Turbo Tax - Another Look

[LawrenceGR]

Investing

I will admit that not everyone can manage their own retirement funds. However, I also don't think it is rocket science, If one were to take time to reserch they could set up a diverse portfolio that would NOT require a lot of attention. People like Warren Buffet certainly don't turn over the stocks at the rate some of the big B share houses do. I have seen some that have a turnover rate of 100% to 150%. Some investment advisors seem to be always be moving people from this fund to that fund, how much homework did they do? One more point (and I don't know if you do this or not) some investment advisors not only make the commission selling the B shares they cilp people an addtional 1/2% to 1% management fee. What is up with that! The mutual fund companies pay fund mangers a kings ransom for managing a fund. I would call it a redundent(sp) charge.

[Black Bart]

Wait, wait!

companies pay fund mangers a kings ransom for managing a fund

A king's ransom, you say? Hmm; this biz may not be as ethically-challenging as I first assumed--wonder what you have to do to hit the big time?

ATT'N: "UNREGISTERED/ SOON TO BE REGISTERED"-- How do I sign up? I'll return the favor by getting you into some of my relatives' "precious gems" scheme.

[Unregistered]

Lawerence- I think you are now showing your lack of knowledge on the investment front, There are two types of advisors fee based and commision based. If you are fee based you would not put a client into b shares they would be either no-load or f/r share class you charge 1-2% that is allThe regulatory agencies would have a hay day . Fee based which I am you get a commssion based on what share class you choose. I however only offer A or C classs to my clients.My broker/dealer wont even let me sell b shares for more than 90,000. I have never sold a b class share in my life or intend to I have two protfolios with them and I simply took them over from another broker. I tell my clients mutual funds are a long term investment and if you dont have 5 to 10 years Then I am not for you. Also I do a lot of research and go to many seminars and CE. At these events I hear and see information and ideas that a stand alone investor may never have access to . Alot of the funds that I sell OPPY , Hartford, etc I have actuallly gone and listened to the fund manager or analyst to see what they have to say. How many do it yourselfers can say they have that kind of access. Furthermore I have no minimums some brokers say less than 25000 no thanks I say you got 250 great lets get started.

Yes there are bad advisors out there and I think they should be stopped . This was why I got into the business. I only invest money for tax clients, I don't do your taxes I don't invest your money .

[Unregistered]

BB sign up for what? Be an advisor take a test and try not to be as follower when others are investing in large caps you must be different look at value or smal cap. Once everyone knows about something you are too late. look to MICROSOFT for that story.

[Black Bart]

Look here, UR; you've got

BB sign up for what? Be an advisor take a test and try not to be as follower when others are investing in large caps you must be different look at value or smal cap. Once everyone knows about something you are too late. look to MICROSOFT for that story.

to be a little more specific. Somethin's gettin' lost in translation here. Lemme ask you some questions about your questions:

SIGN UP FOR WHAT? Well, I thought it wuz understood that we wuz tallkin' about what we wuz talkin' about all along--gettin' to be a stockbroker (strike that), I mean "investment banker." Now there's a euphemism that's worth its salt--no fries, I mean flies, on that phrase.

BE AN ADVISOR TAKE A TEST. Well, I'm willin' to "be" one, but ezzackly how do you start to go about that there bein'? And wherebouts are they givin' the test? Can you "be" one pretty quick if you just say "shazam"?

TRY NOT TO BE AS FOLLOWER. I give up. You lost me on that one.

YOU MUST BE DIFFERENT LOOK...AT...SMAL CAP. Now, see, that's what I wuz talkin' about at first back there--that's where we part company. Personally, I sympathize with you because my wife's even got a little French beret (it's tighter'n ****'s hatband), but still, I just cayn't see how you figure anybody should put their life savin's in a comp'ny that makes little hats.

look to MICROSOFT. Can you introduce me to Bill?

Thanks. BB

[Unregistered]

you must first find a broker dealer who wants to sponsor you( ag edwards, hd vest, edward jones etc. Then you need to complete a one to two week course 8 hours per day, then you have so many days to take your test series 6 or 7 and state test if they have them.

What I meant by follower was that people are always chasing what the johnsons next door did with their IRA, It is like a staus to them. My point is in order to be successful you need to stop following the johnson or jones and start lookin in other directions. be innovative. Then once you have created a plan try to see it through. Sorry you only made 13 bucks with scottrade but No-load= noadvice= no money. Simple equation I thought most accountants might understand that

[Unregistered]

Sorry ,

By microsoft I meant all those sheep who bought in 1997,1998 and so on, they lost why, because the followed. They listened to the jones or money magizine instead of a professional.

[LawrenceGR]

Investing

What I meant by managers getting a kings ransom was this. Most mutual funds have a manger i.e. XXX Fund has a manger say John Jones he is well paid for knowledge and insight, this is the person that decides which stocks to buy and when. So if I invest $10,000 in XXX Fund it is part of the $100 million that John watches over, for that I pay .5% of whatever it is. Now if I am already paying him to manage my $10,000 why on earth should I pay an investment advisor an addtional 1%. That is what I was talking about. I think this is one of times where we will just agree to disagree because further debate is really fruitless. I hope you do well, so far it does sound to me that you have client's interest at heart. It was nice debating with you.

[Unregistered]

Fine I agree to disagree, however you have failed to think of one thing. Yes the fund manager does manage the under lying stock and bonds however he will not tell you, How to diversify, when to cut bait and jump , when to ride it out , what is the next good market or sector, or any of the other ideas to investments. You have unfortunately over simplified the job of a investment advisor and a fund manager. It would be like saying I have a Dentist so why should I pay for a hygenist to clean them. Sure the dentist looks over the large picture but who looks at the small picture.

Fund manager big picture , rep/advisor small picture, got it

[Black Bart]

Simple equation for a simple accountant.

Sorry you only made 13 bucks with scottrade but No-load= noadvice= no money. Simple equation I thought most accountants might understand that

UR/ I'm a little slow on the uptake, but I think I'm follerin' you. I got the first two parts down pretty good--in fact I've already experienced them. See, my broker didn't do it like you do (what was it you told Suebaby you were into--bein' a captain of industry or somethin' wasn't it?). Anyway, that broker I had gave me first two parts of your equation, that is, he gave me the load and he also gave me the advice. The only thing he didn't give me was the money (guess it's not always so simple).

Actually I was a little suspicious of him anyway, 'cause I picked E-trade during that Internet "bubble" and after that he started askin' me what I was buyin'.