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I have my last working day at IBM GBS in the month of july. Wanted to ask what documents should I carry to the office for asset return, what documents I will receive on my last working day and which ones I will receive after my lwd? Any action item to be done before my lwd apart from returning id badge and laptop ? IBM
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Anyone here in Santa Barbara CA?
Is it me or did they just scrap the DOL law?
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99% of these answers make me sick to my stomach. Yes, there should be a fiduciary rule and to reply to the comment about getting paid x% per year on AUM, at least our goals are aligned. We make more they make more. Also, we are required to do what is in their best inrerest regardless of how paid. Everyone responsible for advising people bout their finances should have that standard regardless of how they are paid.
To all the DOL comments, notice how a lot of these cases are Life Insurance. Just because we may be fiduciaries on our investment work doesn’t mean we can’t put on our sales hats and try to leverage relationships to find big life opportunities. Not shady, not slimy... in fact quite smart. I bet MM1 had a nice time celebrating that case, and nobody suffered because of it
The very nature of this question is proof of why the DOL Fiduciary rule is a relevant issue right now
This escalated quickly
FA5 so you don’t have any problem with an advisor with a $100M book of business that charges 1.5% fees and makes over $100k per month?? DOL rule was ridiculous because it was basically saying everything should be fee based and that’s better for the clients. I’m sorry but if I have a buy and hold investor who wants help selecting a few mutual funds or stocks or an annuity or whatever, why in the hell would it be in their best interest to be put in some wrap account being charged 1-1.5% if nothing is being actively traded.
99% of the people bothered by this, are jealous!
700k commission plus allowances + 20k wrap fee. Premium finance on a 1.5 million annual premium with brokerage as collateral held with me with a1% wrap fee.
MM1, you rock!
So we should have a cap on compensation?
180k on 10 mill. Whole life
I knew my comment would go over like a fart in church... To answer your question FA4, if that is the best thing for the client, then yes, sit on your hands. But that wasn't the original question asked. It was what is the most you've made in a sale? The very question reveals the primary motivation and it's being rationalized by all the "good" the trading and deals are doing for the client. Dude, that is eff'd up and it's got confirmation bias written all over it. And the answers only affirm that.
Jesus obviously I know that we all do the same crap man stop acting like you are unique or different in any way than the other 1000 advisors on this forum. We all do planning, we all can use active management whether placing trades ourselves or using active money managers. But do you know how stupid it sounds to say that if someone wants to buy and hold that they “don’t need an advisor or aren’t the best fit for one”? Who the hell are you to judge that?? A client that needs recommendations for which funds to buy can absolutely be a good fit for a financial advisor and who are you to say that he should have to be in a fee based account eating you AUM fee?? Not all clients want all of your “comprehensive services” so please get off your high horse and stop trying to rag on advisors that do both fee based business but also commission business when it makes sense. I’m out.....✌🏿🎤
Those who use this board to moralize and criticize need to be banned. Jumping on advisors doing legitimate business should not be tolerated moderator. If you’re sick to your stomach, pop a Tums and go get a life
$20K per year with a COLA adjustment on a large 401(k) solicitor agreement relationship with another RIA.
$20K per year with a COLA adjustment on a large 401(k) solicitor agreement relationship with another RIA.
25k from indexed annuity sale
110k life sale + 20k per year in managed account fees.
I made 90k on some fluke treasury sale that a guy was parking for a boatload of money through a friend in like my 9th month. 7 years later I finally had another 90k month. Lol
FA4 my client is worth about 34 million and mostly in real estate. One of his brokerages had the 2 million so we brought it over and it got about a 70% value given towards the collateral need from financing company. From my experience the total collateral needed for most PF deals is roughly one year of premium. If his brokerage were to tank we may need to secure additional collateral in later years, but the client is aware of this. This amount of collateral does not give him access to the cash values but he doesn't need that as he has a million dollar LC for short term needs.
$149,200 on a very very large Whole Life Policy.