Financial advisors are a joke reddit

Last UpdatedMarch 5, 2024

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Financial advisors are a joke reddit. 15% AUM to . Take a look at our favorite financial adviser jokes. I know someone who hired a financial advisor plumber in 2018 and got him negative returns slow drains LOL! His advisor plumber said the economy sewer venting was bad when 2018 the drain lines was one of the best bull runs most open systems ever 😂. An advisor just at the bank with low or no specialization isn't - especially when the total cost of their services is approximately the same. Vancouwer. I was Wondering if the Calgary reddit community has recommendations on financial advisors around the city ? Not sure where to begin, but the banks don't really help much. Money to do things at the weekends etc etc so hence wanting an income of around 20k-25k. This assumes you have no advising experience. The definition of a mutual fund is that it is NOT all your eggs in one basket. Then promote to advisor. I would like to be a financial advisor but am not really sure how to start my career in this. 1. "If it was easy, everyone would do it". -3. They can be useful but will take advantage of the dumb and lazy. To gain the real value of a holistic financial plan, you need to speak with for fee objective financial planner. Reply reply. The focus of this chat is first on the process, tools and mindset to reach financial independence. A good advisor at an independent firm that can offer most products in both investing and insurance is worth it. You get two options. All advisors are CFPs. So I have a financial advisor. The XY Planning Network is an organization of fee-only financial advisors that specialize in helping members of Generation X and Generation Y. If they don't call themselves a fiduciary, then don't work with them. Absolutely not! First hand experience -. "Is a fee only …". My career path doesn't quite work that way. Edit: warren buffet bet $1MM that index funds would beat hedge funds over 10 years, won easily. They will pay for your training and exams, probably start you out on inbound phones but at least you are in the organization. I wouldn't use $5M as the cutoff as a blanket rule. Does anyone have any experience working with this company? Is it an actual company or is it some sort of elaborate MLM? What is the actual value of a financial advisor. I see them as an expensive luxury. So sit back, relax, and enjoy some A financial advisor can make sense - but find one that is fee-only and a CFP. Bring in an advisor when it is complex enough r/singaporefi. 5% maybe 4% I know this is the “general rule”. Use low cost index funds. So, if you have $500,000 to invest, a financial advisor may provide advice, make trades and manage your portfolio for 1% per year. They recruit people when they are young and 1% of say $100,000 is only $1000 and then they wait until your assets get to $1,000,000 or even $10,000,000 and you are paying them $10,000 to $100,000 each year. ADMIN MOD. Today I was offering a job at New York Life. 5. A fiduciary is required to do so. ”. “Money doesn’t grow on trees, but it might sprout from smart investments. Welcome! This is a friendly place for those cringe-worthy and (maybe) funny attempts at humour that we call dad jokes. Apr 11, 2024 · 1. As a life insurance financial advisors what's your #1 single biggest business challenges? I'm planning to transition to become an FA and I'm doing a… Financial advisors just like to pick a bunch of funds to tax loss harvest / make it look like they know something you don’t. If you have some, many companies bring you right in as an advisor. Nov 2, 2023 · Finance – One-Liners: “The only way to permanently improve your financial situation is to spend less than you earn. Cold call everyone. Make sure to get a laugh out of your advisors with these hilarious jokes about financial, service, mortgage, academic, and tax advisors. With a 1. Cleaning service and laundry: $400. . 3. Option 1 is no salary, and you go find your own people to sell life insurance and annuities to. Don't ever work with someone that calls themselves a financial advisor. All CFPs (but doesn't mean all advisors) are fiduciary. 59 advisor jokes and hilarious advisor puns to laugh out loud. They are paid base salary + bonus, their bonus is dependent on how they achieve against their goals. A CPA is not a financial advisor. Many charge an Assets Under Management fee of about 1%. I will opine on this in greater detail later, but this is the primary distinction between a good advisor and a bad one, as well as a good firm to work with and a bad one. If you go to a financial advisor you will quickly see your gain of 5 to 6 percent evaporate. The main character is a guy named Marty Byrde and he works as a financial advisor who gets approached by the cartel to launder their money, obviously leading to a giant shit-show. But from day one you will need to go get clients and you will only earn commissions from what you sell. Yes there's a chance they can do better but you better pick the right advisor. “Compound interest is the eighth wonder of the world. Build a baseline of financial security with the difference first, then use it to invest for your future. In my option, a multi-level marketing organization has no business