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re: Need help with mom's finances + potential financial advisor issue
Posted on 1/19/26 at 11:08 am to WG_Dawg
Posted on 1/19/26 at 11:08 am to WG_Dawg
What group is the FA with so I can avoid them like the plague.
I do consulting work for a lot of them and most FAs are just using whatever methodologies and softwares the parent company has available. Unless you're UHNW they're likely setting and forgetting.
I do consulting work for a lot of them and most FAs are just using whatever methodologies and softwares the parent company has available. Unless you're UHNW they're likely setting and forgetting.
1
Posted on 1/19/26 at 11:10 am to WG_Dawg
quote:
Would something like a total stock market index fund or s&p500 index be too volatile for her situation?
If it was my 60k and 60k is my total savings then I would be reluctant to invest 60k this week in VOO. The reason I would be reluctant is that I don't like buying at the high. I think VOO is at all time high.
So
I would get the 300 dollar bonus, invest in the SPAXX then buy one share a month in VOO.
Something like that. I think they call it dollar cost averaging.
Posted on 1/19/26 at 11:32 am to H2O Tiger
quote:
What group is the FA with so I can avoid them like the plague.
something called 364 Investing, LLC
Information online is sparse and their only "website" appears to be on Facebook. The founder/CEO/advisor appears to be an engineer that has worked in concrete for decades then recently started this company on his own.
Pretty red flaggy huh? lol
Posted on 1/19/26 at 11:51 am to WG_Dawg
Just read the bio. I’d ask who recommended him and tell her to never speak to that person again.
Posted on 1/19/26 at 4:36 pm to Free888
Yikes! His ADV part 2A disclosure on SEC.gov confirms 2% AUM and 20% annual performance fee on capital appreciation (not just realized gains) SEC.gov ADV Part 2A
Fortunately as of last reporting only 83 customers and $2.153m assets are under their management.
Fortunately as of last reporting only 83 customers and $2.153m assets are under their management.
This post was edited on 1/19/26 at 4:45 pm
Posted on 1/19/26 at 4:50 pm to TorchtheFlyingTiger
Thank you for finding that information it's very helpful. Looking at that form it looks like only qualified clients are subject to those charges which my mom would certainly not be based on net worth. No idea about being a "qualified purchaser" as mentioned in 2b though??
Posted on 1/19/26 at 4:57 pm to WG_Dawg
I was just coming back to mention same. Perhaps, there is a way to claw some of it back if she didnt meet the requirements. Hopefully someone w a financial industry.or legal background can shed more insight.
Have you confirmed she was.actually charged at those rates? Doubtful, but best case she signed.on to that fee.structure but it wasnt applied if she didnt meet criteria. Next page (pg 5.) specifies hourly and fee based planning services so might be she was chaged.under that structure instead.
Have you confirmed she was.actually charged at those rates? Doubtful, but best case she signed.on to that fee.structure but it wasnt applied if she didnt meet criteria. Next page (pg 5.) specifies hourly and fee based planning services so might be she was chaged.under that structure instead.
Posted on 1/19/26 at 5:11 pm to WG_Dawg
Website is listed in SEC disclosure 364investing.com
Posted on 1/19/26 at 6:31 pm to WG_Dawg
quote:
She needs a "set it and forget it"
The AI "advisor" I set up with Schwab 2 years ago is averaging 20%+ returns a year. Sometime it trades weekly, sometimes it doesn't trade for months (it has rebalanced 3x since December 2024). It's up 3.61% since 1 JAN. 0 management fees, 25% of my returns are dividends. ETA: I'm set at extremely aggressive.
This post was edited on 1/19/26 at 6:34 pm
Posted on 1/19/26 at 6:51 pm to LemmyLives
Can you tell me more about that
Posted on 1/19/26 at 10:01 pm to WG_Dawg
If she has the Fidelity VIP Mid Cap Fund then this has to be a variable annuity. That’s what the VIP funds are used for. So don’t just change brokerage firms. You need to ask about the surrender charge first. It could be over or it could have 5+ years remaining.
If you don’t trust the advisor and don’t have anyone else to ask then call the annuity company and ask questions.
If you don’t trust the advisor and don’t have anyone else to ask then call the annuity company and ask questions.
Posted on 1/20/26 at 8:42 am to WG_Dawg
There is frankly no way the story in the OP is accurate.
I’m not suggesting you’re lying - but you have to misunderstand something somewhere.
There is no firm I’ve ever heard of that charges 2/20 on a mutual fund portfolio.
Eta- just finished reading the thread holy shite. There is a legitimate chance some crime was committed here.
I’m not suggesting you’re lying - but you have to misunderstand something somewhere.
There is no firm I’ve ever heard of that charges 2/20 on a mutual fund portfolio.
Eta- just finished reading the thread holy shite. There is a legitimate chance some crime was committed here.
This post was edited on 1/20/26 at 9:14 am
Posted on 1/20/26 at 1:32 pm to WG_Dawg
Based on the definition of Qualified Client in the document she shouldn’t qualify, but you should check to be sure. Honestly, 2% is ridiculous based on his qualifications.
Posted on 1/20/26 at 2:19 pm to WG_Dawg
It's called the " Schwab Intelligent Portfolios."
Right now, it's got about 8% of my portfolio in cash, presumably to jump on any hot opportunities that arise. 9.8% in bonds or treasuries. The rest is domestic and international stocks.
quote:
Our robo-advisor builds, monitors, and automatically rebalances a diversified portfolio based on your goals.
24/7 live support from U.S.-based service professionals.
Get started with as little as $5,000.
Backed by our commitment to keeping costs low.
Pay no advisory fee and no commissions.
Right now, it's got about 8% of my portfolio in cash, presumably to jump on any hot opportunities that arise. 9.8% in bonds or treasuries. The rest is domestic and international stocks.
Posted on 1/20/26 at 2:19 pm to Free888
quote:
Based on the definition of Qualified Client in the document she shouldn’t qualify,
oh yeah for sure, but then it mentioned something about a "qualified purchaser" and idk what that is.
At any rate it doens't matter, I talked to her this morning and she said she hasn't signed on with this guy or paid him anything and I told her to absolutely not do anything else. In the coming week or so when I have time I'm going to get her a basic simple brokerage account setup and go from there.
Posted on 1/20/26 at 2:20 pm to LemmyLives
Nice thanks!
Posted on 1/20/26 at 3:17 pm to WG_Dawg
quote:Did they run out of darts?
Invesco US Govt Money Fund: 16%
Invesco Global: 5%
Invesco V.I. Growth & Income: 5%
Fidelity VIP Mid Cap: 7%
Franklin Mutual Shares VIP Fund: 5%
Franklin US Govt Securities: 15%
Goldman Sachs Strategic Growth: 5%
Lord Abbett Fundamental Equity: 7%
MFS Total Return Bond Series: 15%
PIMCO Low Duration: 9%
PIMCO Short-Term: 9%
Posted on 1/20/26 at 3:51 pm to WG_Dawg
quote:
Then she is also charged 20% on any gains. I
Holy crap
Posted on 1/20/26 at 4:12 pm to WG_Dawg
quote:
At any rate it doens't matter, I talked to her this morning and she said she hasn't signed on with this guy or paid him anything and I told her to absolutely not do anything else.
Okay that actually makes sense.
Posted on 1/20/26 at 4:49 pm to WG_Dawg
I have an option. This is my field. Do you have a contact email?
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