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Everything posted by JustMurph

  1. Hey Scotty, I have not seen a substitute teacher used in the manner you discribed in your post. Hiring a sub to teach a class so that you can sell to one teacher does not seem like an effective use of the substitute. I have seen substitute and full time teachers become reps and use their connections to get access to teachers.
  2. I guess it's not time to stop blaming agents just yet...
  3. JustMurph


    Sierra? C'mon bud...don't let me down here...
  4. Westerndad, NO NO NO! I think we all Know who needs to move on: JOEL! (just kidding!) It's me. I'm the one that got juvinile trying to prove a point and it backfired on me. I get so crazy because I'm out here "trying" to do the right thing and I lose business to the reps that sell the high fee products with some bells & whistles that clients don't really need. I talk about beta's and negative correlation and some nuckle head comes in with a GMIB rider or an index annuity and the teacher thinks they found a magic pill. I'm banging my head against a wall. I get so frustrated. Then I come here looking for some answers and I "feel" like I was unfairly judged. I got lumped in with all the nutjobs I compete against. I got no credit for trying to open a discussion in search of a win-win. The posts are all still there if you want to go back and look at my first experience here. But it was someone else that was doing the attacking...you were being tough but cool about it. Your entitled to your opinions and this board should be for you...not me. I'm not going to fix the TSA business by adding my opinions to this board. I can be part of the solution by how I run my personal business day to day. So westerndad, you stay - this board needs your imput. Respectfully, Justin Series 6,7,24,26,53,63,65
  5. Westerndad, I honestly didn't think you would go for the bait. It's not fun being unfairly stereotyped is it? You've done all this great work, the AP classes, motivating your students to be the best they can be and help them get into the College of their dreams and I just lumped you in with all the other Teachers. It's not a good feeling is it? You're working hard in a system that is failed and I assumed that you were like some of the other teachers that just don't care. I'm sure your results are fantastic and I can sense the loving person that you are from your other posts...but man you got personal fast when someone started making "wise-cracks" about your profession. I LOVE THIS WEBSITE!
  6. There is a fund family that uses a multiple portfolio counselor system where each fund is managed by 5-7 fund managers (with yet another section run by the research team). If one fund manager happens to leave - the integrity of the fund is still intact. A quick review of the prospectus will show that the manager tenure falls between 16 & 37 years. A history of excellent returns, consistent management AND, again, more money in your pocket at the end of the day.
  7. Dan, I believe that this board has made me a better investment advisor for my clients. I drop by and see what you all are saying and then look in the mirror to see if I'm doing the right thing for my clients. On the scale of reps it starts at your basic two-tier snake oil salesman and works all the way up to Scottyd. This site made me realize that, while I still earn a living "selling" investments (which means I should burn in hell) I am closer to the Scottyd side of the scale. I think we all know where this is heading...the end of the 403(b). Many school employees will be left with no TSA at all. Others will be left with fewer choices. Whose going to win the school districts business? None of us know...but there's a chance that it could be someone other than TC or Vanguard. Whose been winning the 457 business? Many of those went out for quote. Has it been TC or Vanguard? No. One small victory for us reps is the recent "outing" westerndad's connection with Vanguard...I knew there was something going on there...we have pics of him driving his Bently with a "I Love Vanguard" bumper sticker.
  8. Because past performance is no guarantee of future returns. One cannot predict how a given fund will perform in the future. One CAN, however, predict fees with a certain degree of accuracy. Of course, if we DID use past performance as a means of comparison, low cost index funds would be seen as outperforming a large majority of actively-managed funds over time. A large majority...but not all of them...So, if you did find a managed fund that for the past 40-50 years has out-performed the index we should just ignore it? We're not talking about a couple of years here...were talking decades. With a beta of .80 which means I've taken less risk, experienced lower volatility AND I've got more money in my account at the end of the day. Don't get me wrong, index funds are a fine option - but they are not the panacea that this board [sometimes] makes them out to be.
  9. Why does this board always assume that the returns for both funds will be the same and not use the real returns of each fund? The returns are published and easy to find...is comparing fees AND performance history unfair?