serving clients who are relying on us to do what is in their best interest. I’m looking to go back to college full time for a general business, accounting, or financial managing degree (undergraduate) once I get out of the Army in the next two years. Trust yourself and the difference your business can provide to another person. Lastly there are no discounts on premiums. This is somewhat fear mongering on your part. Many CFAs become Registered Investment Advisors, similar to CFPs becoming Financial Planners. [deleted] muddlehead. There is no ongoing fee to the advisor. I contribute 8% of my salary and my company has a 100% Path 1: Just do it. The pay makes that sweet & worth the hours. We offer many different service offerings/packages. You can, and must, learn to manage your own money. IMO, the future of wealth management / financial advisory is financial planning. FI/RE (Financial Independence / Retiring Early) is a money strategy that's sweeping the nation. Award. 4. If you are, you can probably do it yourself; personal finance is not rocket surgery. The best part of the job is: working with clients you love, having the ability to pursue your own life, getting to nerd out, solve tons of problems, build great relationships, go to funerals and mourn with people through their issues, and providing real advice and education. If you are talking about a financial advisor at the branch level, ie does new accounts, lending, and mutual funds. Can talk about this more if you need. If an advisor saves you X dollars due to good tax advantaged vehicle planning, it won't show on your portfolio performance % but you see it in your Funny. The money is parked in… The cost of hiring a financial planner should make sense for the client and for the total networth of the client. Let’s say I have 3m in index funds, and I take a 4% distribution to live on. You get introduced to a “ Joint Work Partner . It doesn’t seem like there are too many internships specifically related to this. Most Northwestern Mutual financial advisors are bound by the fiduciary standard, while the broker-dealer isn't. Go search other parts of Reddit, I remember reading a post from a former EJ advisor about how their business model was a conflict of interest. I've modified your comment to help illustrate the disconnect. Check out the below. Looking past the bad apple advisors, there is value advisors can provide that is hard to quantify. As a fee-based advisor, I would quit the industry I've embraced for 13 years before I would work with Primerica. This is actually exponentially cheaper than going to a fee based advisor charging you 1% every single year on your balance. To be successful you need a lot of soft skills and mindset of a business owner to be able to build your own book of business. There are companies where you can make advisor a lot sooner but it’s usually sales or very sink-or-swim with a lot less training, prospects/ leads provided to you, etc. Having said all that the advisors who have built up their books make multiples of $100k. 15% and the first quarter is free. 5-3. I have a license that deems me a portfolio manager, removing their ability to make individual decisions and lets me put together a discretionary portfolio based on their preferred asset allocations. If you’re not comfortable with her I would just send her the account value, the securities so she knows the overall allocation. Sending thank-you notes is one of the best financial advisor marketing ideas that has been proven to work. Some quick math: with VTSAX, using their performance since inception (6. But advisors use this as an opportunity to “educate” you on how insurance planning is a foundational element of financial stability. For where you are at, you probably do not need anyone investing your assets for you so you should find an advisor that does engagement based planning and can set you up with an easy to follow plan that you can implement yourself. Have a douchey and pretentious vibe to them. Funny. A good financial advisor is going to educate you. Full disclosure - I am affiliated with an insurance company and an asset management company. However that because they cannot stick to a simple plan. $10K is a good start on an emergency fund. most are just sales reps with no financial background, pushing clients towards funds that make the advisor more money. It will add up significantly. Before diving into that though, I want to make it clear what a financial advisor is not. someone who is paid by you and not swayed by high commissions of products. From my experience in managing my brother's investments, I feel that Fee only financial advisors are for folks who have no/limited idea about Personal finance. May 27, 2021 · Financial advisor jokes #1. My business's descent into financial turmoil due to MCA loans is Welcome to r/stocks!. Often (but not always) a verbal or visual pun, if it elicited a snort or face palm then our community is ready to groan along with you. There is also the hassle of completing the necessary requirements like NBI. Yes, you can get some canned products from bigger brokerage houses, but you also get their compliance departments. Any advisor worth a cent would only make recommendations if they have a complete picture of the client’s portfolio rather than just making blind recommendations. Plus