JW Nearly Retired wrote:If you are living on SS and dividend income and are highly agitated over paper losses of $8000, you sound like you have a pretty low income/tax bracket. Why are you in Muni's then? High expense ones at that, the ORNCX muni fund you mentioned has an ER =1.39%. Yikes!KSODAPOP wrote: I've lost over $8000 in the last six months from two tax free Franklin and Putnam muni's, both of which I was told by my advisor were perfectly safe to place my life savings into, I'm disabled with spine injuries and have to live off of social security and dividend income.
My advisor is sticking by Muni's as the safest bet out of any investment options.
If you want some investment advice I suggest you show us your investments in the usual format and let the smart folks here take a look. IMO they could help you do better at investing then you are doing now.
Thats a very kind offer you make, I appreciate that very much.
I've been communicating with a gentleman by the name of Paul who has literally gone well out of his way to be helpful to me.
Forgive me, but I'm new to investing. Show investments in the usual format? How would I actually do that? I'll try here;
As I've written in other posts, I've had a very difficult time with my advisor from Webster Investments.
I'm 48y/o male, three children ages 10,16 & 19. Live on SS $1600 monthly with $425 additional for each child. Amounts are Net.
I have been told by others that I should have been in some annuities, maybe a couple quality munis, a money market, etc..., annuities were never discussed or offered by my advisor, nor my bank. My investor swore up and down for the past two years these funds cost me nothing, I only now find out I am paying one way or another.
My investment experience= NONE!
the ONLY options ever offered to me since 5/06 were muni's, FRFTX, ORNCX-(purchased 5/07 w/ $20k) and that Putnam tax free FD Class C fund (cusip pending), all three I only recently learned have some of the highest loads out there.
I was also repeatedly told these were some of the best funds on the market, were perfectly safe, I wasn't loosing.
Since my initial deposits/purchases in May '06 with $150k, I never felt comfortable. These were Medicare Set Aside funds I received from a spine injury settlement to be placed in safe interest bearing account, preferrably tax exempt, and a third to remain fluid.
He put $50k in a Treasury Cash Series (not much interest), $50K in FRFTX and $50K in the Putnam fund.
The cash series was linked to my medicare set aside checking to pay doctors/meds/therapy. At the time Webster was using Pershing Fin. Service.
I also opened 3 $10k 1yr CDs for my children, 1 $20k 1yr CD and $20K Money Market fund. I can't even begine to guess what the rates were paying then.
Three months into these, Webster gets rid of Pershing and goes with UVEST, now my accounts were not linked to my checking. When I needed funds, I had to wait 2,3,4 days for FedEx to show up, I was also now getting charged $12.50 to get my check. This went on for 8 months. My Investment web page also completely changed, before I could see exactly what what going on with my funds.
I began to notice losses, I was told not to worry, you know, all the "hang in there, there's no problem" lines sales people always tend to pitch.
Also in May 07, he talked me into taking my two youngest daughter's CD's and put them in two Alliance Bernstein Collage bound funds. As of last week, they were both down a thousand dollars. So, he took my 16year old's $10K college fund and put in a less volitile college fund.
My biggest toubles began when he talked me into just stop watching my funds every day and week, I was driving myself crazy. I was watching ORNCX nose diving, I got nothing but constant assurances, he was on top of it. So, I stopped watching them, in doing so, after the sixth month, this past January '08, I figured I'd take a peek, well, it was down over 15%.
I was livid, paniced, sold it, took the loss. I opened a Federated Capital Reserves fund. After finding all my funds down this past week, I took the lesser of two evils, either watch my funds continue to loose more and more value, or, suck it and take my losses. So, I moved all my investment funds into Federated upon the advise of his secretary who says she has the same.
I now find out she only has 3 years working for this guy, she is trained in sports medicine! GREAAAAAT!
At this point, I'm left with $93K in my medicare funds that still need 50% to remain fluid.
I've had to spend so much over the past two years for health care that combined with losses, all my funds are dwindling.
If you go on the Morningstar website, you'll find some of my posts titled something like "Is my advisor taking advantage of me". Something like that, In those posts it has many replys from some very hekpful people who, based upon my complaint/concerns that I posted, they seem to agree that the relationship between my advisor and myself has deteriorated and I should dump him.
I spoke to a new advisor at Peoples bank securities here in CT, she was very helpful but wanted me to convert my CD's to cash and then go to Peoples for better rates before the Fed drops rates further. I don't want to rush here, I want to make a more educated decision for my children and remaining funds.
The sale of my muni's was completed today, by now its too late because the fed cut rates Sunday night, and again today. So, I have no clue where I'm at, or what to do, especially after hearing that bad fed report 30 minutes ago.
Thats the jist of it. Thanks again for the concern and help!