ECON My Financial Advisor is threatening to kick me to the curb.

Betty_Rose

Betty_Rose

Veteran Member
For several days, I’ve been studying my stock holdings. They’re meager but they have performed very well.

In 2020, my handpicked investments increased by 75%. (I bought at the height of the March Covid panic.)

Today, I told my financial advisor to sell 80% of it. I wanted to take my profits off the table and be done.

He said that I wasn’t listening to him and more. He said that the economy is stable now and set for growth.

I really like the guy but I must have control over my money. Unfortunately, it’s within an IRA and that means it’s surrounded by government-mandated legal complexities.

I am surprised by how much resistance I encountered in trying to sell out and take my profits.

I can’t express how relieved I am to be out of this market.
 
Hawkgirl_70

Hawkgirl_70

Veteran Member
You can roll it over to TD Ameritrade!

I rolled my State Farm Roth IRA over there all by my little self!
I called and got to speak to an actual person, told him what I wanted to do, he directed me to the correct link, and within a couple days, boom! Done!
I have 100% control of my Roth IRA and I trade with it.
It's liberating!
 
E

exiled2tx

Inactive
go to a discount broker and open an IRA - in fact, they should be able to arrange a direct transfer from your current broker without you even having to see him
 
B

bassgirl

Veteran Member
I feel your stress. My 401 k has really grown. I turned 60 this yeae and i am trying to figure out how to get it, and spend it on what it is ear marked for, new car and funeral. Its not very big as I started only stated it a few years ago, but enough for that.

i feel like if I leave it ill have maybe half (if i am that lucky) by the time I retire in 5 years. its making me nervous. Had Trump won and clearly another 4 years I would leave it. But if Biden really does get in. Its gone.
 
P

Publius

TB Fanatic
The problem is putting it into any bank and they in turn invest it where they want like playing the overseas stock markets every night with the entire sum.
 
WildDaisy

WildDaisy

God has a plan, Trust it!
Remind him it is YOUR money, not his. Therefore the decision of what to do with it remains with you, not him. If he doesn't like it, happily take your money elsewhere! He obviously doesn't realize the money isn't his. I think he has it backwards. You can't kick your boss to the curb. HE works for YOU, not the other way around.

On the flip side, most people are out of work these days, and those who are still working, are severely, severely hampered with income. My guess, he gets bonus' for specific things he sells to customers, and since you are having no part of it, and have a mind of your own, he isn't making much money on you.
 
Betty_Rose

Betty_Rose

Veteran Member
bassgirl said:
I feel your stress. My 401 k has really grown. I turned 60 this yeae and i am trying to figure out how to get it, and spend it on what it is ear marked for, new car and funeral. Its not very big as I started only stated it a few years ago, but enough for that.

i feel like if I leave it ill have maybe half (if i am that lucky) by the time I retire in 5 years. its making me nervous. Had Trump won and clearly another 4 years I would leave it. But if Biden really does get in. Its gone.
Click to expand...

This was a very difficult decision for me. Agonal .

If I was younger, I would leave it alone but I am almost 62. How long will it take the market to recover?

I loved watching my balance zoom up. I loved feeling like I had finally figured out how to make a little money. But here in SW Illinois, our economy is in serious trouble. People are in deep financial trouble. Jobs are disappearing.

The next time that the market drops, it could take ten years to recover.

Anyway, thanks for your post. We’re in the same boat.
 
Mikiekimi

Mikiekimi

I’m just here for the gasoline...
If you're paying someone to manage your money...let them. If you don't want them to manage it...why are you paying them to do just that?
 
N

northern watch

TB Fanatic
Betty_Rose said:
This was a very difficult decision for me. Agonal .

If I was younger, I would leave it alone but I am almost 62. How long will it take the market to recover?

I loved watching my balance zoom up. I loved feeling like I had finally figured out how to make a little money. But here in SW Illinois, our economy is in serious trouble. People are in deep financial trouble. Jobs are disappearing.

The next time that the market drops, it could take ten years to recover.

Anyway, thanks for your post. We’re in the same boat.
Click to expand...
Whenever the market rises very fast, expect some type of pull-back
 
D

Dozdoats

On TB every waking moment
People in the ZUSA do not yet know what serious economic trouble is. But they will find out, Trump or no Trump.

None of us have reached the finish line yet. None of us can afford to relax yet. This struggle is not over and there are twists and turns and surprises yet to come.

One phone call is not gonna fix it.
 
kyrsyan

kyrsyan

Has No Life - Lives on TB
To protect my son, I have some of his funds in the market. This week all but the bare bones will be sold and moved to FDIC protected accounts. I can't pull it without hurting his benefits but I'll protect it and him as much as I can.
And yeah, the financial advisors aren't happy to see this happening at all.
 
