Author Topic: Private banking Situation  (Read 1431 times)

DrJohn

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Private banking Situation
« on: August 17, 2014, 01:18:12 PM »
Cross posting as I think I put this in the wrong place...

OK- I used to be with Schwab and my advisor jumped ship to Ch8se. I followed him as I trusted him. I was sold the "Priv@te Client" accounts at Ch8se.  Next thing I am from 10 sectors I could basically understand (e.g. small cap, mid cap, large cap, health, tech, energy, Europe, REIT, bonds, emerging markets) and invested by thew new firm into 80 plus funds, hedge funds, stocks etc. I don't even have the time to start researching/understanding what I have.   All investments charge fees 0.8-1.2% and there is a 1% fee on top of that.  I do have a 401(k) at a newish job invested in a V@nguard 2030 retirement fund as a baseline for comparison and that has made 11.1% in the last year which is way beyond the measly few % I have seen in the Ch8se accounts.

Now I want to get an independent viewpoint from a non-biased fee based advisor as I feel that it has all gone badly wrong.  I think that is the right way out.

Has anyone else experienced the same problem?

Sorry to be weird/cloak and dagger with the  8's and @'s but I am a bit paranoid about this type of stuff with the size of funds involved.

Another Reader

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Re: Private banking Situation
« Reply #1 on: August 17, 2014, 01:33:35 PM »
You have been sold poor funds that are overpriced.  Either go back to Schwab and restore what worked for you or better, move the money to Fidelity or Vanguard and look at index and other quality funds or ETF's.  Do it before you get dragged under by the weight of all this garbage.

This advisor agreed to sell Chase products when he signed on with that company.  He is not acting in your best interest.  He is acting in Chase's best interest.  Your trust is misplaced.

rmendpara

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Re: Private banking Situation
« Reply #2 on: August 17, 2014, 01:40:14 PM »
Do you understand investing? Then manage it yourself until you accumulate >$1 million.

You can earn substantially the market return with less than 10 funds. The next 100 funds are just fluff to make you feel like you are doing something special and for an advisor to make it seem like they are working hard.

DrJohn

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Re: Private banking Situation
« Reply #3 on: August 17, 2014, 01:51:27 PM »
Absolutely.  Everything was going great.  I accumulated $1 million and then at that very point I lost my way.  Maybe I thought that so much in cash was too much for me to handle.  I'm an ecologist- not an accountant!

Now for the next step...  I feel that I have made a mis-step and need to get back to when I was a lot more cool about what I had accumulated without really knowing what that particular financial tipping point would mean to me....