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Sarasota tim is not ripping anybody off but if you wanna be part of this great community start hitting those buy me a coffee for tim or you’re out

Trust me, I know you are correct in this. I wrestled my wife’s account from my advisor do that will save some. At the moment they aren’t getting much from me as I put most of my money in a 6.25% 7 year MYGA. It allowed me to retire at 60 and bridge me to 67 when I can draw SS. I’d wait until 70 but she can’t draw here’s until I draw. Not ideal but I get around 93K interest for 7 years no principle risk. My wife’s is in SCHD as she is younger. I’m sure my advisor made a pile when I put it into the MYGA but so be it. This bought me 7 years of life. I can without worry stop working. Without my advisor I would not have even been aware of the possibility. My advisor seminadvised me against it by the way but 6.25 no risk makes sense. I sold a condo and can live on that for a few years to let it compound. Who knows. Obviously not ideal as market way up since I did it but not the worst. He was getting 1% so he made a fortune. But he did kept me from wiping myself out again which I easily could have done.

Libtard! Your new channel is like cnn and msnbc your going to loose half your audience with your political views

I personally don't understand why anyone would use a financial adviser where they pay a % of assets to the adviser. There is nothing that they do which is worth that much. Most people can handle their own finances without the use of an adviser. It isn't that hard to do.

clearly that fpa didnt know what he was doing giving that guy 30 mutual funds. The cross funding on them must be insanely skewed to a few particular stocks when you take account. The only reason I think it's ok to be 100% in only stocks is when you are withdrawing only 2 or 3% and you're age is good enough to warrant it. I'm at 1% swr so 100% stocks is fine for me.

Retirees typically draw down 4% a year so a 1% AUM is a quarter of what they are living on or equivalent to a 20% flat rate income tax.

Good advice,Howard. I own Vanguard VTSAX 80% and VBTLX 20% in my portfolio. I have a Roth IRA and a Vanguard taxable account. I know both of these accounts are not great for bonds. I currently have 10% in each Roth and brokerage. Any thoughts on the best way to use bonds in this scenario. Great channel!

I agree 100% with you Otter. ETFs are the cheapest way to invest. Treasurer Bills are free to invest in for your safe fixed income cash. There are plenty of good books out there for people to learn from. My favorite is "Confessions of a Finance Planner" by David D Holland, CPA. Love your channel and nice puppy also.

Nice info. Thank you. We went to a fiduciary financial adviser to see what was offered. We questioned him closely and listened to how he managed things (checked fund 2x a year, conservative, etc). For 1% on a decent sum. Given his conservative strategy, I asked him what his average rate of return was over the funds he managed in lat 12 months - he said about 25%. That was what I did being aggressive - so a self-serving lie - trying to out think my line of thinking. Comment: It is our/your money and people want it. Lots of good info on internet - Mr. Otter's a case in point. Wish I knew about transferring 401k to an IRA six months soon - cost me $600 per month..... and it needs be a 'brokerage' account. Too many Empower reps I have dealt are only so-so and try to get a higher fee by misdirection or omission (must be on commission too), so avoid a managed/premium service to save those unneeded management costs. Hard to be stupid (meaning me). Good luck. This is worth learning, like changing engine oil and doing brakes.

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60/40 has been dead for many years. Consider social security to be a bond. Keep 3 years of expenses in short term US bonds or cash. Put the bulk of investments in sp500, or sector indexes if you want to get wild. Avoid international as the multinationals in the sp500 cover that. Have a gold and silver 'insurance' policy, no etf, physically own it.

Knowledge is bliss! Most people have no idea how to invest as they may have had workplace 401k's that had date driven retirement accounts. And/Or just simply scared of making a mistake when investing their life savings. I retired 2 yrs ago moved 401k funds into Ira's with Fidelity, put 310k in an AUM with a 60/40 ratio. Started out at 1.23% fee. Now that account has a value of 360k with a 50/50 blend and the fees are at 1.28%. Not the best and not the worse. However, this is an area that I need to do more research and educate myself in investing.