  10. I almost choked when I saw this post... There are no fixed annuities paying anywhere near 5%. Sorry, it' just not happening. There are some that are paying in the 4% range but most of those include a bonus which is only good for one year. These companies are "buying business" plain and simple. I have a real problem with Variable Annuities that offer "Guaranteed returns". These GMIB riders are the ONLY riders I know that, the less valuable they become for the client, the MORE they cost. You'll pay .50bps on the TOTAL VALUE of your account for a guarantee of 6%(approx) that in many cases you have to annuitize to get. A couple of good years and the guarantee becomes worthless to you but your paying MORE for it. Yes, you could have bad years too, your kidding yourself if your thinking of investing in the stock market without experiencing temporary cyclical declines - That's why asset allocation is important. There's no magic pill, no secret formula, no "stock market gains without the risk" and no "target" fund that is going to magically take the risk out of the market. if you can't take the heat...
  11. Westerndad, Wait a minute...I know how this goes. You ask me a question, I answer it honestly and even though I do so in good faith you attack me like a pit bull. The fee's are 'good' if the client needs the help, the fees are reasonable and fully disclosed, and the planner is worth it. (did someone just yell sik 'em?) You don't need my help so I wouldn't be worth it to you. I know that most of the people on this site feel that they don't need help and that nobody is worth it. I am perfectly okay with that. My business is based mostly on referrals. I get referrals from clients who are paying me fees. Many of the prospective clients already know how I work because the person who has referred them told them about my business model. Believe it or not, I don't charge or make anywhere near the majority of reps I compete with. I have a high volume - low profit business model. I don't know what to tell you Westerndad. I am charging fees and I'm more booked than ever. I'm sorry, you have been showing such an interest in my investments and the fees I charge and I have not asked you anything about you. Please tell me what you are currently investing in? What fee's your paying and what your performance has been over the last10, 15 & 20 years? I know that you probably were not investing for all 20 years but the fund families have printed histories you can refer to. (I realize that past performance is not an indication of future gain) Tell me about your Asset Allocation - why you've picked the funds you picked and how they are correlated with each other. Also, if you happen to know the beta and standard deviation for your current porfolio that would be great as well.
  12. Steve, Are you sure Vanguard is a true non-profit? Or do you mean that they are a Mutual Company?
  13. Anyone charging fees or willing to share [at anytime] in fees charged = Bad.
  14. Here is the story about the Loan Defaults. Let's say you take a loan for $10,000. and your 50 years old. You default on the loan. That year you will get a 1099R for the $10,000. That $10,000. will continue to accrue interest until you reach a distributable event. for example - 591/2. At 591/2 your defaulted loan with be reclassified as a withdrawal and you will be sent another 1099R for the 9+ years of unpaid interest. I confirmed this with two separate Insurance companies this morning. Imagine the accrued interest build up on a client who is age 30 and defaults on a loan!
  15. AND... If for some reason you default on the loan, many insurance companies continue to charge interest on your un-paid balance even though you defauted and paid the taxes and penalties! Further reducing your account when you finally close your account. I know this sounds crazy but its true. I will look up the exact details and post them here tomorrow. JM
  16. Scotty, Thank you for your post. You are a class act. I was trying to show people that the blanket statements they use do not always fit the circumstance. Most reps just ignore this site so they can continue selling extremely high priced product. I was here trying to understand if there was a soluition that was fair to all parties. My mistake. Now I'm sorry that I used you as an example. I thought you were someone that they could relate to because of your work with this site. I was hoping that when they learned that 403bwise.com was even willing to share in fees and that they were slamming me for charging them that they would see the irony in it. My mistake again! They moved right passed it. You would think that they would look at this site a little differently after they found out that 403bwise was even a party to charging fees - ever. There is a spirit about you that I feel I share. I'm just miles behind you... How you're pulling it off I can't quite figure out yet. I bet you make house calls, Work at night when you should be with your family, Do service work for free. I bet you sometimes lose business to some rep with a "guarantee" and a "bonus". (it has happened to me) I bet you leave money on the table and discourage the client from paying the fee to rollover. Only to have a rep come in behind you with some fancy index annuity and roll it anyway!. Your response to my post makes me respect the way you do business that much more. Namaste, JM
