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Originally Posted by Cimarron29414
In my limited experience, there is no investment firm that is great or terrible. It has everything to do with the chemistry between you and your professional financial advisor. Personally, I start by speaking with the older,more affluent people that I know. I ask them who they use. Secondly, I typically seek out a (professional) advisor that is older - mid 40's. No offense to the young ones, but I don't want my advisor pushing me so he can get his commission and make his car payment. An older advisor is, typically, financially stable enough to make decisions that are best for you, rather than his immediate cashflow situation. Because he doesn't have to think short term for himself, he can think long term for you!
Having said that, there are certainly young advisors that are more than capable. It's all about chemistry and trust. Feel free to schedule interviews with several and go with the one that gives you the fuzzies.
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Well, my experience is that even the older financial advisors have to make car payments. The commission they make is from Placing the Business and the whole fear of "churning" routine is over with because it is illegal. (For those of you not in the Know -churning is the illegal practice of making extra trades on behalf of a client -in order to receive a commission.)
The whole of the industry is moving towards self-help because Americans for the most part:
1) Think they know everything already -or- would prefer to learn finance from a book. (Which is very unlikely anyways)
2) Are fearful of getting ripped off. (Which is why you are seeking out your 40 year old broker)
3) Would rather not pay broker's fees. (Tightwads we are!)
Also I worked for a VERY established company. I was making a living at it. I would just rather die than work in that way any more. Yes, I really hated that job. Plus, the old established company that I was working for didn't really seem up to date when it came to customer trends. Customers would like to do business through email -which due to regulations and company policy -is forbidden. Customers don't know this and don't see the big deal of it.
"Just give me a quote". Shit, I still have nightmares about this job.