Everyone I know with a fiduciary advisor thinks they are great. But the advice they get varies wildly. A good FA will come up with a plan that takes into account someone's risk tolerance and goals but a bad one will tell them what they want to hear even though that is not in their clients best interests. The majority of people with FAs tend to end up in a well balanced portfolio which is fine but not worth 1% AUM. The biggest thing a good advisor will do that makes them worthwhile for a lot of people is to talk them off the ledge when the market falls. Way too many people will sell all their stocks when the market is falling, lock in their losses, buy when the market is high and repeat. If you are that sort of person you need an advisor. If you sold you stocks during the short crash in 2020 and missed a lot of the growth since then you are that sort of person. I think this accounts for most of reason studies show people with advisors do better than those without. Another reason is people that treat the stock market like a casino typically don't have an advisor. But I have also seen fiduciary advisor invest their client's money in: 1 - SMAs (Separately managed accounts) - A collection of individual stocks taking the place of an ETF that the advisor buys and sells trying to beat the market. The advisor typically plays up the advantage of tax loss harvesting but never mentions that reduces the cost basis so when you do sell in retirement you will have to pay more then. Rarely does as well as a S&P 500 ETF too. 2 - Annuities and other insurance products. If someone is risk adverse I can see where having some money in an annuity makes sense. But not everything which I have seen in the cae of a close relative. 3 - Too many funds. You mentioned this one. Talking to co-workers I have heard of people having a growth fund, a tech fund, a S&P 500 fund, etc. all in the name of diversification. In reality those funds overlap and a huge portion of their IRA is in the top 8 tech companies. 4 - In one case a co-worker told me his genius advisor and him put his entire 401k into "perfectly safe" bonds paying 8% to 10%. In other words, junk bonds. This was right before the pandemic when inflation was very low so those must have been the sort of junk bonds that created the term junk bond.

well said. It doesn't need to be complicated although many want to keep it so.

How about having a % fee advisor manage 10% of your assets then mirror the other 90% on your own😂😂😂😂😂😂😂😂😂😂😂.

Good video.

Next you need to educate him on filling up tax brackets with Roth conversions, yes i know, baby steps for him.😢😮😊

NEVER, I REPEAT NEVER use a BANK, especially Wells Fargo, to manage your funds. damn banks this may be criminal.

Wells Fargo said it all for me😂

Dangerous to be 100% stocks for a retiree now. Seen this before the GFC, does not end well. SCHD/BND 50/50 would be a safer combo.

My father is 90. He asked me to help him with his retirement portfolio 2 years ago. I was floored when I saw the fees and the funds. He was paying 1.7% fee, and the advisor (big bank, wealth advisor) was just trying to pick stocks and bond mutual funds. It was a mess. I couldn’t believe it. The advisor was not providing any financial advice. Absolutely criminal! We fired the advisor, and began the process of moving the portfolio to low cost diversified ETFs. It took 12+ months to fix it. And now everything is safely invested in diversified ETFs with an overall MER of $0.15. This is saving my father $40k+ per year, and his risk exposure is LESS.

I recommend The Smartest 401(k) Book You Will Ever Need by Daniel R Solin or any of his investment books. They are short and easy to understand. They talk about just what you are warning about. The nonsense of loaded and high expense ratio funds. I have a brokerage account at Edward Jones and they try to charge me for managing my account even though I don't have a managed account.

Great video Sir!! A simple portfolio can be as easy as 70% in Vanguard Wellington and 30% in Vanguard Wellesley. A success track record for not running out of money in retirement.

Move it all over into Vanguard. 60% VTI. 40% BND. Pay the .30% Advisor Fee. BOOM you’re done! This guy will save SO much in fees! Vanguard will automatically rebalance every quarter and even do Tax Loss Harvesting. These financial planners at these banks are a rip-offs!!

It always amazes me when people on the left avoid taxes. LOL

I use an online service called MarketRiders ... They're a subscription based service which costs $10.00 per month. For that fee they pick a portfolio based on one's time horizon and risk tolerances. Once invested they'll send out re-balance notifications as needed. I've been 100% satisfied with them. Also, they only use low cost Index ETFs. The fee for owning these funds are super low as they're Index ETFs. Also, as your situation in life changes you can select to review your portfolio and make changes to accomodate your specific situation.

