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bill mahoney

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  1. Not to get picky but there are differant ways for index funds to invest. Some buy the actual basket of stocks, and some buy options that will track the index. So to say that it was a misdirected question is not entirely quite true.
  2. Marcia, I would strongly recommend that you speak with the compliance department of the broker dealer she is using. If this does not work then you need to go to the NASD and file a formal complaint. Make sure the compliance person knows this is your next step. Bill Mahoney
  3. Joel, An employer can fire an at will employee for any reason or no reason at all. The only legal restrictions are if they are over age 50, discrimination, handicapped, or are trying to form a collective bargining unit. And even then the employee would have to prove that the employer fired them for the above mentioned reasons. Other then that an employee in the vast majority of states have no legal recourse for being fired. Bill Mahoney
  4. Joel, Great advice as long as they don't mind being fired. Would it be a fair response, no, but could it and would it most likely happen, yup. Bill Mahoney
  5. Steve, A finanical planner should bring all the aboce to the table, not just investment selection and asset allocation. And yes we have had this discussion before. Bill Mahoney
  6. Mark, It is not just asset allocation it is helping them stay the course. It is making sure they have a solid retirement plan. It is making sure they have proper liability coverages. It is making sure they have a proper estate plan. It is making sure that the funds that they have invested in are doing the job properly. It is making sure the clients understand thier budgets. It is making sure the clients the clients have proper life and disability coverages. Just to name a few things a good pro brings to the table as well as fund selection and asset allocation. Bill Mahoney
  7. Mark, I never claimed pros could time the markets. In fact a good pro realizes they cannot. It is the chasing of returns that kills most people in investing and why the average investor has recieved a lot less then the funds they have been in returned. A good pro teaches and keeps their clients portfolios properly diversified and does not chase returns.And that is why clients that have had the true pros on average have done better then most do it yourself investors. Now I am not stating that a person cannot propely educate themselves to do the same job, the vast majority can. However, a lot of people do not wish to put the time in to do so. Bill Mahoney
  8. Steve, I have no problem with anyone suggesting that if someone is willing to do the work they can invest on their own and if they do Vanguard and TIAA CREFF are great options for them to look at. My problem is the attacks that go on about any pro doing business in this market, even if they are doing the job right. There are a lot of people that would not invest in their 403bs without a professionals help. Be it with load funds or fee based (which I am) these people are being well served by pros that do it right. I am one of the first to attack a pro that is taking advantage of their "clients". Please keep pushing people to get a good education on investing so if they want to do it themselves they can do it right. Please keep talking about the great options that Vanguard and TIAA_CREFF offer. Please keep calling on the carpet the pros that do it wrong. Just please stop attacking any and all pros that work this market. We want this to be a place that all 403b participants feel comfortable coming to, to get some basic education and advice. Be they do it yourself investors, or people that would rather pay for a professionals help and advice. Bill Mahoney
  9. Joel, You know I think highly of you, it's just I am a pain in the butt about anyone giving specific advice to people without all the facts. I will even grant you that you are most likely right, however, in my opinion most likely is not good enough if someone is giving specific advice to anyone. Especially when it would be so easy to get the facts before someone does give specific advice. Bill Mahoney
  10. Joel, You are a highly intelligent person, why not start making it a habit to get the full information before you give advice, thats all I am asking. Bill Mahoney
  11. Joel, When the regulators catch up with them the firm must pay the full costs back to the clients. Also the rep would be suspended if not worst in most cases. As well as the BD facing significant penalties. It is not as bleak as it used to be. Bill Mahoney
  12. Joel, There would no no personal information given in asking which annuity they were using. Also in asking which funds they were lokking at using instead of the annuity. Armed with that information some real advice could be given. Bill Mahoney
  13. Joel, In the past it was a common practice and was wrong. Today it is against NASD rules and the complaince departments would have a real problem with a rep that was doing so as would the NASD. Bill Mahoney
  14. Joel, Without the numbers you are giving generic advice which is a terrible thing to do. Now if you had asked for the total charges for the annuity and sub accounts and then asked what funds he would invest in and then do the numbers it would be solid advice. There are some very low cost annuities out there, so without the numbers any advice that is given is useless and might be harmful. Bill Mahoney
  15. Mike, I would love to see you convince your compliance department that paying a CDSC to move to a load fund and pay the load would make sense for any client. That would be a terrible move for anyone to do. It would take at a minimum of 8 years for a client to break even, it would be terrible advice. Bill Mahoney
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