again the can't stop won't stop and the money printing thesis I
get that and there's some merit to it. But is not a trading plan
strategy. I worry sometimes that statements like that cause a false
sense of security for novices who might be here who then decide
they don't need stops or exit plans because they now think the
market will always go up no matter what. Correlations work
for a long time until they don't. When the economy implodes or a
strong recession there will be a strong correction. Otherwise why
not just shut down BPT, tell everyone to hold every long, never
worry about any dip because it will always go up - that's not a
strategy
well...LOL that's the strategy of places like Edward Jones
(where my brother has his money for some reason won't listen to me
LOL) all they do is buy a basket of things and rebalance - I told
Jeff, man you can do that yourself and save the 1.5% fees - they do
no market timing why pay the fees.
I call places like Edward Jones the 'Walmart of Investment
Advisors' LOL. the quality of their service sucks. And I don't see
how they can call themselves a fiduciary. A fiduciary is supposed
to place your funds in the best instruments for you and with the
lowest costs, NOT in things that make them the most commission.
Case in point - my brother had my mom put in money in AG Edwards
against my choice, and they put her money into an annuity - not an
indexed annuity that doesn't drop in down years, but in a variable
annuity - during 2022 her account was down 28%, it's now back up -
however that damn annuity has her money locked up for 7 years with
something like an 8% penalty if you take they money out.
The broker got a big fat commission check for doing that. The
annuity they put her in is a loaded fund and only A rated - when
there's other annuities that are AAA rated with NO load and NO lock
in period exit fees - hence he's NOT a fiduciary - he did that for
the big fat commission!
I got into a huge yelling match with the guy when I found out-
maybe I should have recoded to play for you guys LOL
the Walmart of Investment Advisors, that is classic!!!
.......lol yes annuities should be outlawed. in a
previous position my boss wanted me and another co-worker to get
our license to sell annuities and we both said no....i left the
company not too long afterwards....
Posted by DigiNomad on 12th of Jun 2024 at 02:28 pm
I had a relative recently ask me to review an annuity offer they
had for over 8% annually, for life. I was blown away at first.
Then I realized we're talking about a couple in their mid
80's. Haha. Well, they might get the last laugh because they
have longevity on their side bigtime and are in perfect health
still (the offeror is obviously playing the numbers and offering
them a larger than normal rate during their lifetimes...because
they figure it's almost over).
Posted by DigiNomad on 11th of Jun 2024 at 11:52 am
You're not going to get an argument from me. I left Merrill many
years ago because they wouldn't allow me to trade or do much
analysis. The focus was 100% on bringing in new money and the
quarterly targets are no joke. They are happy to show you the door
if missing targets and keep your clients because of the NCA's you
sign when onboarding...with a friendly smile, of course.
Here's a good test when working with an advisor - ask them if
they will set stop loss orders for you. Many won't and can't.
They'll tell you it's a bad idea, but it's just impossible for most
of them to have that level of involvement in portfolios and still
achieve sales targets.
Posted by DigiNomad on 12th of Jun 2024 at 02:16 pm
Very few fiduciary advisors will touch a sub 50k account.
Most have minimums around 500k. If they do make an
exception, give them a break if they don't call you a lot and won't
execute BPT's STS strategy on your portfolio while you sit at the
pool. Have 5 million? Then yes, you are starting to enter the
territory where you can make requests like that (but the answer
will still mostly be no). It just doesn't make sense for an advisor
to spend personalized time on a 50k portfolio when charging .5% to
1.5% AUM fee...he/she would do much better working at a California
McDonalds.
Non fiduciary advisors will scoop up the 50k accounts though.
They mostly just stick everyone in a vanilla portfolio and move on
the the next sale.
Posted by DigiNomad on 11th of Jun 2024 at 11:27 am
Hard to sell annuities and/or life insurance products and still
call yourself a fiduciary. I know some of my fellow CFP's do it,
but I don't understand how they navigate the grey area. Am I
qualified to sell annuities and life insurance products and
do I still take the annual CE required to sell these
products? Of course. But it seems pretty clearly not a grey area by
my interpretation of the fiduciary rules. However, like most things
in finance, it's a self certifying, self policing type of thing
(unless someone makes a complaint...then it gets real).
As far as can't stop, won't stop - it has worked for the
better part of 15 years now. It's been so long that most working
don't have any memory of the lost decade that came before the money
printing ramp. And now, our leaders have taken away the Gov's
credit limit and neither side indicates any urge to slow down...in
fact, the talk is about accelerating spending. So, it has been
different this time....and I think it might continue to be
different. They are enriching the rich and destroying the middle
class...and the masses are cheering them, oblivious to what's
really going on. All we can do is buy as much as possible and hope
we have enough assets accumulated to keep up with the madness. If
you're just starting out without a pile of assets to play the game,
it's going to be very tough to both accumulate and keep pace with
the debasement.
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Can't stop won't stop ....
SPX 10m ...
Posted by mla127 on 11th of Jun 2024 at 11:06 am
Can't stop won't stop .... buy like your life depends on it ... lol
again the can't stop won't
Posted by matt on 11th of Jun 2024 at 11:18 am
again the can't stop won't stop and the money printing thesis I get that and there's some merit to it. But is not a trading plan strategy. I worry sometimes that statements like that cause a false sense of security for novices who might be here who then decide they don't need stops or exit plans because they now think the market will always go up no matter what. Correlations work for a long time until they don't. When the economy implodes or a strong recession there will be a strong correction. Otherwise why not just shut down BPT, tell everyone to hold every long, never worry about any dip because it will always go up - that's not a strategy
well...LOL that's the strategy of places like Edward Jones (where my brother has his money for some reason won't listen to me LOL) all they do is buy a basket of things and rebalance - I told Jeff, man you can do that yourself and save the 1.5% fees - they do no market timing why pay the fees.
