Buy, Sell, or Hold

Quote

---

Originally posted by: Roulette Man

Quote

---

Originally posted by: billryan
So should I listen to someone who has some radio show once a week or Dave Ramsey, who has the number three syndicated show in
the country six days a week.
The example I offered is almost word for word from his offerings.
Compounding? The single most powerful force in the Universe? The largest factor in allowing me to retire and move to Vegas? Guess I never heard of it.
Let's face it. Financial Services are not a noble profession people enter because they want to help people. F..A.s are in it for the money. Just this week I had someone trying to sell me a single payment/ life insurance policy that was absolutely inappropriate for someone in my situation but it carried an upfront commission to him worth almost twenty grand. That guy should be selling timeshares. My instruction to him was find an instrument with a guaranteed return of 6 percent or more in the 75,000 range. Instead he presents me with garbage in the half million dollar range.
Maybe it's because Long Island seems to be ground zero for ponzi like schemes, or that stocks of my own choosing seem to do as well or better than managed funds,
In any event, I'm sure there are some outstanding advisors out there, but of those looking for clients in the million to two million class, the wolves seeming outnumber the shepherds.

---

This person has a radio show once a week because he is actually in the business. I'll say it again. You are an idiot to take money for investing and to try and pay your mortgage down early because of compounding income. My guy got the honor of being classified as one of the top ten advisors in the country.

---

Quote

---

Originally posted by: billryan
Ric Edelman.
nuff said. I can't wait to see him doing the perp walk. His day is coming.
My sister used him a few years ago. She was told his fees were $20,000 on a million and a half dollar portfolio.
Turned out that didnt Include actual trading cost or generating reports or research or just about anything.
Two years and seventy thousand dollars later, she left with mediocre returns. His model seems to be churning new customers, thanks to his radio show and books.
If I'm not mistaken, didn't Forbes name him one of the most successful financial advisors, meaning HE did really well, not necessarily his clients.
He also works almost exclusively with people with a million dollars in assists so he doesn't build wealth. He manages it.
That's a far cry from someone whose mission is to get out people out of debt and on the road to success.
There are lots of complaints against him for excessive fees and poor returns. Hell, his company is so successful at generating fees that he sold part of it for a hundred million dollars.

---

Quote

---

Originally posted by: billryan
That study is meaningless to this conversation as It doesn't even look at the alternative I suggested. It compares someone who puts cash down on a house to someone who pays their mortgage off normally. Where did I suggest either?
What I recommended was taking a 15 year mortgage and trying to pay it off in ten.

Edelman awards are based on the size of the assists he manages, not on the returns his customers receive. It's a shame Forbes doesn't consider client retention as being as important as new clients acquired. I guess they think Citibank and Chase are the best banks since they are the biggest.
My sister became a client of his after attending a seminar Ric( call me Ric) put on , offering free steak dinners and copies of his book. Her husband and his family had just sold their family business and they had a chunk of change as well as about $300,000 annual income. After becoming clients, they were assigned a senior advisor to work with, and that advisor had a dozen or so associates that handled the day to day business. While I'm sure Ric may work with a few clients, my sister's main contact was a kid just out of school, who left to be replaced by another newbie. Ric was always a phone call away. Pose a question and in hours you'd get a reply- Ric says this, Ric says that.

---

Quote

---

Originally posted by: billryan
I believe debt sucks. All debt, but some debt sucks worse. I think people that get into debt tend to remain in debt and tend to get deeper in debt. People are conditioned to accept debt. Drive a $30,000 car for $129 a month, take the family to Disney, you'll have all next year to pay for it, the bigger your mortgage, the bigger your tax deduction.
The wheel turns.
Unless, of course one has a magic press that prints money. Then debt is cool.

---