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UKR

"Financial Planning"

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NotACPA

My account rep, at Fidelity constantly want's be to sell some of my bank stock (1/3 of the portfolio) and spread that money out into other investments.

And them I point out that over pretty much any time period that you choose, my returns are beating the S&P by a tidy margin. So she changes the topic.

She's useful for letting me know about new Fido products, and on those rare occasions when I need account type help, but not so much so for investment advice.

BTW, before I switched over to systems, I managed a $100,000,000 PER DAY, money market trading operation and I held a Series 7 license. So I know what I'm doing in the investment field.

Chris_QPW

What always gets me about "TV Financial Planners" is that people somehow believe that the advice given to millions of people is "right for them".

NotACPA

Chris_QPW said:

What always gets me about "TV Financial Planners" is that people somehow believe that the advice given to millions of people is "right for them".

Well, it's "right" for Dave Ramsey who lives in a VERY large mansion in one of the suburbs of my city. Don't see many of his clients living there.

Rocket J Squirrel

The purpose of diversification is not to beat the S&P. It's to reduce risk.

Wells Fargo is a criminal company and if they ever get properly punished and their stock drops to nothing, you'll wish you had listened to Miss Fido.

Chris_QPW

Yeah, it reminds me of the way to get rich in fixing up houses, convince people that you know what you are doing, and sell them your "method". Even better get yourself on TV. Susan Orman seems to be doing quite well with that method.

NotACPA

Besides my WF stock, I own 13 WELL DIVERSIFIED Fido mutual funds in that same account.

When the fake account scandal broke, WF stock dropped to the $8 range. It's currently at $33.62 and those miscreant individuals have all been fired. It's INDIVIDUALS who are criminal ... not the company.

Rocket J Squirrel

Contrast with PG&E. The company itself is a convicted felon, yet none of its staff went to jail.

NotACPA

I don't believe that the WF executives were jailed either ... but they each experienced HUGE "clawbacks" of prior salary and bonuses. Such as the ENTIRE bonus for several years and a chunk of salary.

Ps56k2

from the Boglehead forum - and Vanguard cult followers -

Fred Schweds Where are the Customers Yachts A modern-day interpretation of an investment classic