire "crash course" knowledge was in Mutual Funds... especially the lowest volatility bond-type funds which I had the majority of our investments in... I felt it crucial in July to learn more about stocks and etf's (separately, and in relation to stock MFs), which is not a basic part of MFO discussions.
What a ride this has been. I switched from 80% bonds/20% stocks to now 70% stocks or stock funds and 30% bond funds. My portfolio has surged, and is getting close to what I feel is a good allocation (considering there is almost no diversity anymore). But what a shock to watch DAILY gains/losses of 1%-6% at some times for some stocks (especially before and after earnings reports - which, incidentally, seem to create buy/sell reactions totally in opposition to earnings like NFLX).
If fundamentals prevail, I fully expect a substantial downturn... any day now. But I've been expecting a crash for months now and found that logic, valuations, reasoning seem to have nothing to do with the market.
I agree with BobC. When I read that the guy was offering a Annuity product alarm bells started to ring in my head and it became lauder when I read the terms of the annuity product. If the guy has not offered those details outright, it is time to run away! He is not looking out for your best interest.
Run, don't walk away from this person.
(Update: I just noticed that this article was old. I hope you did not invest with this guy back then)
I personally maintained 60-70% allocation in the last 5 years. But, I am much younger and have around 2 decades to retirement (hopefully). I've got a lot of time to recover.
If you have a large enough account, I think you can get some personal attention. Tough to trust the advice of anyone you haven't known for a long time, but I assume that young people at full service brokerages are 1) relatively inexperienced and 2) dependent on commission income.
My personal bias is that the market is near a short term top and bonds are horrible, so there is no financial rush to make a decision. Charles is 75% correct. Check out M* charts on PMHDX vs Whitebox before you go all in. If I didn't need the money too badly, I might put a good chunk into PMHDX and look at Grandeur Peak funds for the non US portion.
Anybody offering a VA is not to be trusted.
What if you research and choose the stock on your own, without a full service broker doing any work, is it still $70?
"Anyone who posts on MFO does not need to pay Edward Jones, Raymond James, etc."
I would say anyone who has FOUND MFO, needs to take couple of more steps, learn, and do it oneself.
The following question that was posed by PSA:
Name your Favorite Multi-Sector Bond Fund - Why?
I've been very happy with PONDX (PIMCO Income D) and OSTIX (Osterweitz Strategic Income) - mainly because they have given decent returns with lower volatility for the category.
CathyG CathyG April 2011 in Fund Discussions
There have been many posters since who have become Pimco Income fans...thanks for bringing this fund to our attention.
We are ready for another reccommendation when ever you are.
First of all as for buying any Ins. Products? Get at least a 2nd and 3rd Opinon, preferably from your own Ins. Agent and be very skeptical .. They are the #2 most Profitable Sales Item for Businesses. many pay 10% Commission to the Agent selling them.. and another 1% yr thereafter.. Thus why they push them so much ! I tell them, If I want an Insurance agent I'll use the one I have for over 20+ yrs thank you..
After Serving the Financial Industry ( and Several Firms , Including RJ ) thru my Limo business in Both Chicao and Boston for over 30 yrs and now Retired..
1- Understand, if they are a Franchise Business that like other Franchises, are Controlled and guided by the Franchisor ( Corp Office) and while may give individual Offices/Franchises some leaway, so that Your Investing your $ into Individual running is, at best 33% True, the other 66% is Controled by what Corp. Says they have to follow..
2- They are no Different in running their franchise type Office any Differently that a Mutual Fund store or EJ, etc.. They all have guidelines to adhear too by " Corporate".. and Depending on your account size, you may get a new Apprentice to one of the Senior Partners running that Office/Franchise.. but, all being Supervised by The Owenrs & Corporate..
3-Your 'Assigned Advisor Will Come and Go , Don't expect them to be with you ForeverMore.. and depending on your Account Size, their Replacement can be one of the Senior to New staff taking your account over, but again, Under the Guidence of the Franchise Owner(s) and 'Corporate'..
4- and you would be wise to be Frank with them, upfront and in informing them, while you have to disclose All your Assets to Determine your Investing plans, your only going to give them either (a) Their Min. Amt. Required to Open an Account or (b) a max of 25%, whichever is less for at least the 1st 3-5 yrs and/or until They Prove themselves Worthy to trust them with More of your hard Earned $.. " Talk is cheap, actions tell you who they really are and only time will prove that, right? "
5- As for these Message Board, always expect that at least 75% or more advisors have good intentions and are very Experienced and Manage their Own $ and don't use WMF's and thus have No Knowledge of what they could have Been & having one do at least 50% of their Decisions..
