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Rhaegar

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  1. I agree and have never sold an annuity in 15 years in the business. I was 100% for the DOL fiduciary rule to hopefully get rid of some of the bad products and advisors. Schools should just use the 457 and drop the 403b all together most options are so bad. so for the people that do need help from an advisor, what is your opinion on how to find a good one?
  2. We only use vanguard and low cost options. I tell people all the time to use aspire or the 457 if they don’t want an advisor.
  3. Sure since you seem to think that’s all an advisor does. this forum does a good job of pointing people to the low cost option in their district but i would not call that financial advice.
  4. Teachers are a small part of our business that we got into because we saw what they were exposed too. We are fiduciaries and to lump all advisors into one group is dumb. It’s more like: annuity company advisors - never use commissioned advisors - never use independent fee only advisors - use of you need one last clients I took on were DIYers that needed a plan so I’m not charging an AUM and just a planning fee. 90% of the talk in this thread is about investments when in reality if I spend 5 minutes talking about investments with a client or prospect it is a lot. Investments are the easy part of the job. Vanguard and call it a day. what about advisors in XYPN that may just charge a monthly retainer fee? Are they useless too? From what I am getting it sounds like you hate all advisors not just the ones that charge AUM fees.
  5. I emailed 2 axa reps and both said they were fiduciaries and would sign the pledge. So feel free to start one.
  6. I have read the article and agree with most of it. But I also disagree and believe there are advisors worth it. There are few of us but to say there is none does not seem logical.
  7. My entire point is some advisors bring no value and others bring massive value. Not right to lump them all together. to me this community should be helping DIYers that don’t want help and also helping teachers that do want an advisor to better ones. for example asking an advisor to sign a fiduciary pledge is a huge first step. I’ve heard axa and other will still sign these so I would take a signed pledge and confirm with the manager or home office that the advisor was allowed to sign it to be safe.
  8. Seems like everything can be learned in 10 minutes by @EdLaFave. he must know everything by now.
  9. Sounds like you have had bad ones. Please don’t lump the bad ones with the few good ones.
  10. Agree 100% that a vanguard target date fund would be best for teachers. Also wish schools used a percentage of pay instead of a flat dollar amount, which requires a teacher to manually increase every year.
  11. You seem to think an advisor only does investing and we keep agreeing that an advisor adds little to no value in this area. Maybe some behavioral aspects of keeping them invested and increasing their contributions but that’s about it. Most of what they do is stopping people from making dumb decisions like pulling out of market, getting too aggressive, etc. I’m sure the clients that had an advisor help them get over $100k in student loans forgiven think that an advisor was well worth it.
  12. So all advisors aren’t worth it and bad? if the only thing you are using an advisor for is investing then I would reconsider using one or find one that does actual planning. If a teacher needs one the key is to find a good one. We need to help them be able to tell the difference between the good and bad as like 90% are bad.
  13. Correct if you are a DIYer there is no reason to pay. But what if someone wants to work with CFP that works at an independent company and doesn’t charge commissions? the advisors at annuity companies and commissioned mutual fund advisors are the real issue.
  14. Depends on each advisor. Some do nothing (like it sounds in this case) and some are CFPs and do full financial planning, investments, estate planning, student loan planning, etc. All depends. If you are paying anything and not getting any service or planning it's a waste. Said ONLY as several people implied that commissions were being paid as will, which is not allowed in fee accounts. The premier fee renewal is what they call the advisor fee (usually 1.25%). Terrible name for it.
  15. Legend/Lincoln Investment does not charge 1.25% and a commission/sales charge so the only fees you are paying are the 1.25% for the advisor and the expense ratio. This is a wrap account so there is no cost to changing your investments and you can tell the advisor to switch you to Vanguard funds such as the Vanguard Lifestyle Moderate Growth for 0.15% expense. Then the total cost would be 1.40%. The advisor fee is also negotiable.
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