What, if anything, do I owe this guy?

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Topic Author
Cody6136
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What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 11:56 am

Hi all,

It's been quite a journey. I posted a while ago (time has kind of warped) about my situation in a thread entitled, How did it Come to This? I got a lot of great response on here and I am now forming my plan and taking a few steps. One is an effort at consolidation and another is an effort at better AA. I've decided to put together a pretty simple three or four piece portfolio and, as before, keep fees at a realistic level and keep things relatively simple.

My issue is this: I met and had lunch with a broker/financial planner. His proposal was to run my entire portfolio, which consists of house (paid for), gold (safely stored), mutual funds (in a large institution) and various retirement funds, one of which is about 125k and in the large bank where he works.

Over lunch, he proposed that he would act as my broker for the entire (I asked repeatedly what this means, and he said the whole asset mix) portfolio and charge me 2 percent. I agreed to bring him on as my "person" for money management of all of my assets, which amount to about 700k sans my equity in my house (I have decent comps for my area and could expect to sell for about 375k). He said that he would be my "broker and financial planner." All of this sounded good.

And then, I started reading. Lurking here.

I met with a fee only financial advisor who deals with high net worth individuals ..greater than 20M in assets...he gave an hour and a half of his time to review my entire financial life. I took a boatload of notes and everything I wrote squared with what I read here.

Now I know that my lunch date's proposal does not pass the laugh test.

News flash: there is no such thing as a free lunch. I signed no papers, and haven't taken our "relationship" to the next level by filling out the "goals" worksheets and transferring assets or paying the monthly fee, smoothly debited from my accounts.

What would you do in my situation? Would you meet with him? Let things die a natural death?

I am well aware that my financial life resembles a Seinfeld episode but I have been living well beneath my means for many years and know how to manage my own needs/expectations and much of the world around me. I have saved diligently and will continue to be an asset to my community where I live and work.

I just feel really bad for agreeing to work with this guy and then deciding to throw him overboard. And he is peripherally connected to my place of employment, so that makes it much more important to be respectful and clear.

How would you proceed?
Last edited by Cody6136 on Tue Apr 23, 2019 12:02 pm, edited 1 time in total.

Tamalak
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Re: What, if anything, do I owe this guy?

Post by Tamalak » Tue Apr 23, 2019 11:58 am

Dude's a swindler, but you still should act with honor. IMO just call him and tell him you've reconsidered and have decided to manage your own assets. Don't explain yourself any further, draw a hard line there. That's the minimum you owe him and IMO should be the only thing you give him.

Emotionally, it won't be easy to do, and he'll try to make it even harder. You'll feel like a horrible person. Embrace the sensation, it means it's a challenge you've passed.

mrc
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Re: What, if anything, do I owe this guy?

Post by mrc » Tue Apr 23, 2019 11:59 am

2%? Do not feel bad about never speaking to this person again.

Read this site, and ask for help here. You'll be fine.
By the time you know enough to choose a good financial adviser, you don't need one. | bogleheads.org is my advisor: The ER is 0.0% and the advice always solid.

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munemaker
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Re: What, if anything, do I owe this guy?

Post by munemaker » Tue Apr 23, 2019 12:00 pm

I would not meet with him again. If he communicates with you (which he certainly will), just thank him for his efforts and tell him you changed your mind. It he asks why or what you are doing, just tell him you decided to manage your assets yourself and leave it at that.

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samsoes
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Re: What, if anything, do I owe this guy?

Post by samsoes » Tue Apr 23, 2019 12:01 pm

You don't owe him a thing. He tried to fleece you. It's like apologizing to a phone call scam artist.

If you must:

"Upon futher reflection, I've decided to decline your offer. Thank you for your time."
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

bradpevans
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Re: What, if anything, do I owe this guy?

Post by bradpevans » Tue Apr 23, 2019 12:01 pm

Tamalak wrote:
Tue Apr 23, 2019 11:58 am
Dude's a swindler, but you still should act with honor. IMO just call him and tell him you've reconsidered and have decided to manage your own assets. Don't explain yourself any further, draw a hard line there. That's the minimum you owe him and IMO should be the only thing you give him.

