This may sound completely asinine to many of you, but here it goes. I'm an accomplished short term trader with 6 years experience, but I have no idea how to manage my money long term so I'm looking for a financial planner. I have no interest in using my own money to daytrade as I have a great firm that backs me completely and gives me a good payout, besides I would hate the stress of managing my own money they way I trade everyday intensely. The planning industry is overrun with losers and liars so I'm having a hrd time finding someone trustworthy, bright and creative, just a bunch of dildos trying to sell me a bunch of different mutual funds. I have a substantial amount of money but am not connected to this world in any way, I'm a bit of a hermit. Anybody have any recommendations?
Good luck. As a broker previously, I can tell you that the money is in mutual funds and managed money. That's it. Or insurance which pays very well too. You are better off just learning a little about longer term investing and buy ETF's. You'll save yourself thousands of dollars.
I am a financial advisor with a very large institution and live in NW Florida. Charles, the beautiful thing about the position youâre in is that you can more or less interview brokers and decide to do business with anyone that you feel comfortable with and trust enough to manage your assets. I think what separates being in the south from financial Manhattan is the fact that we are so relationship centered. I donât want clientâs assets on the first meeting, in fact I donât even try to sell them (wow, hard to believe huh?). I want more than anything, to find out there goals and objectives for the short-term and future. And much, like your position, I donât have to work with someone if I donât feel like we will mesh well. I totally agree with you that Wall Street and the financial industry is overrun with crooks and liars, and that small few ruin for the rest of us. As far as everyone trying to put you into mutual funds, they are trying to cover their buttâs against loss. Mutual funds arenât for everyone, and I pride myself in trying to find creative ways to accomplish my clientâs objectives. Send me a message with your address, Iâll mail a business card, and maybe in the next few weeks we can have a casual talk over the phone. From reading your post, I know you would be as brutally honest with me as I would with you. Let me know. Thanks.
FYI Charles - any broker that is on a trader message board looking for new biz is one to be avoided. Think about it... it's the middle of the day and this broker with a huge book is trolling a trader message board looking for clients... Ok.... sure.... I built up a nice book and would never in a million years be on elitetrader looking for new suckers, I mean clients.
Sounds like what you really need is an Investment Advisor/Money Manager, not financial planner. You can find one with a good, audited performance record who will work on a fee basis.
Man, Wall Street rearing its ugly head. Can't possibly ever have a day off, that's out of the question. Did anyone ever say I had a huge book of business either? Speculation, that's what kills investors. Anyway, not that I feel like I have to defend myself, but being on this forum takes me back to my roots as an independent day trader before I went all "Corporate" on everybody. Also, just throwing this out there, people with large books don't quit this business, their either fired because they can't hack it or they're not making enough money to pay their BMW lease. Charles is not a sucker, sounds like he has a qenuine need, and If so the only thing he'll lose by talking to me is 20-30 minutes of his time. Thanks for making his decisions for him. Life/Success coach? Thanks.
Charles will make up his own mind, I was providing an opinion from someone that has been in your shoes. Either you are implying you have a tiny book, which means you are a rookie and Charles should avoid that, or you are so desperate for clients right now that here you are... To recap, this broker is either: 1) A rookie 2) Looking for new blood b/c he can't talk to his other clients who are getting hammered in this market right now Either way, I would avoid. But Charles is a big boy and he can make his own choices. I'm just providing some 'coaching'. Now get back on the phones rookie. Wait till compliance sees you are here.
again, i know im sounding naive and way outta the loop, but how do i go about finding someone? what do i look for, what do i ask etc...?
He's definitely a rookie ... you wouldn't belive some of the incredibly stupid comments he's been making on the board. Just do a search on his name, it's a very short trail. Good trading