Virtual_Dan

Hey shaft... ugh... you literally just described the bottom of the barrel, no good, nasty financial advisors that really do exist and wake up every morning and put on a suit n tie.

Shameful what this salesperson did to you. I'm literally asked this same question every week by someone... I always have to deal with the sigh.... okay i'll keep it in this money market at 0.50%.

You nailed it on the head. He prob won a trip to Aruba too for top sales guy of the month too.

no, lol

you're welcome

Yes and No... a young person (under 50) should definitely utilize the low rates for real estate investments etc... however a 58 year old contemplating age 62 retirement would not want to take that risk and the goal should be reduction of all debt before retirement.

So it really depends on the situation, I was just using this one as an example of making decisions that don’t benefit me at all but it’s the right move for the client.

Hi great question, this is all part of being a fiduciary for your clients/customers. I have spent almost 20 years advising families on how to grow their wealth in the most efficient manner. Often times that means giving people advice that may not benefit me but benefit their overall situation.

Example:

1) Client: Should I pay down my mortgage or other debt with my cash I just inherited? Or should I have you invest it to grow and worry about paying off the debts later?

Answer: My analysis and management process always has the goal of retiring with absolutely zero debt - so in many cases I will my customers decide the best path of debt reduction rather than benefiting by having more assets for me to manage.

Sir, you are very incorrect on what you believe... the rule is dead yes. That rule was to be applied to ALL financial advisors. That is true, its dead.

That does NOT mean the word fiduciary is meaningless, it means that true fiduciaries are more valuable since 90% of the industry isn't a fiduciary.