And , Like you do when evaluating Mutual Funds & Investment Mgmtn. Firms, unless they are willing to Share where their $ has been for the past 7,10 & 15 yrs to back themselves Up?
I'd be very skeptical of following their Suggestions and Advice where to Put your $..
DYOR and then Get In Person Advice from people you Know that have been as or more Successfull doing what you have and want to do , then wait at least 3 mos., before Investing or making any changes with your $ .
6-Personally? I WOULD Recommend RJ if at least 1 of the Min of 3 WMF you want to Ck into and be honest with them all upfront .. of what your doing, ( Comparison Shopping)
and if you have Portfolio's? Bring or send them copies of their history and performance to Let them Know your not Some Rookie at this investing Game.. as well as Informing them your Law Firm that does Family ( & Co.) Business and a CPA firm that does your Taxes and other things will also have to sign off using them as well..
Do you have a Law Firm and CPA firm ? If not? Why not? my CPA firm I've used for over 20+ yrs ( and Now in Retirement ) ave about $500 yr to do my taxes..= Chump change and never been Audited and to me, that is my #1 Priority doing taxes..( I've Been audited in my early yrs in my business and its a Nightmare! )
If the CPA Firm you use has a Good Reputation with IRS? It can make a Big Difference..
Inclosing> I've Owned some of RJ Stock for yrs now and Only because, they were ( and still are) the Financial firm of the Owners of the Limo Co. I was with .. Then again, they Opened up an account with them to get them as a Co. Client to serve them and other Wealthy Clients & Co.'s they have.. And that stock has been Free $ to me for yrs and the only reason I kept it and let it ride on its own.. I think its about 5% of my Tot Assets as of last yr.. And Opptimistically? Will also be Passed Onto my Heirs and up to them wether to Cash it in or keep it ..They, all being Richer than I ever was at their age and their nice Over paid Jobs and Pensions, don't need the $.. Both Living in the "Beverly Hills of the Midwest" ( NorthShore or Chicago).. and R Yuppies as well ! ( and their Neighborhoods/Assoc. Don't allow owners to Mow their own lawns, it all is done by the Assoc. Landscapers ! Its Disgusting !
Hope that helps! ;-0)
Regards,
Ted
Regards,
Ted
Trying to think of a subject or person here not subject to attack.
I'll use B.B. King's lyric of: "The Thrill is Gone" ,as a summary.
Time to say goodbye, Catch.
Okay.
Goodbye
"All I really Need to Know I Learned in Kindergarten"
http://www.peace.ca/kindergarten.htm
As a part -- however modest -- of MFO, and one who has recommended it to many friends, I have appreciated the absence of snark & 1-up-manship and the willingness of the community to accept newcomers who are courteous with corresponding courtesy. Having lurked around for quite a while, I know a little bit about Ted. I have always admired the time & (wee-hours) effort he has invested in combing the net for a wide range of references. I also suspect that I am at least the same age, if not older -- but -- I am also a female, who at 17 stepped into a totally male environment as a freshman engineer, back in the early 50's. That environment persisted for the next few decades as women slowly entered the engineering field. Don't know Ted's background, but I hope that vestiges of 50's & before is not the backstory that propels his comments about Cathy. Back then it took courage for a girl to stand up & ask a question that just "might" sound dumb, but you had to learn to do it, because the guys did it too, & they didn't just shrink back into the closet -- they kept on asking. I doubt that Ted really faced that environment as I did.
So -- good for Cathy -- and Ted -- I appreciate both of your special contributions -- however different -- Cathy's well-thought out questions and willingness to ask, as well as the many well-thought-out responses that her posts evoked -- and Ted's daily news-survey and loyalty, but -- hey -- sometimes you need to just ignore what threads you don't want to read or comment on -- and that's both a privilege AND a responsibility.
OK this is too long already, but I hope that it expresses my appreciations for the specialness of two important contributors -- and how important it is to have them both.... CathyG and Ted...
Regards,
Ted
But, I'd agree there should be some time limit to threads. Kathy and all the others in the thread were, I presume, real humans with real feelings. Some seem to have moved on and haven't posted in a year's time. I don't think it's fair to pull-up and critique comments they made so long ago when they're no longer here to defend themselves or dish it back out.
-
@OJ - Right on Sir. An absolute Cherub.
As for her questions and those who chose to answer, at length or otherwise: on the internet, nobody MAKES you read ANYTHING. I read what I choose, and skip a lot.
Even (dare I say it) on MFO!