Emotionally, it won't be easy to do, and he'll try to make it even harder. You'll feel like a horrible person. Embrace the sensation, it means it's a challenge you've passed.
this is awesome advice.

GoldenFinch
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Re: What, if anything, do I owe this guy?

Post by GoldenFinch » Tue Apr 23, 2019 12:02 pm

I would tell him you’ve changed your mind and are going to go it alone. No way would I pay him 2%! Keep reading this site. When you have questions, ask here. Read, read, read!

FRANK2009
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Re: What, if anything, do I owe this guy?

Post by FRANK2009 » Tue Apr 23, 2019 12:03 pm

2% is 2% too much. You can do it yourself for a fraction of that, and probably do a better job. Ask questions here and read on your own.

I guess a polite "I've reconsidered your offer but not at this time" would be in order.

Longdog
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Re: What, if anything, do I owe this guy?

Post by Longdog » Tue Apr 23, 2019 12:04 pm

Tamalak wrote:
Tue Apr 23, 2019 11:58 am
Dude's a swindler, but you still should act with honor. IMO just call him and tell him you've reconsidered and have decided to manage your own assets. Don't explain yourself any further, draw a hard line there. That's the minimum you owe him and IMO should be the only thing you give him.

Emotionally, it won't be easy to do, and he'll try to make it even harder. You'll feel like a horrible person. Embrace the sensation, it means it's a challenge you've passed.
Or send a polite email. Thank him for his time, and if you really want to alleviate any guilt, offer to refund the cost of your lunch. But in no case, answer any questions. There's no benefit to you to do so. That will take you down an uncomfortable path - the truth is, your reasoning for doing this is yours and yours alone, and it is decided. There is no new information or offer that will change your decision. Period.
Steve

Hockey10
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Re: What, if anything, do I owe this guy?

Post by Hockey10 » Tue Apr 23, 2019 12:04 pm

You owe him nothing. Tell him that you have become a Boglehead and are willing to pay 3 or 4 basis points for investments held at Vanguard or Fidelity or Schwab, instead of the 200 basis points that he wants to charge.

Topic Author
Cody6136
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Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 12:06 pm

bradpevans wrote:
Tue Apr 23, 2019 12:01 pm
Tamalak wrote:
Tue Apr 23, 2019 11:58 am
Dude's a swindler, but you still should act with honor. IMO just call him and tell him you've reconsidered and have decided to manage your own assets. Don't explain yourself any further, draw a hard line there. That's the minimum you owe him and IMO should be the only thing you give him.

Emotionally, it won't be easy to do, and he'll try to make it even harder. You'll feel like a horrible person. Embrace the sensation, it means it's a challenge you've passed.
this is awesome advice.

Yes it is. I'm going to make the call now and then....embrace. Please wish me luck!

caffeperfavore
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Re: What, if anything, do I owe this guy?

Post by caffeperfavore » Tue Apr 23, 2019 12:06 pm

You shouldn't feel bad. He should feel bad for trying to rob you.

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bottlecap
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Re: What, if anything, do I owe this guy?

Post by bottlecap » Tue Apr 23, 2019 12:06 pm

You owe him nothing. Simply tell him you've reconsidered and don't want an advisor.

You can give more explanation about the fees being too much and your philosophy as to index investing, but it will just give him more fodder to tell you why he's worth it and he can do better.

This isn't the first time this has happened to him. He won't like not getting your money, but he's a big boy and can deal with rejection.

JT

miamivice
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Re: What, if anything, do I owe this guy?

Post by miamivice » Tue Apr 23, 2019 12:08 pm

From a quick reading, it sounds like the initial visit was a sales proposal. It is standard that sales proposals do not always (perhaps only rarely) turn into actual sales. It is also standard that sales proposals involve no financial transaction.

It is no different than trying on clothes at the store, looking at a new car on a lot, or discussing a remodeling project with a firm. As long as you were serious with your initial visit (which it sounds like you were), it was a fair sales opportunity.

Dave55
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Re: What, if anything, do I owe this guy?