I call places like Edward Jones the 'Walmart of Investment Advisors' LOL. the quality of their service sucks. And I don't see how they can call themselves a fiduciary. A fiduciary is supposed to place your funds in the best instruments for you and with the lowest costs, NOT in things that make them the most commission.
Case in point - my brother had my mom put in money in AG Edwards against my choice, and they put her money into an annuity - not an indexed annuity that doesn't drop in down years, but in a variable annuity - during 2022 her account was down 28%, it's now back up - however that damn annuity has her money locked up for 7 years with something like an 8% penalty if you take they money out.
The broker got a big fat commission check for doing that. The annuity they put her in is a loaded fund and only A rated - when there's other annuities that are AAA rated with NO load and NO lock in period exit fees - hence he's NOT a fiduciary - he did that for the big fat commission!
I got into a huge yelling match with the guy when I found out- maybe I should have recoded to play for you guys LOL
anyway stuff like that pisses me off to no end
the Walmart of Investment Advisors,
Posted by morton7 on 12th of Jun 2024 at 02:24 pm
the Walmart of Investment Advisors, that is classic!!! .......lol yes annuities should be outlawed. in a previous position my boss wanted me and another co-worker to get our license to sell annuities and we both said no....i left the company not too long afterwards....
I had a relative recently
Posted by DigiNomad on 12th of Jun 2024 at 02:28 pm
I had a relative recently ask me to review an annuity offer they had for over 8% annually, for life. I was blown away at first. Then I realized we're talking about a couple in their mid 80's. Haha. Well, they might get the last laugh because they have longevity on their side bigtime and are in perfect health still (the offeror is obviously playing the numbers and offering them a larger than normal rate during their lifetimes...because they figure it's almost over).
Thanks Matt for Sharing that. I
Posted by fluffycone on 11th of Jun 2024 at 11:47 am
Thanks Matt for Sharing that.
I have learned that these "Financial Advisors (Salesmen)" are "Blood sucking vampire squids". -- Rolling Stone Article.
They are scamming hardworking people out of their retirement savings, especially our elderly.
Clark Howard's Financial Advisor Warning: https://www.youtube.com/watch?v=aoWcrFSmDCc
You're not going to get
Posted by DigiNomad on 11th of Jun 2024 at 11:52 am
You're not going to get an argument from me. I left Merrill many years ago because they wouldn't allow me to trade or do much analysis. The focus was 100% on bringing in new money and the quarterly targets are no joke. They are happy to show you the door if missing targets and keep your clients because of the NCA's you sign when onboarding...with a friendly smile, of course.
Here's a good test when working with an advisor - ask them if they will set stop loss orders for you. Many won't and can't. They'll tell you it's a bad idea, but it's just impossible for most of them to have that level of involvement in portfolios and still achieve sales targets.
DigiNoman, I know. Just venting. Matt, If
Posted by fluffycone on 12th of Jun 2024 at 02:09 pm
DigiNoman, I know. Just venting.
Matt,
If you agree with this video segment, ask you mom to review the video at the mark 24:32 on "Ask Clark: Fee only advisor for Lower Income".
https://youtu.be/eC5UQSfRR44?si=8xEfNaVMbLiD_THM&t=1472
Very few fiduciary advisors will
Posted by DigiNomad on 12th of Jun 2024 at 02:16 pm
Very few fiduciary advisors will touch a sub 50k account. Most have minimums around 500k. If they do make an exception, give them a break if they don't call you a lot and won't execute BPT's STS strategy on your portfolio while you sit at the pool. Have 5 million? Then yes, you are starting to enter the territory where you can make requests like that (but the answer will still mostly be no). It just doesn't make sense for an advisor to spend personalized time on a 50k portfolio when charging .5% to 1.5% AUM fee...he/she would do much better working at a California McDonalds.
Non fiduciary advisors will scoop up the 50k accounts though. They mostly just stick everyone in a vanilla portfolio and move on the the next sale.
DigiNomad, Thank you for this
Posted by fluffycone on 12th of Jun 2024 at 02:21 pm
DigiNomad, Thank you for this insight.
Hard to sell annuities and/or
Posted by DigiNomad on 11th of Jun 2024 at 11:27 am
Hard to sell annuities and/or life insurance products and still call yourself a fiduciary. I know some of my fellow CFP's do it, but I don't understand how they navigate the grey area. Am I qualified to sell annuities and life insurance products and do I still take the annual CE required to sell these products? Of course. But it seems pretty clearly not a grey area by my interpretation of the fiduciary rules. However, like most things in finance, it's a self certifying, self policing type of thing (unless someone makes a complaint...then it gets real).
As far as can't stop, won't stop - it has worked for the better part of 15 years now. It's been so long that most working don't have any memory of the lost decade that came before the money printing ramp. And now, our leaders have taken away the Gov's credit limit and neither side indicates any urge to slow down...in fact, the talk is about accelerating spending. So, it has been different this time....and I think it might continue to be different. They are enriching the rich and destroying the middle class...and the masses are cheering them, oblivious to what's really going on. All we can do is buy as much as possible and hope we have enough assets accumulated to keep up with the madness. If you're just starting out without a pile of assets to play the game, it's going to be very tough to both accumulate and keep pace with the debasement.