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.
You're not going to get
SPX 10m ...
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.