Post by Dave55 » Tue Apr 23, 2019 12:10 pm

You have been given great advice in the above posts, and I agree you "owe" this man nothing. You have to realize that financial advisors, real estate agents, CPA's, or any number of professionals that get approached by potential clients interested in their services and then take the time to explain their services (which is part of their job) do not always "land" or sign up the potential client. Hope that makes your moving on easier.

Dave

caffeperfavore
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Re: What, if anything, do I owe this guy?

Post by caffeperfavore » Tue Apr 23, 2019 12:11 pm

Cody6136 wrote:
Tue Apr 23, 2019 12:06 pm
Yes it is. I'm going to make the call now and then....embrace. Please wish me luck!
Maybe I'm a jerk, but I wouldn't bother with a call. He's just going to put the hard sell on you. A one sentence email will suffice.

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Rob5TCP
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Re: What, if anything, do I owe this guy?

Post by Rob5TCP » Tue Apr 23, 2019 12:11 pm

Just say thank you for your time, but I've made other plans. DO NOT respond to why you changed your mind or what you are doing. He is a salesman and is well versed is overcoming objections.

2% is one of the highest %'s I've heard. They are usually from .5/.75 up to 1.5% (and those are too high).

Keep contact (if ANY) brief.

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djpeteski
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Re: What, if anything, do I owe this guy?

Post by djpeteski » Tue Apr 23, 2019 12:13 pm

If it was me, I would through everything he gave me in the trash and let it die. I would not take his calls. At most, if he emails me I would respond with a "Not interested, please take me off your list". Block his number, block his email.

You don't owe him anything and that includes an explanation.

worthit
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Re: What, if anything, do I owe this guy?

Post by worthit » Tue Apr 23, 2019 12:16 pm

As others have suggested, you owe him nothing. It is your hard earned monies and you have the right to decide who and how you manage it. I would do nothing unless he reaches out to you. You can then thank him (if you wish to) and politely end the conversation. I wouldn't lose sleep over such things. My .02.

bluebolt
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Re: What, if anything, do I owe this guy?

Post by bluebolt » Tue Apr 23, 2019 12:21 pm

djpeteski wrote:
Tue Apr 23, 2019 12:13 pm
If it was me, I would through everything he gave me in the trash and let it die. I would not take his calls. At most, if he emails me I would respond with a "Not interested, please take me off your list". Block his number, block his email.

You don't owe him anything and that includes an explanation.
While I agree he doesn't owe him anything, it doesn't take any more effort to be polite if he emails.

Something like "Thanks for reaching back out. I've decided to go another route and won't be needing your assistance."

DonIce
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Re: What, if anything, do I owe this guy?

Post by DonIce » Tue Apr 23, 2019 12:22 pm

Cody6136 wrote:
Tue Apr 23, 2019 11:56 am
I just feel really bad for agreeing to work with this guy and then deciding to throw him overboard. And he is peripherally connected to my place of employment, so that makes it much more important to be respectful and clear.
The other advice you have received here is good. Don't give him your money, and, if you want, let him know clearly that you aren't giving him your money.

I would add, however, that you should notify your employer that someone "connected" with them is attempting to scam their employees. And make no mistake, it absolutely is a scam. Charging you 2% on not only the assets he'd manage but also on your physical gold and home equity? Absolutely absurd! No financial advisor anywhere close to legitimate would suggest such a thing. This guy is 100% a scammer and has probably scammed others of your coworkers out of their hard earned money already. You should also call the "large bank where he works" and let them know what he is doing and ask if this is something that they condone.

Hikes_With_Dogs
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Re: What, if anything, do I owe this guy?

Post by Hikes_With_Dogs » Tue Apr 23, 2019 12:25 pm

mrc wrote:
Tue Apr 23, 2019 11:59 am
2%? Do not feel bad about never speaking to this person again.

Read this site, and ask for help here. You'll be fine.
Agreed. He's a scam artist. You owe him nothing.

Oakwood42
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Re: What, if anything, do I owe this guy?

