LachiusTZ
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Investing General Discussion
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Blazin
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Like many fields a degree in economics and finance is nothing other than the foundational tools to START the actual education process. Learning the terminology etc.
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Sanrith Descartes
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To be honest alot of the stuff tossed about here isn't really Econ, its Finance. Ready a basic college Finance 1 textbook would be a real benefit to most folks dabbling in the market. Its not really complex, its really just explains how to examine companies from a metric perspective.
LachiusTZ
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I'm like 6 hours from a finance degree too... Lol
If I took the time to look up all the parts of charts / terms / etc and made a study of it it wouldn't be too bad.
But at face, it's not easily digestible to a layman
Sanrith Descartes
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Indeed. Which is financial advisors charge you 1% to put your money in an ETF with net cost of 0.03%
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Can you elaborate why you view it as unprofessional? I think it was his opinion on diversification vs risk that aligned with his/firms what most would probably view as more conservative strategy.
Yep. In ETF's, IEMG, PPTY, VGK, VIDI, etc.. Level of involvement is little. They park it in Fidelity and I'm honestly not 100% sure how that relationship works. I'm a little different. With my net worth I'm really not a typical client of theirs... In that they usually only take people with more $. I kind of got grandfathered in per say. My advisor mainly manages professional athletes finances. Firm's clientele is primarily business owners. They offer a suite of services to cater to higher net worth clients. I think the lack of involvement for me is most likely because I'm not their typical client.
He's not lying. I do trust him. I know trust and financial advisor to mix in the same sentence but our relationship, his reputation and the firm's reputation exists for a reason. Now that doesn't change the fact that he may not be able to give financial investment advice that doesn't align with his firm's services which may result in inadvertently not seeing the big picture.
Pops
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UAL deal.
The assistance will include $3.5B in the form of a direct grant and approximately $1.5B in the form of a low interest 10-year senior unsecured promissory note, with an interest rate of 1.00% in years 1 through 5 and the Secured Overnight Financing Rate plus 2.00% in years 6 through 10. UAL will issues warrants to the Treasury Department for up to 4.6M shares.”
The assistance will include $3.5B in the form of a direct grant and approximately $1.5B in the form of a low interest 10-year senior unsecured promissory note, with an interest rate of 1.00% in years 1 through 5 and the Secured Overnight Financing Rate plus 2.00% in years 6 through 10. UAL will issues warrants to the Treasury Department for up to 4.6M shares.”
Can you recommend any textbooks? I'm a bit of a textbook nerd as well. Would be some good nightly reading. Thanks!
Just to clarify. You think I should go through my portfolio, evaluate the expense ratios on every asset then weigh it against how much my firm is charging me?
Thanks
LachiusTZ
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Pops
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If you are paying 1% to sit in ETF's already charging a fee and use no ancillary service. I'd close it out.
No worries. Not looking to jump in right now. Looking to learn a bit first. I think grabbing a textbook and reading the backlog of this thread will be a good learning experience.
Blazin
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Full service brokers are not worth the expense. You may like the guy, they may make you feel special for the privilege of being their client, but it is almost guaranteed you will end up worse off overtime than just putting your money with Vanguard or Fidelity in a ultra low cost index funds. If you don't want to worry about how you are diversified then you can either buy a balanced fund like the one I noted or you can go with a target retirement that will adjust automatically as you age.
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Asshat wormie
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You didn’t ask me but:
Amazon product ASIN 0195144708
Amazon product ASIN 0132763648
Amazon product ASIN 0538453044
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Pops
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No if you are happy just stay. Your firm is charging you to just hold your stuff and not actually doing much besides sending you glossies, I meaning me, would leave.
I had an old 401K just parked in one of the manager's money market during the GFC. I never bothered opening my statements, I wasn't worried. But snooze you lose. Their management fee was more than I was earning. Calling them on it, they got all pissy.
I closed it.
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The ancillary services are the biggest benefit of the firm which I don't use since I'm not their typically client (2 mill++++ invested, business owner, pro athlete, etc). You make a good point. The relationship has proved invaluable in the networking area and has opened many interesting opportunities.
I think my tldr big takeaway from this conversation is to reevaluate the relationship which I think is a good idea.
Furry
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Open a brokerage with vanguard or some other large firm with low expenses. Start with an S&P 500 ETF. It's an incredibly easy and solid investment that will make you money long term. From there as you learn, section off money to invest in the ways you want if you want to get involved. If you don't, nothing wrong with going the braindead route.