known of the advisors have many certificates besides the Series Licenses. If you can actually follow the DIY advice, don't worry about it until your financial life is more complex. They help you make a better financial decisions in life. If you're wondering why a stock moved a certain way, check out Finviz which aggregates the most news for almost every stock, but also see Reuters, and even Yahoo Finance. The MCA industry's lack of regulation allows unscrupulous lenders to prey on vulnerable small business owners, ultimately leading to business failures. Vast_Cricket. I've felt I've done just fine since 2008 by leaving my 401K alone and not touching it. Always pushing there own products on consumers. I'm currently a 3rd year college student in Computer Engineering, but to be honest I didn't really like my Like everyone else has said: no. So there are effectively two ways to become a financial advisor: Path 1: Just do it. For Financial Planning, a good place to start would be with a Registered Investment Advisor (RIA). Our contracts range between $35k to $50k over a period of 12 to 18 months for individual customers. See if any of these jokes can make you laugh. If you fail you will have to re take and pay again. 5% and inflation, at 2%, will take most of what is left. They are leaning towards helping you achieve these things. As soon as they sign the client, financial institue will Ready for a laugh? Check out this article filled with 75 hilarious finance jokes! Perfect for seasoned investors or those just starting to learn about personal finance. Long story short, you start off as a Financial Rep, then after completion of your series 7 Most financial advisors are not as knowledgeable about finance as you might think. you don't need to pay somebody to tell you that. accounting, inter dealer brokers, hedge funds, private equity. Posted by u/big_macaroons - 3 votes and 1 comment Being a financial advisor is no joke you gotta grind and talk to as many people as possible and making sure your getting actual sit down meetings to talk to people about their financial goals. Savings: at least $100K/year into investment accounts (varies) 1% in investment management fees for the financial advisor. Only a very few number of them make big money. What they will help you is bringing discipline of investing. Option two is small salary for a few years, and then sit in teachers lounges and try to sell 403bs to teachers. $200,000 one year, half a million another. But the financial advisor will put you into funds that they make a Cutlass76. Most “financial advisors” just want to sell insurance lol. You should also ask questions that relate to your specific needs/goals to figure out if the service and advisor are a good fit. Many of the advisors hold a CFP credential, but some do not. Reply. If you want hands off investing with basic services like tax loss harvesting, allocation based on risk profile, rebalancing etc and market returns, just use a low cost roboadvisor (. • 6 yr. Vanguard Personal Advisor Services charges 0. I took a look at her quarterly financial statement and it literally made my eye start to twitch. Financial Advisors are "concerned" of your financial goals and time horizon as a client. “Don’t count your chickens before they’re hatched, but you can count your portfolio. The advisors are all really young and think they know everything about finance with one year of experience. I am graduating in May of 2022 and I applied for a job at Florida financial advisors. You can walk in to a place like Waddel and Reed or Edward Jones and basically become an advisor. I got a cold call from a financial advisor a couple weeks ago, and it set off a whole bunch of thinking and researching on my part. You pay the advisor hourly or as a package rate. “Time is money, so don’t waste yours on a bad investment. ” Typically, newer representatives are paired with more experienced representatives, to which they have little to no ongoing business relationship. I want your money to stay in your pocket, not your advisors. Job Offer: Financial Advisor at New York Life. The advisor at an RIA has a fiduciary obligation to the client, meaning they must act in the best interest of the client. ). First of all you will have to pay for your licensing exam and pass. -defron-. Lastly, the managers do not care at all for developing new advisors or retention, they get bonuses on how many people accept offer letters. -2. Vanguard's robo is . I don’t foresee robo-advisors replacing a good old, sit-down and talk about goals and estate planning / tax help anytime soon. As soon as they sign the client, financial institue will You don't have to compromise on anything to be successful. r/singaporefi. 