Post by Oakwood42 » Tue Apr 23, 2019 12:26 pm

samsoes wrote:
Tue Apr 23, 2019 12:01 pm
You don't owe him a thing. He tried to fleece you. It's like apologizing to a phone call scam artist.

If you must:

"Upon futher reflection, I've decided to decline your offer. Thank you for your time."
"Upon futher reflection, I've decided to decline your offer. Thank you for your time."

+1

ved
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Re: What, if anything, do I owe this guy?

Post by ved » Tue Apr 23, 2019 12:32 pm

Cody6136 wrote:
Tue Apr 23, 2019 11:56 am

My issue is this: I met and had lunch with a broker/financial planner. His proposal was to run my entire portfolio, which consists of house (paid for), gold (safely stored), mutual funds (in a large institution) and various retirement funds, one of which is about 125k and in the large bank where he works.

Over lunch, he proposed that he would act as my broker for the entire (I asked repeatedly what this means, and he said the whole asset mix) portfolio and charge me 2 percent. I agreed to bring him on as my "person" for money management of all of my assets, which amount to about 700k sans my equity in my house (I have decent comps for my area and could expect to sell for about 375k). He said that he would be my "broker and financial planner." All of this sounded good.
I agree with others here - that you politely, but firmly, decline his services.

But, I was intrigued with his proposal. He was going to charge you 2% on your "entire portfolio"? This includes the house?
2% of $375k is $7,500. Per year.
What exactly will he be doing to earn that $7,500? :shock:

ohai
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Re: What, if anything, do I owe this guy?

Post by ohai » Tue Apr 23, 2019 12:37 pm

I wouldn't necessarily call this a "scam" without further information, but there does not seem to be any need for you to pay that 2% per year.

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samsoes
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Re: What, if anything, do I owe this guy?

Post by samsoes » Tue Apr 23, 2019 12:43 pm

ohai wrote:
Tue Apr 23, 2019 12:37 pm
I wouldn't necessarily call this a "scam" without further information, but there does not seem to be any need for you to pay that 2% per year.
Respectfully disagree. How is he managing the physical gold -- at a 2% fee -- which is being safe-stored at an offsite location?

This guy's a con artist.
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

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Cody6136
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Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 12:56 pm

samsoes wrote:
Tue Apr 23, 2019 12:43 pm
ohai wrote:
Tue Apr 23, 2019 12:37 pm
I wouldn't necessarily call this a "scam" without further information, but there does not seem to be any need for you to pay that 2% per year.
Respectfully disagree. How is he managing the physical gold -- at a 2% fee -- which is being safe-stored at an offsite location?

This guy's a con artist.
I still haven't made the call. Kind of leaning towards a simple email at present but I think that is so cheesy. I would prefer someone called me rather than emailed if the shoe was on the other foot. Oh. Wait. I don't scam people.

Broken Man 1999
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Re: What, if anything, do I owe this guy?

Post by Broken Man 1999 » Tue Apr 23, 2019 1:08 pm

Me, I have zero knowledge about this "guy", but I certainly could simply send an email stating that I was not interested in employing him for investment services.

I'm not going to join the flaming torch and pitchfork brigade, others will/have.

Disagreeing without being disagreeable is an admirable trait. Civility, so far as I know, is free to use. Though, it can be rare nowadays.

How you portray others reveals more about you than them.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain

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Cody6136
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Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 1:17 pm

Broken Man 1999 wrote:
Tue Apr 23, 2019 1:08 pm
Me, I have zero knowledge about this "guy", but I certainly could simply send an email stating that I was not interested in employing him for investment services.

I'm not going to join the flaming torch and pitchfork brigade, others will/have.

Disagreeing without being disagreeable is an admirable trait. Civility, so far as I know, is free to use. Though, it can be rare nowadays.

How you portray others reveals more about you than them.

Broken Man 1999

Because of his connection to my place of employment, I would not say that I will be "simply" doing anything. That is the very reason that I wrote for responses and some input.

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onthecusp
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Re: What, if anything, do I owe this guy?

