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JustMurph

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Everything posted by JustMurph

  1. JustMurph

    Seminar Help

    I've seen the HHA as well and it seems that the MAC is the deal killer. I wonder if Vanguard added a form to their application where the client signed stating that they would hold Vanguard harmless if the MAC was calculated wrong would be a solution.
  2. Joel, Your tone is throwing me off a bit. Seems a tad accusatory. On a board that talks mostly about fees, you start in with me about performance. Was Dan Otters challenge to find the highest and lowest performing products net of fees or just the highest and lowest cost? Please tell me what you know about Bob Brinker. Are you saying that following his market timing advice was/is good or bad? Do you think his newsletter is the panacea for school district employees? What do you mean by "better off"? Do you mean highest possible performance? Or meeting the investment objectives that we set during our initial meetings? Do you not want me to post here anymore? Its okay if you don't. I am trying to find a suitable solution for all parties and thought this would be the logical place to start. Investement planners are not going to go completely away you know...If you get rid of me and others that are trying to find solutions - I could be replaced by something worse - much worse. These new regs go through and districts could end up with VALIC reps as the only choice. I guess I'm saying that at least I'm trying...I'm talking and working toward something better which is what I thought this site was about. And then you hit me with a question that, no matter how I answer it, you could twist to serve your purpose. Final question: 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 has the assets they invest move higher. Would this system be okay? - I want your honest opinion. I know I put a lot in this email but please do your best to answer my questions. I really want to know what you know and think about Bob Brinker and the fee plan stated above. Namaste, JustMurph
  3. JustMurph

    Seminar Help

    Hey Steve, Help me understand what Vanguard's low fees have to do with them signing the hold harmless? is it because they cannot guarantee the calculation of the MAC? I don't know all the politics involved but it seems that, after EGGTRA it would be a lot easier for Fund Families to sign the hold harmless. Just curious, and... JustMurph
  4. FrenchTeacher, I really appreciate your post. It's funny, I have this fairly long questionaire that I have my clients fill out to help them create a "starting point". Once we know what our current situation is, we can start to create goals and objectives of where we want to be and when. I cannot tell you how many educators resist this effort. I also work with small businesses and Realtors (who have no problem charging 2.5% by the way) who seem much more interested in the planning process and have no problems completing the "homework" I assign them. I do have some clients that really checked me out. They ask for references within the district, they have a list of really tough questions about my investment philosophy, the fees I charge, and what kind of ongoing service they can expect. These people want the help of a qualified person and are not about to trust just anyone with there hard earned money. I have had a few that were meeting with several different planners...some of them became clients, some of them obviously went with someone else. I love it! Challenge me, make me work! I am your employee - charged with earning my fee everyday. But the majority just want to sign up for something quickly and I see them getting glassy-eyed as I talk to them about beta and sharpe ratio's. There's no short cuts with investment planning. It's no wonder when "Timmy" shows up on campus hucking a Variable Annuity and breezes over a freakin' GMIB rider that "guaratees" them a return. Teachers will sign up within 20 minutes. (Those GMIB type riders are the only features I have seen that the more useless they become for the client - the more they cost!) I think this website is making planners step up and I don't mind this message board at all if it is being fair to my profession...weeding out the "enrollers" and the weak just makes my services more valued. Every profession has them...are there some Teachers at your school that you wouldn't think of sending your kids to? Please let by know how I can be of help to Educators. Or should I step aside and let Timmy stop by with the latest Index Annuity?
  5. Damn...now I'm really confused. I've been working one way or another in the 403(b) business for nearly 20 years. I just opened up my own little firm and have dedicated myself to the highest ethical standard. When I look at the "approved" vendor lists, I'm not seeing anything that I would feel proud to offer. I was really getting excited, I am working on a plan that (hopefully) would enable me to offer funds at NAV and charge a 1% fee for ongoing tsa contributions - (not just to theTeachers, but the Janitors and the staff etc...) - Selling a load waived fund and charging 1%. but based on the posts here I would still be ripping people off! someone puts in $1000 per month and at the end of one year I would make under $120. My clients "seem" happy with me. My business is growing rapidly from referalls. Educators act like they need my help and seem appreciative. (although many are looking for a quick fix and do not want to complete my questionaire so that we can establish a suitable plan) I educate my clients about the high fees of fixed and variable annuities. I show them print-outs of the NASD mutual fund expense analyzer and fully disclose how I get paid and how much I get paid. Nobody works for free. I am considering charging an hourly rate...I'm just not sure if someone who can only afford to put in $100. per month can afford to also pay my fee. Should I just turn my back on these people? Westerndad...you really made me think...I thought Hammerbearcat was doing the job for his clients and was being real open and honest about how he helps the clients that choose to do business with him. It seemed like you were saying that he was ripping people off...when I was thinking that, if you needed the help, that he was doing the job right. For 1%? how many professionals work for 1%? Is the issue so black and white?..you're making money helping people invest so you are a crook? Everybody should invest in the index and that's it? Please let me know how I can be of service to Educators. **I have posted my sincere comments with respect to this board and the Educator community. I am in search of suitable solutions that make sense for all parties...I would hope that any responses would share the same.
  6. I'm wondering if a School District can have a 401(k) Plan as well as a 403(b) plan. I realize that there are some costs involved at the District level but it would seem that the little bit that the District pays could save the employees a bunch. Sorry if this topic has been talked about before... I have been lurking around this site and can't help wanting to try to find a solution that would work for all parties. (It's just the way my mind works)
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