Betty_Rose

Betty_Rose

Veteran Member
kyrsyan said:
To protect my son, I have some of his funds in the market. This week all but the bare bones will be sold and moved to FDIC protected accounts. I can't pull it without hurting his benefits but I'll protect it and him as much as I can.
And yeah, the financial advisors aren't happy to see this happening at all.
Click to expand...

Thanks for this post. I suspect that I am not the only one moving into cash and sitting on the sidelines.

These are not easy decisions because what if inflation comes roaring in and the market zooms up another 10,000 points?
 
AlfaMan

AlfaMan

Has No Life - Lives on TB
Tell your broker "you're fired!". He loses the commissions from the transactions on your money; he's covering his own backside, not yours.

We're going to hold on in the market just a little while longer. Pres Trump and the go go economy have been fantastic for our 401K's. When he wins another 4 year term the money stays in there. Another 4 years of his economy on fire and we'll retire in really good shape.
If Comrade Joe and the Ho take the reins-every penny comes out and cash or metals (or a mix of both) becomes the order of the day. Comrade Joe will absolutely kill the economy (and everything else he touches for that matter) and we'll lose every penny. I wouldn't even trust FDIC insured accounts if Comrade Joe comes in.
 
kyrsyan

kyrsyan

Has No Life - Lives on TB
Betty_Rose said:
Thanks for this post. I suspect that I am not the only one moving into cash and sitting on the sidelines.

These are not easy decisions because what if inflation comes roaring in and the market zooms up another 10,000 points?
Click to expand...
In your case that is more of worry because of time. My son is only in his early twenties. I would rather see the money ride out in a very low interest account that lose it all when the crash hits. After all is said and done, if the banking system still exists, I can slowly move it back to the other portfolios. Right now it's pretty evenly spread across 3 portfolios all with different risk levels. But none of those are insured in any way.
In your case, do you have enough to live on? If so, stop worrying about imaginary possible future riches and focus on now.
 
D

don24mac

Veteran Member
I'd go back or call him in a few days and ask for your 80% in check form with the total value from that day you asked, or to show you the statements of the end of that day you asked him to sell. It's sounds like HE's the one not listening. If he failed to do as you asked, you can file a complaint with your State Banking or Consumer Protection department. He could lose his Series 63 license.

I got out of investments abou one year ago because of my age and not wanting to put up with the ups and down of the value of my money any more.
 
T

Thinwater

Firearms Manufacturer
A good friend of mine bought 100K of hand picked S&P right after the big covid drop. When the press all starting yelling about a market crash about a month before the election, he bought another 100K worth, believing they were FOS and just trying to cause one to use against Trump.

Needless to say, he has done very well so far. He is certain that the .gov will continue to digitally create HUGE amounts of money in bailouts free crap and so on, especially if sleepy Joe gets in. He expects all of this money to end up in the market, sending it to new highs based on funny money.

I do not have the stones (Or any money) to play this game.
 
Kathy in FL

Kathy in FL

Administrator
_______________
Betty_Rose said:
For several days, I’ve been studying my stock holdings. They’re meager but they have performed very well.

In 2020, my handpicked investments increased by 75%. (I bought at the height of the March Covid panic.)

Today, I told my financial advisor to sell 80% of it. I wanted to take my profits off the table and be done.

He said that I wasn’t listening to him and more. He said that the economy is stable now and set for growth.

I really like the guy but I must have control over my money. Unfortunately, it’s within an IRA and that means it’s surrounded by government-mandated legal complexities.

I am surprised by how much resistance I encountered in trying to sell out and take my profits.

I can’t express how relieved I am to be out of this market.
Click to expand...

Because he is making money off of you. If you stop playing, he stops winning.
 
ShadowMan

ShadowMan

Designated Grumpy Old Fart
He doesn't want you to sell....BECAUSE HE'S MAKING MONEY OFF OF YOU!! If you sell out he's losing his Golden Goose, no wonder he's threatening to kick you to the curb.....to keep you on his leash to make more money off of you.

Toss his arse to the street and be done with him.
 
Ku Commando

Ku Commando

Inactive
Betty_Rose said:
I am almost 62
Click to expand...


Make sure you start collecting your Social Security 'benefit' as soon as you turn 62 1/2.......I did the math & if ya wait until you're 66 so you can get the higher monthly payment.......they won't even out until you're 78.


Betty_Rose said:
Thanks for this post. I suspect that I am not the only one moving into cash and sitting on the sidelines.

These are not easy decisions because what if inflation comes roaring in and the market zooms up another 10,000 points?
Click to expand...


Turn that cash into hard goods......beans & toilet paper for one thing.......that way you've got your stash when hyperinflation rears it's head
 
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