Post by onthecusp » Tue Apr 23, 2019 1:20 pm

Make sure that you don't somehow state in writing that you agreed to anything. Maybe just "After considering your proposal I won't be using your services."

Strayshot
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Re: What, if anything, do I owe this guy?

Post by Strayshot » Tue Apr 23, 2019 1:21 pm

Call him and tell him that you met someone who would manage your assets for 4% AUM and you figured that since it would cost more you will be getting much better advice.
See what he says.
Then mention you were just joking and were going to use Vanguard PAS at .3%
See what he says.
Then tell him you met a bunch of strangers on the internet who will do it for free and you will probably go that route.
That’s what I would do!

Mike Scott
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Re: What, if anything, do I owe this guy?

Post by Mike Scott » Tue Apr 23, 2019 1:22 pm

He is a salesman and you have decided that you are not buying. An email saying thanks but no thanks is enough. If this negatively influences your job/workplace... you probably don't want to be there anyway.

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RickBoglehead
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Re: What, if anything, do I owe this guy?

Post by RickBoglehead » Tue Apr 23, 2019 1:23 pm

Cody6136 wrote:
Tue Apr 23, 2019 12:56 pm
samsoes wrote:
Tue Apr 23, 2019 12:43 pm
ohai wrote:
Tue Apr 23, 2019 12:37 pm
I wouldn't necessarily call this a "scam" without further information, but there does not seem to be any need for you to pay that 2% per year.
Respectfully disagree. How is he managing the physical gold -- at a 2% fee -- which is being safe-stored at an offsite location?

This guy's a con artist.
I still haven't made the call. Kind of leaning towards a simple email at present but I think that is so cheesy. I would prefer someone called me rather than emailed if the shoe was on the other foot. Oh. Wait. I don't scam people.
You are making this into a much bigger deal than it is. Simply pick up the phone and make the call.

Bob, thanks for lunch the other day. I've given it some thought, and have decided to not move forward. Thanks again, Cody.

The more you drag this out, the more it is a Seinfeld episode. And there is zero reason for additional feedback from people, much more important things to focus on in life.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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Re: What, if anything, do I owe this guy?

Post by Jack FFR1846 » Tue Apr 23, 2019 1:25 pm

caffeperfavore wrote:
Tue Apr 23, 2019 12:11 pm
Cody6136 wrote:
Tue Apr 23, 2019 12:06 pm
Yes it is. I'm going to make the call now and then....embrace. Please wish me luck!
Maybe I'm a jerk, but I wouldn't bother with a call. He's just going to put the hard sell on you. A one sentence email will suffice.
If you're a jerk, then I'm something more. I'd call the guy and ask him when he's coming to wash my car. I wouldn't give him anything signed or agreed to....I'd just give him hoops to jump through until he fired ME.
Bogle: Smart Beta is stupid

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Watty
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Re: What, if anything, do I owe this guy?

Post by Watty » Tue Apr 23, 2019 1:34 pm

Just FYI, the 2% fee for the assets under management was likely just the tip of the iceberg. It is very likely that he would have invested the money in some combination of funds with high fees, loads, and maybe annuities.

You dodged a bullet.

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Cody6136
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Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 1:44 pm

[q
[/quote]

You are making this into a much bigger deal than it is. Simply pick up the phone and make the call.

Bob, thanks for lunch the other day. I've given it some thought, and have decided to not move forward. Thanks again, Cody.

The more you drag this out, the more it is a Seinfeld episode. And there is zero reason for additional feedback from people, much more important things to focus on in life.
[/quote]

Jerry,

Thanks for lunch the other day. I've given it some thought and have decided not to move forward.

Thanks,

George Costanza

I did it!

Whew. I had a really bad feeling about this whole thing and already, I feel the sense of gloom evaporating. I don't know how this whole thing might have played out, but that pit in my stomach was real.

neilpilot
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Re: What, if anything, do I owe this guy?

Post by neilpilot » Tue Apr 23, 2019 1:49 pm

PostScript: OP posted" "I met and had lunch with a broker/financial planner. His proposal was to run my entire portfolio, which consists of house (paid for), gold (safely stored), mutual funds (in a large institution) and various retirement funds, one of which is about 125k and in the large bank where he works"

While simply a rule of thumb, any broker/financial planner who works in a "large bank" should be avoided.

