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You're letting people who benefit from you trading a lot manage your money? Let me guess, do they trade a lot? Seriously, letting a brokerage manage your money

You're letting people who benefit from you trading a lot manage your money? Let me guess, do they trade a lot? Seriously, letting a brokerage manage your money, first time I hear such a thing.

mikestew 3y ago
Seriously, letting a brokerage manage your money, first time I hear such a thing. Then perhaps uninformed opinions are best left in our own heads. Though I would be happy to answer any questions, should you find the ability to ask in good faith.
- justin66 3y ago
  > answer any questions Does your broker have a fiduciary duty to act in your interests, as a fee-only advisor (for just one example) would?
  - mikestew 3y ago
    Yes to both. Unlike the assumptions made by another commenter, the brokerage doesn’t care how much trading goes on because they take a flat percentage each quarter. (And they don’t charge commissions on trades anyway, whether it is me trading or them.) And the advisor we work with does, indeed, have a fiduciary duty. It’s not like I don’t know what I’m doing, I managed our portfolios for decades, and did pretty well and we will retire quite comfortably. But I’m tired of doing it, I’m willing to let someone else do it now. So if anyone was picturing the movie Boiler Room, umm, that was a movie.
    - bdjsiqoocwk 3y ago
      I know you believe I'm not in good faith (for some reason I don't really understand), but I'll ask anyway. You said they take a flat percentage. May I ask what's the percentage and what do you get in return? The reason I'm asking is that I know the business of "advising" and the examples I know take like 1% and then put it in some fund that itself charges about 1%.... And so if this is what you're doing, this might explain why I (still) believe you don't know what you're doing, while at the some time you're really proud of your decision making - you're getting gauged and don't realize it. Don't worry, I won't charge you for this insight.
- bdjsiqoocwk 3y ago
  > ask in good faith What do you mean, are you suggesting I actually know the answer?

You're letting people who benefit from you trading a lot manage your money? Let me guess, do they trade a lot? Seriously, letting a brokerage manage your money, first time I hear such a thing.

mikestew 3y ago

Seriously, letting a brokerage manage your money, first time I hear such a thing. Then perhaps uninformed opinions are best left in our own heads. Though I would be happy to answer any questions, should you find the ability to ask in good faith.

justin66 3y ago
> answer any questions Does your broker have a fiduciary duty to act in your interests, as a fee-only advisor (for just one example) would?
- mikestew 3y ago
  Yes to both. Unlike the assumptions made by another commenter, the brokerage doesn’t care how much trading goes on because they take a flat percentage each quarter. (And they don’t charge commissions on trades anyway, whether it is me trading or them.) And the advisor we work with does, indeed, have a fiduciary duty. It’s not like I don’t know what I’m doing, I managed our portfolios for decades, and did pretty well and we will retire quite comfortably. But I’m tired of doing it, I’m willing to let someone else do it now. So if anyone was picturing the movie Boiler Room, umm, that was a movie.
  - bdjsiqoocwk 3y ago
    I know you believe I'm not in good faith (for some reason I don't really understand), but I'll ask anyway. You said they take a flat percentage. May I ask what's the percentage and what do you get in return? The reason I'm asking is that I know the business of "advising" and the examples I know take like 1% and then put it in some fund that itself charges about 1%.... And so if this is what you're doing, this might explain why I (still) believe you don't know what you're doing, while at the some time you're really proud of your decision making - you're getting gauged and don't realize it. Don't worry, I won't charge you for this insight.
bdjsiqoocwk 3y ago
> ask in good faith What do you mean, are you suggesting I actually know the answer?