I surprised FINRA has not put a tent up outside your office with all the shady advisors you uncover.

I think Windy does what he feels is best for his clients.

[quote=voltmoie] I surprised FINRA has not put a tent up outside your office with all the shady advisors you uncover.

[/quote]



You gotta admit man. To tell a client that they don’t pay you a dime and that you get paid from the investment company. That’s shady…He’s just trying to dance around tell him there is a fee.



I will say however. When I spoke to the client, the majority of his 1.4M is in his 401k. Considering his dad loved me and he wants me to look at it, if this advisor is screwing him, thats one huge rollover for Windy!

Is it in B shares? Most of that ameriprise crap I come across is.

I don’t know. I’ll see when he sends me the statements. I figured he might be in all C or B shares, but the CFP that I called from Ameriprise here told me that he’s paying transactional or wrap fees not just $500 annually.

Windy, you love to rip on other FA's saying they are scumbags when more than likely the clients are dumb as sh*t and wouldnt remember what they were told anyways. I have sat there and explained mutual funds fees 4, 5, 6 times with people and 6 months later they ask me how it works again. Clients are dumb.

[quote=Ron 14]Tell him he won’t pay anything annually with you. Put him in 1 fund family and there is no charge![/quote]

And that would be a lie.

Windy, you love to rip on other FA’s saying they are scumbags when more than likely the clients are dumb as sh*t and wouldnt remember what they were told anyways. I have sat there and explained mutual funds fees 4, 5, 6 times with people and 6 months later they ask me how it works again. Clients are dumb.

The advisor is probably charging the planning fee as a "retainer" for his services. If the guy doesn't make trades then it can not stay in a wrap account and will not produce commisions in a brokerage account. I have seen it before in small accounts that have a large 401k at their employer.

He told the client “You don’t pay me a dime! I make my money from the investment company that you put your money with, not you”.

Well d***head, it is a possibility that the client is lying to you about what the advisor told him or he doesn’t understand the process. You didn’t hear the conversation so you have no idea what went down. This current advisor may be doing right for the client. How the hell do you know when you haven’t seen a statement?

It seems there are a lot of crooks working as advisors in the bible belt, or windy believes the Jones crap about how everyone else bangs clients in the ass and Jones is the only honorable B/D.  On a serious note, I think this has more to do with windys inexperience than anything else, I used to think all other brokers were crooks when I first started too. 

I think on the whole most advisors do what they think is best for their clients, it’s just that some of them are lax on explaining fees or the clients forget all together.  Don’t believe either of those make the advisor a crook but there is an ethical line we should all hold.

For example, Jone’s runs around touting A-shares telling the clients they simply pay the upfront and never have to pay again.  It’s pretty doubtful most advisors get into the 12b1 fees.  Why?  Because it defeats their argument.  Same thing with Advisory Solutions, lots of guys sell it on the 1.35% fee and never get into the mutual fund exp. fees.

The folks in my area are so loyal to their advisors they don’t care that they’ve been fleaced with the same C share fund for the last 12 years … They would rather do business with the guy whom they’ve know their whole life.  You can’t help them all…

I agree with Ron and Moraen on this one. Clients do not listen or remember the fees disclosed.



Volt- I always talk about the 12(b)1 fees when presenting. It’s part of the A share C share comparison. I give them both options and let them choose.

It seems there are a lot of crooks working as advisors in the bible belt, or windy believes the Jones crap about how everyone else bangs clients in the ass and Jones is the only honorable B/D. On a serious note, I think this has more to do with windys inexperience than anything else, I used to think all other brokers were crooks when I first started too.

I never said the advisor was a crook. I said he was a dbag. There is a difference. Anytime you disagree with me on something, it’s my “inexperience”. Talk about something thats played out. I’m not an idiot, I know that most clients don’t understand fees and/or forget the explanation. This client however is not your typical client. Few things: He is an executive at Kraft.He has ALOT more money than the $1.4M i’m talking about. His advisor is in Florida and flies out to see him. He directly told the advisor that he did not want to be paying annually AND paying per transaction. Thats when the advisor told him that he would not be paying him. That’s shady, no matter how you dice it. This guy is no dummy, so if you’d like to continue your “Windy doesn’t know anything” speeches go ahead, but it has nothing to do with this thread.



You guys love to harp on things that are “known” already. I wouldn’t ask the question if it was a typical client who is arguing because they don’t understand A share vs. B share, after I already explained it. If that was the case, i’d be posting every time I had an appointment.

[quote=Jebediah] It seems there are a lot of crooks working as advisors in the bible belt, or windy believes the Jones crap about how everyone else bangs clients in the ass and Jones is the only honorable B/D. On a serious note, I think this has more to do with windys inexperience than anything else, I used to think all other brokers were crooks when I first started too.

Two things:



1) I was wrong. Don’t mind admitting it. Something you should work on.



2) Next time find a source other than Wikipedia.

I admit I am wrong all the time, but when I ask a question and it’s always my “experience” that’s insulted, there’s a problem. I was asking about the contract because I didn’t know anything about it. I know the situation with this client and he’s not the typical client you are talking about. Sure i don’t know EVERYTHING about this business, but neither do you. So stop insulting my intelligence by always saying im “In-experienced”. In experience is the lack of knowledge of some of the process’s in this business (The contract for instance), not how to talk to clients and what information is BS and what isn’t. I like to think I’m pretty good at that and if I have a question I will ask that directly… Nice bash on Wikipedia. Would you like another source? It’s ok that it’s Wikipedia, because the info is correct.

I admit I am wrong all the time. Nice bash on Wikipedia. Would you like another source? It’s ok that it’s Wikipedia, because the info is correct.