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Stinky
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Re: What, if anything, do I owe this guy?

Post by Stinky » Tue Apr 23, 2019 1:52 pm

So you’ve made the call? And it’s all done?

If so, congratulations. Keep watching and posting on this Board.
It's a GREAT day to be alive - Travis Tritt

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Cody6136
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Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 1:59 pm

Stinky wrote:
Tue Apr 23, 2019 1:52 pm
So you’ve made the call? And it’s all done?

If so, congratulations. Keep watching and posting on this Board.
Yes...I got voicemail. Wish I had a back-and-forth in real time. I know, I know...that's old school. But it is done and I am really relieved.

I'm new at all of this, and it helps to have a bit of encouragement.

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Stinky
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Re: What, if anything, do I owe this guy?

Post by Stinky » Tue Apr 23, 2019 2:20 pm

Cody6136 wrote:
Tue Apr 23, 2019 1:59 pm
Stinky wrote:
Tue Apr 23, 2019 1:52 pm
So you’ve made the call? And it’s all done?

If so, congratulations. Keep watching and posting on this Board.
Yes...I got voicemail. Wish I had a back-and-forth in real time. I know, I know...that's old school. But it is done and I am really relieved.

I'm new at all of this, and it helps to have a bit of encouragement.
And if he calls you back, simply say “I’ve made my decision. Thank you.”

Then hang up.
It's a GREAT day to be alive - Travis Tritt

caffeperfavore
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Re: What, if anything, do I owe this guy?

Post by caffeperfavore » Tue Apr 23, 2019 2:24 pm

Stinky wrote:
Tue Apr 23, 2019 2:20 pm
Cody6136 wrote:
Tue Apr 23, 2019 1:59 pm
Stinky wrote:
Tue Apr 23, 2019 1:52 pm
So you’ve made the call? And it’s all done?

If so, congratulations. Keep watching and posting on this Board.
Yes...I got voicemail. Wish I had a back-and-forth in real time. I know, I know...that's old school. But it is done and I am really relieved.

I'm new at all of this, and it helps to have a bit of encouragement.
And if he calls you back, simply say “I’ve made my decision. Thank you.”

Then hang up.
And if he calls you back (and he will), simply don't pick up. :wink:

MotoTrojan
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Re: What, if anything, do I owe this guy?

Post by MotoTrojan » Tue Apr 23, 2019 2:30 pm

Cody6136 wrote:
Tue Apr 23, 2019 1:17 pm
Broken Man 1999 wrote:
Tue Apr 23, 2019 1:08 pm
Me, I have zero knowledge about this "guy", but I certainly could simply send an email stating that I was not interested in employing him for investment services.

I'm not going to join the flaming torch and pitchfork brigade, others will/have.

Disagreeing without being disagreeable is an admirable trait. Civility, so far as I know, is free to use. Though, it can be rare nowadays.

How you portray others reveals more about you than them.

Broken Man 1999

Because of his connection to my place of employment, I would not say that I will be "simply" doing anything. That is the very reason that I wrote for responses and some input.
I’d detail out to management why this isn’t a fiduciary person if this is an official work connection/offering.

User avatar
BL
Posts: 9401
Joined: Sun Mar 01, 2009 2:28 pm

Re: What, if anything, do I owe this guy?

Post by BL » Tue Apr 23, 2019 3:17 pm

https://www.etf.com/docs/IfYouCan.pdf
Read the last part, Hurdle # 5, about folks like this.

Never heard of charging on all assets, nor 2%. Bad!!!

Topic Author
Cody6136
Posts: 263
Joined: Tue Apr 16, 2019 10:54 am

Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 3:22 pm

BL wrote:
Tue Apr 23, 2019 3:17 pm
https://www.etf.com/docs/IfYouCan.pdf
Read the last part, Hurdle # 5, about folks like this.

Never heard of charging on all assets, nor 2%. Bad!!!