I was talking to one of my tenants dealing with a plumbing issue. Her husband is 80 years old and still works at his upholstery business. I asked the wife who is 76 I think if they were collecting social security and she told me that he gets about $2k a month and her benefit is 25% of that. I told her thanks to listening to your channel and others that she should be getting half his. She told me her accountant never mentioned this. So I said check into this and contact the social security office. It’s called the spousal benefit. It is amazing the amount of poor financial advice is out there.

I think almost every advisor works on a percentage basis of assets managed so if you said to him just based on that fact the financial service business in ur opinion he should do that….. so explain that statement ??? if that statement is ur opinion almost no one would have a financial advisory ???

I use a Wells Fargo advisor and was well aware of the fee. I accepted it because I wiped myself out in my late 30s and could not trust myself not to panic sell or impulse buy.

Typical Financially Illiterate IGNORANT retiree. I meet them daily. Wells Fargo (and ALL Bank Advisors .. JPM especially!) are Criminal Advisors. Yes, Legal, BUT WRONG. It is a shame how financially IGNORANT so many Retirees are. They are Abused because they are DUMB...and it costs them many THOUSANDS lifetime $'s at the 1-3% fee on the AUM. Wake up America!

Once you understand what you're doing.... (and it doesn't take long) you realize you don't need a financial advisor. Had 3 FA's in my life. 1st one sold me whole life. 2nd put all my available investing money in a single stock that went to zero. 3rd one is now in prison for embezzling clients money. Thank God he didn't get mine. How I wish I had learned earlier.

Yes, I agree with you 100% . There are so many people who don't understand investments and need help .. however there are many firms charging too much. My retirement savings are mixed up with the TSP govt funds holding most of my retirement funds , and T rowe Price - several mutual funds (as I started a T Rowe Price account before I started Govt Service in the 90's. I also do the Roth IRA with Etrade and bought index funds - VTI, SCHD, QQQM. I have been investing for retirement since 1986 when you could deduct $2000 from your taxes... if you invested this max amount in an IRA. My parents made me do it and taught me at a young age to invest for retirement. I'm not retired yet but can do so today...looking at retirement sometime next year.

Just to show contrarian view: Individual investors are pretty brave right now - after one of the longest bull markets. Individuals do really stupid things when the market turns. That's when the real test arrives. A good advisor will save you more than just fees when the time comes.

When we tell the advisor to sell everything for cash, do we have to pay tax on that even if we are transferring and reinvesting?

When my husband retired, he rolled his 401K over to IRA’s with Fidelity. We are thankful for their guidance and the success of the portfolio. We continue to live frugally and are thankful that these funds will help supplement our pension in the future.

When an advisor that is paid a %, the portion in a mutual fund should be exempt from the fee. IDK why anyone would have an advisor , with all of the ETF's available and the ease of getting into them with no fees , some have expenses but you can get into SPY for .09% and be fine.

Mr Howard, Otter is still MIA ?.. Sometimes folks spend more time researching a depreciable asset like a car and have no financial awareness with their assets . Unfortunately they lack the neccesary financial growth skill sets. I get it, the mutuals and ETF direction which many folks take is often due to their lack of full financial awareness or it their choice, nevertheless it may limit their financial growth and or reduce losses from market volatility. Individual stock ownership with best in class with a few ETF"s in growth sectors has always been my choice. Too many folks find themselves engaging with advisors who fail to provide client suitable investments and sensible diversification to meet their clients risk tolerance and financial goals. I am 76 with 75% individual stocks and 25% ETF's .. ETF's are Growth, Gold and Utilities. I am self directed so I can't blame anyone. Carve out your own niche. Good for you for helping this individual to see a clear picture. Hopefully he has a growth mindset to follow through. Also we sold the house in Lakewood Ranch, back here at our Northville, MI residence. it's 1 degree right now. We set up future temporary FL living at Sun Resorts. Done with the crazy Florida taxes and HO insurance, etc. Hope you're doing well.

Do not blindly dump your 401K plan simply because someone tells you to! Not all 401K plans suck. Some are low fee and have excellent investment choices. The funds in our plan are the Institutional (vs Retail) versions of the funds and therefore have fund expenses as low as half the retail versions. 401K funds typically retain lawsuit/bankruptcy protection not offered by IRAs. So we do partial 401K rollovers to an IRA to fund our five year spending bucket.