25% fee and the same exposure, it would be $855k. If you're looking for investment help, you're almost certainly better off either using index funds or using something like Vanguard's PAS roboadvisor. A good financial advisor will not know how to do everything but will be knowledgeable enough to know what needs to be done and will know how to find the right professional to help. Universal response from various places in reddit is essentially "OMG, that's so stupid, why would anyone consider paying for an advisor, that's the dumbest thing I've ever heard, just get some low cost (always Why being a financial advisor is a good career, people just go about it wrong. Financial Advisors Are Not Stock Brokers Like In 'Wolf of Wall Street' or 'Wall Street'. If an advisor is going to move you from being 50% invested to 100% invested and give you the confidence to execute a plan, totally worth it. Chance-Ad2855. It's simply because the commissions are pretty attractive. Instead, spend the time it takes to meet with a FA, say 2 hours or so, doing a little research on the web. 5%, the financial advisor and the company he works for will take 2. Once you have a plan in place, you can choose to execute it on your own by using Fidelity/Vanguard/Schwab. Alight's financial engine is now giving me warning flags that my investment portfolio mix has a higher risk of loss, and I should sign up for their portfolio management services or manually adjust my mix. It is so easy, yet so powerful. Some are classics and hopefully others on here will make you smile. Sometimes, we all need a good laugh. And all during that time they work very hard at becoming your trusted advisor and friend and r/singaporefi. You end up making less than minimum wage if you start your career here. The barrier to entry to being a financial advisor is incredibly low. The manager of the mutual fund will take 1. With FI/RE - Financial Independence & Retiring Early. Many financial advisors will not even work with you unless you have a specific amount of liquid, investible assets (this may be $50,000, it may be $100,000, it may be $250,000 or more depending on the institution). 3% per year for assets managed under the service. Cons: It's hard to judge how good a financial planner is without being fairly knowledgeable about financial planning yourself. This way they can focus on being fiduciaries and select the best products for their clients. And if you're just looking for help budgeting, then look for a fee-only advisor who will help you with specific questions for an hourly rate. I'm in the UK so may only be relevant to other Brits. I have zero confidence in an independent advisor in that Before signing an agreement to work with a Fee-Only Advisor, the scope of the service should be clearly defined. Here are some funny jokes from the field of finance. Almost no one on reddit will tell you using a financial advisor is of any benefit at all. Our competitor companies are working with financial institutions to get this money upfront based on the customer profile and by giving financial institutions a cut in the contract price. Financial advisor primary task is investing money. People incorrectly simplify the measure of an personal financial advisor to portfolio returns. Read jokes about advisor that are clean and suitable for kids and friends. 80%) that $500k would be worth $961k in 10 years. No. Because while I wouldn’t use an advisor at an insurance company, I would never use an independent financial advisor, nor would I ever recommend anyone to use one. Whole life insurance policy: $1,500 (😳 I know) Healthcare: $400/month (includes therapy and various $50 copays - one employer covers 100%) Gym: $300. It's crucial for clients to understand that advisors may be balancing their own fiduciary responsibilities with their responsibilities as an employee at a suitability-oriented company. The investment advisor will want to put you into mutual funds. ‘Two financial advisors are in a bank when armed robbers burst in… While one of the robbers takes the money from the tellers, the other proceeds to take the wallets, cell phones, watches, and other valuables from the customers. 2. • 4 hr. •. I like to think an investment advisor (a seasoned one) is going to move your batting average up. For beginner advice, brokerage info, book recommendations, even advanced topics and more, please read our Wiki here. You can search for RIA’s in your area that have Financial Planners. Cons of a Financial Advisor: Costs, conflicts of interest, varying advisor quality, potential loss of control, market risk, overdependence. If you want to make a career out of this, either part time or full-time, and help protect people you should You can trust her with the info. Many offer not just asset management (which you don’t need) but financial planning where they discuss your overall goals, your current situation, your trajectory, etc and help develop a plan that lays out your next steps. Talking about your financial plan with a third party might get you to think about things you might not otherwise. You're paying them $50,000 to do the job for you and make a lower return. It seems like a fulfilling job that keeps you busy with a rewarding paycheck. Financial advisors at banks are salesmen, they have targets and will push products on you. The only money to be made across wealth management is either by convincing others to do something they don't want to do (the sales team), or by being more knowledgeable in a specific area than 80% of the rest of the industry (in which case, you are the service being sold). If you're looking for an objective opinion on this advisor's advice, you're going to need to find a fee for service advisor and ask her or him to review your situation. They will have goals for pretty much everything like new products, visas, new lending $, new mutual fund $, etc. Is this something financial advisers typically do? My 