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Hello all and question

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masterofnone2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote masterofnone2 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/04/2018 at 10:38pm
Of those 30 questions I Know;Know about 20 of them.
I especially know all about IRA and 401k, and SEP (I have one). Rules for minors; who is put on custodial accounts and basic rules for them. Many I see have to do with IRA's or retirement plans and I do know those. Quite a few of those retirement account questions were in my SIE exam prep. And I know all the IRA rules from helping friends. The 529 is not familiar at all really never had to do anything with it. I had a wash sale before on my own personal accounts (never will happen again) I purchased AMT (American Tower) as one of my first investments and sold like a week later because it dropped and I assumed wrongfully I could get it at a lower price... Since that horrible incident that costed me a lot though I have sold 3 stocks over a 2 year period and bought 8.

For 10% free withdraws I am assuming you mean from an IRA for first time home purchase, education costs, and if you become disabled. 

#2 no idea
#3 no idea
#4 no idea
#10 no idea
#11 Ive herd of it but no idea what it is
#14 no idea
#15 no idea
#16 no idea
#21 id not be comfortable being asked questions about it. I do know vaguely what the rules are though.
#23 same as #21
#25 no idea

The rest, however, I can answer in full and provide details beyond what I took on the SIE exam.
I really couldn't answer any questions on insurance. Never occurred to me id need to know those. I decided I am not going to do any of this and just try to find some job in an entry level position (corporate finance), or bookkeeping job. I don't know anything about insurance.


Edited by masterofnone2 - Dec/04/2018 at 10:50pm
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luvindy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Dec/04/2018 at 10:46pm
Originally posted by squeaky squeaky wrote:

I miss Ilya.

If only I had time to get through this thread before you did.


8/31/12,Sportsfreak:
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 6:25am
Originally posted by masterofnone2 masterofnone2 wrote:

Of those 30 questions I Know;Know about 20 of them.
I especially know all about IRA and 401k, and SEP (I have one). Rules for minors; who is put on custodial accounts and basic rules for them. Many I see have to do with IRA's or retirement plans and I do know those. Quite a few of those retirement account questions were in my SIE exam prep. And I know all the IRA rules from helping friends. The 529 is not familiar at all really never had to do anything with it. I had a wash sale before on my own personal accounts (never will happen again) I purchased AMT (American Tower) as one of my first investments and sold like a week later because it dropped and I assumed wrongfully I could get it at a lower price... Since that horrible incident that costed me a lot though I have sold 3 stocks over a 2 year period and bought 8.

For 10% free withdraws I am assuming you mean from an IRA for first time home purchase, education costs, and if you become disabled. 

#2 no idea
#3 no idea
#4 no idea
#10 no idea
#11 Ive herd of it but no idea what it is
#14 no idea
#15 no idea
#16 no idea
#21 id not be comfortable being asked questions about it. I do know vaguely what the rules are though.
#23 same as #21
#25 no idea

The rest, however, I can answer in full and provide details beyond what I took on the SIE exam.
I really couldn't answer any questions on insurance. Never occurred to me id need to know those. I decided I am not going to do any of this and just try to find some job in an entry level position (corporate finance), or bookkeeping job. I don't know anything about insurance.


He didn't tell you to get an entry level job.  He told you to get a mentor.

This business is hard. But if you start when you are young, you will never regret it.  Go RIA, make sure you get some E&O insurance (because you will make mistakes). 

Personally I don't like the advising part of the business, but there is nowhere else I can do so little work and get paid so much, while adding a lot of value at the same time.
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Iamlegend View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 7:52am
AMT=American Tower 🤣🤣🤣🤣
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 7:55am
Originally posted by Iamlegend Iamlegend wrote:

AMT=American Tower 🤣🤣🤣🤣


So, technically, he knows what "AMT" is.
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

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squeaky View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote squeaky Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 8:50am
Originally posted by luvindy luvindy wrote:

Originally posted by squeaky squeaky wrote:

I miss Ilya.


If only I had time to get through this thread before you did.