"don't put any money in a bank except a checking account". I don't put any personal money in a bank as I use a credit union and make over $40 monthly in interest on my checking account. Credit Unions offer far better interest rates and I am glad I made the move over 5 years ago. Last year I cleared over $1,300 in interest collectively on my savings account and my checking account. I doubt I made $250 of interest in the twenty years I had my money in a bank.

AUM (Assets Under Management)/% of portfolio fees by Financial Advisors can only make sense in two scenarios if you don’t otherwise know what you’re doing: 1) The Retiree is so wealthy and doesn’t want to mess with it that the fee is not material to them. 2) If the planning firm truly provides FULL scope retirement planning - investments being a small portion of their work. Should include expert Spend planning, tax planning, estate planning etc… Big Bank captive advisers are typically the absolute worst value. Typically all they provide is an impressive looking massively over-complex investment plan… that underperforms a simpler and just as diversified plan. If you’re lucky the big bank firm has sheepishly added a Monte Carlo simulation, but they have no clue what that even means. Big bank investment firms are stuck in the archaic “Investment Advisor” past. A ripoff.

Agree completely that your softball buddy is getting ripped off. Vanguard charges 0.3% of assets to manage a portfolio. Or you can self manage for nothing. You can use Fidelity for free and still have a once a year chat with a financial advisor. ETFs in well diversified funds will add maybe 0.2%. Paying more than 0.5% in combined management fees (advisor + fund fees) is just not smart.

My bank was trying to sell me an annuity from a company I never heard of. I said no thanks.

1.5% fee, yikes! Glad you could help this person. I prefer your channel when you are not talking about ST.

Banks are always a bad idea.

So what’s your opinion for me. I paying 1.38% on Edward Jones on managing 400k for me. I can’t pick a darn thing so I like the idea of someone with more knowledge than me overseeing my accounts. However I don’t like the $460 taken out every month for fees. Is there a direction you can point me or am I doing okay?

your sound echo is awful

My guy charges 3/4% for balances over a mill. Doesn’t sound like much but 10,000 over 10yrs is 10000.00. So it really ads up. But I really have no idea how to purchase a stock or a bond and if I did I still won’t have a clue what to buy. With that charge they give me a comprehensive look at my entire portfolio on a continual basis and I’m able to talk with him at anytime to discuss concerns or ideas or just ask a question trying to learn the system and how it works. Basically I have his personal cell number. Also he has a team of people to back him up within the company that makes me feel good they are looking out for my best interest and doing tax planning in addition to planning my retirement over the long run.

Good advice! Thanks to John Bogle, we no longer need to try and pick individual stocks to invest in during retirement. A stock market index fund and a bond index fund can help diversify a portfolio very easily.

I agree, that poor fella is being ripped off. I read books decades ago about investing and understood that index funds were the way to go. Fast Forward to when I was "retired" at 55.5 yrs old in 2019, I had been in all stocks to that point in my 401K b/c I still thought I had another 10 yrs+ to go at that point. When I met with Fidelity and rolled everything over into (2) IRAs, I had agreed with my advisor to do two things. 1) was to put 40% into "safe" money - at the time a 3 Yr MYGA. And 2) have a "competition", whereby half was my pick of a couple of index mutual funds, and the other half was under their Wealth Management Account, where they have a team that analyzes individual companies and invests in them in the various sectors, and 10-12% of the large international companies, with the stated goal of outperforming the S&P 500 over the course of the business cycle *net of fees* (currently about 0.43%). And, they have done that. Periodically - approx every 4-6 weeks, they will issues buy and sell orders inline with tax loss harvesting and where they see the companies performance and where they are heading...After 3 yrs of consistently beating my mutual fund strategy, I rolled the mutual funds over to the wealth management account. But that team does something and it appears to be working. But that fella paying that much just to be in so many mutual funds seems unethical!

It amazes me that anyone would put their money into a situation where they are paying fees like that. Personally I manage my money myself and pay no fees of any kind. It doesn't take a rocket scientist to do that.