  17. Mark, Thanks for your advice. You are absolutly right about this forum being considered advertisement. Just not for my services. I don't think anyone on this site believes that I actually think any of them would do business with me. All the referrals from this site go to someone else. JM
  18. Joel, Anyone reading this thread would know that you dodged my questions. You really hammered me for charging a FEE. Called into question my ethics. I make money charging my clients for advice and you do not like it. I get it. You certianly did make your point that ANYONE CHARGING FOR ADVICE IS BAD...It's a point well made and one that we will not forget...let's repeat it: ANYONE charging for advice = BAD. ANYONE charging for advice = BAD. Westerndad, you did a great job showing us the negative impact of fees...did the math for us. There it is again for all of us to see: charging for advice = BAD. Everyone agree? Good. lets move on... On to the fee schedule I listed that no-one seemed to want to give their opinion on. Not my plan to charge 1%. The other one - the one charging $125 - $200 hourly unless they want to go on retainer then charging them a flat fee of $576 to $3500 per year paid quarterly or 70bps on the first 300K. I guess that's still charging for advice isn't it? ANYONE charging for advice = BAD. That fee schedule I listed and asked repeatedly for your opinion on is actually the one that Scotty D or Scott Dauenhauer charges. Scott is the co-author of the 403wise Guide. So those fee's I listed are not the ones I charge they are the ones the guy that co-wrote the book for this website charges. That book sold 10,000 copies...and he's charging people just like the rest of us. Well, with one exception, he has an arrangement to share 20% of his first year fees with 403bwise! It's all fully disclosed, public information, he's not hiding it...and I'm not accusing him or this website from doing anything wrong. They are in business just like the rest of us. Just like Dan Otter says about Scotty in the September 2003 issue of Teachers Talk "he truly puts his clients first". That qoute was in a reprint courtesy of...TIAA-CREF and we all know that TIAA-CREF advertises on this website. Lets dismiss that as coincidence. But all of YOU don't agree with that quote do you? Because he charges fees and: ANYONE charging for advice = Bad. It's marketing genius...you all come to this site, you get the book, and if you go to him for help, he charges you and kicks back 20% to 403bwise...so, in effect 403bwise is a referral source for a guy that charges fees (charging fees = Bad) and 403bwise is sharing in those fees! (fees = bad) And you were slamming ME for charging fees? Do you see the irony? The sad part is...ScottyD is doing it right, he's charging a fair fee for honest work. His fees are much lower than most. I think he's someone that all reps should pattern they're practices after. but you all would slam him for charging fees right? RIGHT? Please defend him for charging fees and for this website for sharing in those fees. Tell me that somehow its okay for them to charge and share in fees. If you can somehow justify it - I will start using the exact same schedule and tell my clients that I charge the fee schedule that is endorsed by the message board on 403bwise. I can live with that. What? I can't charge fees too? Just ScottyD? I'll share 20% of my first year fees with 403bwise. But remember: ANYONE charging for advice = Bad. Lets review. The website where everyone talks about how bad it is to charge fees - is actually sharing in the fees charged to client's who are referred from 403bwise.com to the guy that co-wrote the 403bwise guide. Again I am not accusing them of doing anything wrong. I charge fees too. We've already established that I am a bad person. I am also quite sure that this website is not making a profit from the fee sharing arrangement. I'm sure that the FEES this webite shares go to help keep this site operational so its all for a good cause. But the fees are still being charged and shared. AND...let's all repeat it together - ANYONE charging for advice = Bad. I am now ready for you all to tell me that I'm the bad guy. That none of what I said matters...or that I'm evil or wrong to bring it up. But we need to be wise about who we are dealing with on internet message boards...403bwise. I am now ready for my beating.