75-year-old mother-in-law has $1 million in her IRA and is quite happy with her financial advisor at LPL Financial, who has her invested in more than 30 different mutual funds and ETFs. Employee layoffs, deferred maintenance, and reduced marketing efforts took a toll on my business's reputation and customer base. It’s funny as my niche is financial related clients…. The best advice they will give you is spend less and save more so you can invest it. You make is seem like investing is hard and if you make a simple mistake you can lose all your money or something and need a professional to guide you. I have some concerns that I hope some individuals who are financial advisors can help. Years from now you’re paying thousands a year on the AUM as opposed to 5 dollar hits now one time. I have zero confidence in an independent advisor in that Pros of a Financial Advisor: Expertise, personalized advice, diversified portfolio, time savings, behavioral coaching, holistic financial planning. It is hard to jump from being an employee mindset to a business/entrepreneurial one. Apply to a big firm (schwab, vanguard, etc. I'm at the highest in terms of qualifications, and on a pay grid that will max out in about 5 more years (by then I'll be at roughly 100k). . ago. They probably don't know more than an average person. Expect to pay ~2-3K for a comprehensive financial plan. What’s matters in terms of diversity is the holdings within the ETF, not the number of ETF’s you’re buying. We thought "Great! We've been meaning to meet with someone we have a kid on the way and husband isn't putting away anything towards retirement since starting his new job in August". Here’s my two cents: The advisor should ask for your financial goals and help you make a detailed and executable financial plan and recommend an asset allocation plan based on your specific goals, risk appetite, time horizon, and current financial situation. A ”financial advisor” is an unregulated term, and comes with no requirement to work in the best interests of the client. In this article, we’ve compiled a collection of financial advisor jokes that will add a touch of laughter to your financial planning. Professional Asset Management and Investment advice Pros of a Financial Advisor: Expertise, personalized advice, diversified portfolio, time savings, behavioral coaching, holistic financial planning. I guess PMS can help you in providing amazing returns but not Financial advisor for sure. Of course bigger the better but within limits of not depleting the income have liked into safe withdraw limits 2. Thinking about working here because I hear it is a great Also they're constantly hiring people because so many people quit. I also just researched some financial advisor development programs. In the midst of the chaos, the first advisor jams something into his friend’s hand. Hope this helps (from a 7 and 66 holder who works in ESG/SRI and tax-loss harvesting for SMAs). Full backstory: A friend recommended their "financial advisor" to us. “Investing in yourself is the best investment you can make. A congregation of like minded people who shares how to reach closer to being financially secure, independent, how policies affect our ability to reach FI and different ways to manage our wealth for it. That sounds like my first experience with a CFP who was solely a stock jock. It's not easy, but it is simple: earn more, spend less, and use the difference wisely. Financial Advisor 40 yrs, Think in terms of a mistake - If you lose $15000 on an investment and you heard about it from your friends -especially after they have already made a 'killing on it' then that is your answer. 35%) and they usually have promotions where the first $5000 to $25000 is free. “Money can’t buy happiness, but it’s a lot easier to be happy when you’re not broke. In 2019, financial advisor Rick Scheeler joined This is what financial advisors count on. an inflation kink (thank you, thank you, i did make this one up myself) A financial advisor is someone knowledgeable in investment, personal finance, estate planning, accounting, tax law, etc. Fees and them picking market segments will eat heavily into your returns. I'm looking into an opening for an entry level finacial advisor, but one of the first things that came to mind was the Netflix show, Ozark. To be a financial advisor do most people really go through 2-4 more years if this training? Financial advisors are known for their expertise in helping us manage our money wisely, but they also have a sense of humor hidden behind those serious faces and calculators. Edit: you also won’t see the best advisors at places with a salary because of the nature of our business being sales. “A penny saved is a penny earned…unless you put it in a jar and forget about it!”. I dumped my previous free financial advisor when he kept pushing a whole life insurance policy on me. Fees as simple as expense ratios are often too complex for their customers to understand. muddlehead. 10 best financial adviser jokes. A few of the advisors I work under are making $1mm+ / yr in their late 30s/ early 40s. Plus, the whole cars and million dollar club thing is a necessary projection to pull more people into this business. Those that have worked in this field or this company can shed some light on. yd ay to sy tc fk mj yu xx ou