I love this guy...read his book, Intelligent Asset Allocation!

Grt2bOutdoors
Posts: 22435
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: What, if anything, do I owe this guy?

Post by Grt2bOutdoors » Tue Apr 23, 2019 3:31 pm

caffeperfavore wrote:
Tue Apr 23, 2019 12:11 pm
Cody6136 wrote:
Tue Apr 23, 2019 12:06 pm
Yes it is. I'm going to make the call now and then....embrace. Please wish me luck!
Maybe I'm a jerk, but I wouldn't bother with a call. He's just going to put the hard sell on you. A one sentence email will suffice.
You’re too nice. I wouldn’t even respond to such a proposal.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Luckywon
Posts: 922
Joined: Tue Mar 28, 2017 10:33 am

Re: What, if anything, do I owe this guy?

Post by Luckywon » Tue Apr 23, 2019 3:46 pm

Cody6136 wrote:
Tue Apr 23, 2019 11:56 am

And he is peripherally connected to my place of employment, so that makes it much more important to be respectful and clear.
Never hire someone you can't easily fire.
Last edited by Luckywon on Tue Apr 23, 2019 6:02 pm, edited 1 time in total.

FIREmeup
Posts: 65
Joined: Thu Jun 15, 2017 4:00 pm

Re: What, if anything, do I owe this guy?

Post by FIREmeup » Tue Apr 23, 2019 3:58 pm

When I've dealt with con artists that try and scam you, in my case a mold remediation guy recently, he knows it is a ridiculous proposal and probably knows not to even try and sell you harder after you figured him out. Was that 2% on physical gold and home equity for real? Wow.

Do not feel bad for one second. Feel glad you just saved yourself about $1200 a month and going up forever.

If you ever have a question ask the bogleheads here. They are helpful, want to help and know more than 99.9% of FAs out there.

Congrats!

Nowizard
Posts: 2728
Joined: Tue Oct 23, 2007 5:33 pm

Re: What, if anything, do I owe this guy?

Post by Nowizard » Tue Apr 23, 2019 4:10 pm

Guilt is a strange emotion at times. There are those who never feel it, those who feel it inappropriately. You told this planner that you would sign with him and felt bad (Guilty) about not doing so. However, you would not have done so if you had information you later obtained. So, in a sense you confused your value system which apparently says do what you say you will do. Great! If more people felt guilty when they violated their value system, the world would be a better place. This was a time when to experience the guilt reflects well on your value decision but not a time to not let it determine your behavior. Way to go!

Tim

Topic Author
Cody6136
Posts: 263
Joined: Tue Apr 16, 2019 10:54 am

Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 4:47 pm

Grt2bOutdoors wrote:
Tue Apr 23, 2019 3:31 pm
caffeperfavore wrote:
Tue Apr 23, 2019 12:11 pm
Cody6136 wrote:
Tue Apr 23, 2019 12:06 pm
Yes it is. I'm going to make the call now and then....embrace. Please wish me luck!
Maybe I'm a jerk, but I wouldn't bother with a call. He's just going to put the hard sell on you. A one sentence email will suffice.
You’re too nice. I wouldn’t even respond to such a proposal.
I wish I had your sense of self! It's taking some time to learn to take the reins.

Topic Author
Cody6136
Posts: 263
Joined: Tue Apr 16, 2019 10:54 am

Re: What, if anything, do I owe this guy?

Post by Cody6136 » Tue Apr 23, 2019 4:55 pm

FIREmeup wrote:
Tue Apr 23, 2019 3:58 pm
Was that 2% on physical gold and home equity for real?
As I said in my original post, I asked him repeatedly about what the 2 percent was ON. He said, the entire portfolio. I said, so..you mean the investments in my accounts and "Not this," I said. I then pointed to the gold and the home equity part of my fact sheet (which I had prepared expressly for this lunch meeting). He kept saying, the entirety of your portfolio, waving his hand across the entire paper. Your assets, as they might come into play as we fix your situation.

"They might come into play," I repeated?

"Yes. As we fix your situation."

Seeing this person in my rear view mirror is my new definition of beauty.

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