Chris12345 Posted November 14, 2019 Share Posted November 14, 2019 18 hours ago, Curmudgeon said: Good plan. I am watching the same sun, except in Puerto Vallarta five hours earlier. Maui sunsets are really beautiful, too. Beats November snow! Link to comment Share on other sites More sharing options...
gttxc Posted November 15, 2019 Share Posted November 15, 2019 8 hours ago, Lancaster said: Unfortunately, advisors don't have "fiduciary duty" as a requirement unlike medical specialists and lawyers. Some designations may require it (CFA, CFP, etc), but anyone can technically be a financial advisor as there is almost no barrier of entry to that career. Good to know! I just had my financial planner tell me he was feduciarily bound and I thought it went for advisors too. Link to comment Share on other sites More sharing options...
SabreFan1 Posted November 15, 2019 Share Posted November 15, 2019 10 hours ago, gttxc said: Regardless of Garrisons actions, financial advisors have a feduciary responsibility to their clients. Cases like these help create an incentive to protect the rest of us from advisors using our money to enrich themselves. You're naive if you think that financial advisors don't steer their clients to investments that they and/or the company they represent don't have a stake in. When you turn control of your money over to another person they will always have their own interests above yours. Quote Im regards to Garrison, why are you assuming he has no grounds for complaint? It’s innocent until proven guilty(the advisor), not disparage the plaintiff if you don’t like him for some reason. Or have an assumption of his conduct because of other rich atheletes. Look up the word "cursory". I said with a cursory read of the details, the only clear-cut argument that he has in the article is the illegal use of his signature. If someone uses copies of your signature without permission, it's considered forgery/fraud. If he can prove that they did that, the standard of proof for the rest of his allegations will be lowered. I'm more than happy to pay the fees that I do to handle my own portfolio. It'll be a cold day in h*ll before I ever turn control of my portfolio over to another person. I've had people try, but after I get through with them, they don't ever ask a second time. 1 Link to comment Share on other sites More sharing options...
Ray_Cathode Posted November 16, 2019 Share Posted November 16, 2019 On 11/13/2019 at 9:54 PM, Drive-By Body Pierce said: Don’t egg me on... 1 Link to comment Share on other sites More sharing options...
McBackup Posted November 16, 2019 Share Posted November 16, 2019 (edited) Its easy to belittle someone making a lot of money and losing it through bad investments and deals like this by saying "a fool and his money are soon parted", but its really shortsighted. These guys have basically been focusing on a sport for their entire lives and obviously aren't going to be well educated on financial matters. They leave those kinds of things up to agents and advisors. Most people are no better off or wiser, they just don't have the capital to invest at all. You can't blame the guy for trying to secure long term financial stability. Honestly belittling him for this just sounds like jealousy people didn't have that money in the first place. Edited November 16, 2019 by Bitter Melon 1 1 Link to comment Share on other sites More sharing options...
SergioMomesso Posted November 16, 2019 Share Posted November 16, 2019 Can’t be worse than Jack Johnson’s parents taking him to the cleaners. 1 1 Link to comment Share on other sites More sharing options...
Boudrias Posted November 16, 2019 Share Posted November 16, 2019 12 hours ago, Bitter Melon said: Its easy to belittle someone making a lot of money and losing it through bad investments and deals like this by saying "a fool and his money are soon parted", but its really shortsighted. These guys have basically been focusing on a sport for their entire lives and obviously aren't going to be well educated on financial matters. They leave those kinds of things up to agents and advisors. Most people are no better off or wiser, they just don't have the capital to invest at all. You can't blame the guy for trying to secure long term financial stability. Honestly belittling him for this just sounds like jealousy people didn't have that money in the first place. I have seen financial mismanagement many times in my life. It can easily run the range of very wealthy to poor. You can begin with how people were raised in the first place. We certainly cannot trust the school system to teach basic finance. Most people don't even reconcile their monthly spending let alone worry about investing. You don't have to invest in the stock market to be a smart money manager. Sorry but the bolded above simply does not ring true. Any revenue brought into a household has to be respected and handled with careful planning. Both rich and poor can piss money away with aplomb. Budget!!!!!!!!!!!!!!!!! 2 Link to comment Share on other sites More sharing options...
Kragar Posted November 18, 2019 Share Posted November 18, 2019 On 11/14/2019 at 8:03 AM, Lancaster said: Unfortunately, advisors don't have "fiduciary duty" as a requirement unlike medical specialists and lawyers. Some designations may require it (CFA, CFP, etc), but anyone can technically be a financial advisor as there is almost no barrier of entry to that career. IIRC, in BC at least, you have to have the designation to use the term advisor or planner. I was a fledgling in the business back when I lived there, and did not have my certification. At some point there was a big deal about what we called ourselves, and that we had to be very careful not to use either of those two terms without having earned the respective certification. I can't imagine that changed, but who knows. Link to comment Share on other sites More sharing options...
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