I knew I had to act quick if I was gonna beat you to the punch!
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masterofnone2 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote masterofnone2 Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 1:16pm
I’m probably in over my head and I would never qualify for a regular corporate accounting job. So I’ll have to start at or near the bottom. Most jobs I see are requiring 2 years of experience. Not something I have along with a degree. It doesn’t make sense yet.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 1:24pm
Master of None,
 
I can't even tell if you are trolling us at this point or not.  But if you aren't, it was not my intention to discourage you at all.  It was first to point out that what you described as your end goal suits the RIA model best, and you do not need a Series 7 to do it (in fact, it will just hamper you in terms of marketing and compliance).
 
The second point was, like you, I was hell bent "everyone should buy index funds, rebalance, blah, blah, blah" and that's all this job needs to be.
 
And the reality is, that is not what this job is.  That's certainly how I run my investment portfolio (for the most part).  But it's a small part of the job.
 
You have a lot to learn about planning (and so did I).  And even if you don't plan on selling any type of annuity or insurance for any reason, you are still going to run into lots of clients that you will have decide whether or not to unwind those positions in the most cost effective way, so you need to understand them. 
 
Let me give you a simple example.  There are lots of annuities out there (fixed) that have 4.0% guaranteed minimum interest rates.  They are old contracts.  They have no surrender charges left.  They are essentially as liquid as a money market, but can never pay less than 4.0%.
 
You want to know how to spot these contracts, because any good financial plan is going to have some "cash" like allocation (emergency fund, etc.).  You don't want to blow out a fully liquid 4.0% account just because it's an annuity, do you?
 
Likewise, you probably are going to want your clients to max out their retirement accounts (401K, 403B, Roth IRA, etc.) before doing taxable investing for retirement.  What if you don't know about the 15 year catch up rule for 403B plans?  Or that many employers have both, and you can max them both out?  You don't want to advise your clients to be investing thousands of dollars a year in a taxable account, when they could be in a Roth account instead, right?
 
And like you said, you know nothing about insurance.  You are going to get a LOT of questions about "nursing home insurance" and Medicare.  We are all licensed to sell it.  Many of us refer that out (especially Medicare supplement, medicare advantage).  But how are you going to do financial planning for a 60-something client without knowing those things?
 
These are the reasons I threw those questions out there.  NOT to discourage you.  But to open your eyes that there is more to this than asset allocation and index funds.  And you'd be wise to align yourself with someone who thinks like you do about investment management, but can also provide you some guidance on the topics you don't know about (and hell, maybe hand off some clients to you to get you started and/or be a chance for you to buy a book someday).
 
Best of luck either way.
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Hacksaw View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hacksaw Quote  Post ReplyReply Direct Link To This Post Posted: Dec/05/2018 at 3:15pm
Originally posted by masterofnone2 masterofnone2 wrote:

I’m probably in over my head and I would never qualify for a regular corporate accounting job. So I’ll have to start at or near the bottom. Most jobs I see are requiring 2 years of experience. Not something I have along with a degree. It doesn’t make sense yet.

Make sure you don't become an entitled shit (if you aren't already).  Work from the bottom and gain knowledge.  There are TONS of companies in this industry out there willing to hire people with no experience.  Get a job there and learn how to sell, without selling your soul.

Like it or not, this career is sales first, advising second.  You can't advise someone until you have sold them on being your client.

And come back on here to read, listen, and learn.
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Dec/06/2018 at 5:15am
Originally posted by bc2051 bc2051 wrote:

Originally posted by masterofnone2 masterofnone2 wrote:

Originally posted by bc2051 bc2051 wrote:

You do realize the high fees will be going to you instead tho right?

Yes obviously. But id prefer to charge a fee for helping them pick lower fee funds and collecting more over time. I am here to create return customers not make people feel scammed. 250 clients charging a 1% AUM fee with average assets of 50k is 125k. Seems fairer to me and I will also collect a $50 consult fee. 50*250 is 12.5k for total revenue of 137500 annually. The fees the fund's charge is anywhere from 3-8% all said and done. Most will not even go to me with the Primerica funds. 

I would not be against charging 2% AUS/AUM at all. Making about half the needed customers to get to 130k before expenses.

As long as they are not charged by the fund itself it makes sense.



You should delete this post


He’s about to get flamed... 😂
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Dec/06/2018 at 5:16am
Why would they even need you, they can just go to vanguard..
King of sarcasm and speling
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