  19. Joel, Why are you not telling me what you think about the fee schedule I listed?? I've been answering your questions. C'mon Joel
  20. Steve, I have a ton of respect for you and what your doing. We obviously disagree about the value of an advisor because...well...I am one! The fact that your trying to expose the crap that's out there is honorable. I would love to talk with you personally about my experience with the UTLA someday. But where did I say I could beat the indices? I did not even want to post my returns...I think it is in bad taste. But I felt pressured by Joel. I said my returns were average. Go back and read my posts...I'm the one who has been open...even though I know you guys are going to slam me. What kind of response do I get? More accusations! First its "what's your performance" then its "oh yeah - what's your fees" You guys keep jumping from one thing to another and then you say that I said my plan could beat the indices. I just posted my damn returns like I was challenged to do! And nobody is bothering to answer any of my questions. This site is not being fair to me and now you want me to list the funds I use so you can slam me some more? I kept saying that my goal is to meet my clients objectives and that I was committed to the highest ethical standard. I was asking for this boards help to get me there. I thought I was being far from a braggart. I didn't come to this board trying to pick a fight. I asked how I could be of service to educators. I could give a crap about Joel...he's just being antagonistic. But I want to make sure YOU understand where I was coming from. Please go re-read my posts from the beginning and tell me where I was being unreasonable or outlandish. I'M LOOKING FOR SOLUTIONS! Joel was looking for a fight with his very first post. Whew...I hope I explianed myself a little to you Steve. I'll stop posting here. you guys have your own thing going and I'm not contributing. But before I go...Would you tell me what you think about the fee schedule I listed serveral times for Joel? I would like your honest opinion. Thanks Steve, If I do the right things the right way, you should be seeing me around town. Namaste, JustMurph
  21. Joel, Now were talking about fees again?? C'mon Joel, your losing credibility with me here. Still in attack mode and not answering any questions...hmmm. Calling me "smart " shows me your lack of professionalism. And, you not paying attention to details. I said that I have been in the TSA business IN ONE WAY OR ANOTHER for nearly 20 years. I didn't say I was advising people that whole time. I said I am working on a plan to offer funds at NAV and charge a 1% fee for ONGOING TSA CONTRIBUTIONS...you know monthly contributions - $100. - $200. per month. You see right now to get into a fee based program you have to open it up with 25K or 50K minimum. I'm working to try and get that lowered so more lower/mid income people (you know - like teachers) can get fee based advice IF they want it. Joel - It's important when you attack people that you get the facts straight...your looking like a bully. Calling me names, Accusing me, twisting what I say, and refusing to answer my questions. I've been answering your questions...you need to step up. Tell you what...forget about the Brinker question... Just tell me what you think of the fee schedule I posted.
  22. Westerndad, My son is in first grade and attends school in the district that I work in the most. It would kill me if anyone thought that I was unethical...I would be setting a bad example for my Son. Right now when I ask him what I do - he says that I "help people with their money". Could you imagine if a Teacher told him that I ripped them off! If he spoke with Joel he would probably run away from home! I want to be the guy that everyone looks at and says...he's doing the job right. I want to sell as low a fee product as possible and still keep my doors open. Thanks for your post, JustMurph
  23. Joel, Sorry about my last post. I admit that I was being a smart and I was just trying to get you to answer my questions. But I see now that you just like to ask the questions. I've noticed that you love to mix it up with the occasional rep that comes in. This is really fun...so, I'm going to call your bluff. Below is an example of my actual returns: Here are my returns after all fee's & expenses: 5 yr - 1.83% 10yr - 12.52% 20yr - 13.33% Keep in mind that not all my clients get the same exact portfolio it differs based on their attitudes toward risk, investment horizon etc... So there they are Joel. Pick away at them. I know that they are just average returns. But those are my numbers I can't hide from them. Tell me how much I suck compared to ALL the other managers in the World. This is your message board, I'm just a visitor. Vanguard and TIAA-CREF are the favorite fund families listed here and it's for good reason...but have they out-performed EVERY other manager? You've got to answer MY questions now right? Tell me about Bob Brinker...Doesn't have to be in-depth, Just tell me what you know. You didn't just throw his name out there did you? Give me your opinion on the fee schedule I listed. Nearly 10% of all posts on this message board come from you. You post almost twice a day! That means you give your opinion here more than most. I'm sure you don't want to give all these people the wrong impression by just calling into question my credibility without answering the questions I have for you...would you? You want people to think your being fair and objective right? Cmon Joel...just a quick answer and your opinion.
  24. Joel, I do not know what Mr. Brinkers exact returns have been but to keep this conversation going I will say that my returns have not been as good. No I have not out performed any investment manager BB or anyone else for that matter. But I have met my client's investment objectives while lowering their overall portfolio risk because that's what I believe in. Okay, so - Now its your turn: Tell me what you think about Bob Brinker and tell me about the fee schedule below: What if I charged clients $125-200 per hour to set up their TSA and I waived that if they put me on retainer where I would charge them either a flat fee based on their assets starting at approximately $575. to a high of lets say $3500. per year payable quarterly. -or- I could charge them something like .70bps on the first $300K and then lower that as the assets they invest move higher. What do you think?
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