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How many of you actually use a portfolio manager or investment advisor

#11
When I started investment, quite a long time ago, I had to use a broker. I found that his advice was invariably follow the herd safe and usually quite misguided. I have had fa,r better results without the "benefit" of an advisor.
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#12
I have never used an investment advisor.  I do not have enough capital to attract anyone who is of high quality.  They like to manage big portfolios.
I have under a million dollars.  I have trouble even getting a competent accountant for my business as small businesses are also not desirable to accountants.  Only reason I have a self employed 401K is because I did the research on Fidelity.  Accountant never told me about it.
 
I have always had intellectual curiosity about stock investing but never the time to spend on learning it.   Now that I can actually take money out of of my retirement accounts I am making the time to learn.
 
I do high dividend investing for income and it is working out well for me.  I definitely could retire on the income I am getting.  I enjoy doing research on Seeking Alpha.  Some people hangout on Facebook I like to hangout on Seeking Alpha.  Lots of smart people there.  I like learning about stocks.  It is fun and interesting and even makes money.

What more could you want?
 
Based on the money I have I could never retire with the kind of investments an advisor would put me in.  Might want to retire some day and am still trying to get to a million dollars.
My goal is that between contributions and my investment's growth I want my portfolio to go up $100,000 a year at minimum  I decided this in 2012.
So far I have made my numbers ( 2012 and 2013).  Logically it should be easier the more capital one has.  It amazes me how much money my limited capital has been able to make with high dividend investing.  The power of capital invested right is awesome!
I find that fact really fascinating.
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#13
I have been retired 20 years. I have the time and I believe the ability to manage my own portfolio. It is my firm belief that no one has a greater interest in my finances than myself. For a number of years I had my IRA portfolio under professional management, while managing my other assets. I consistently did better with my account than the manager did with my IRA. Managers like to talk about benchmarks and percentages. I have never encountered a store that would accept either. I will continue to manage all of my accounts as long as I am able. I have, however, made arrangements for professional management upon my disability or death. Its is not that my wife could not do so, it is because she does not want to do so. 

Trusts are set up to handle these affairs, with one of my sons as a co-trustee to watch out for the family interests. I believe that anyone with a modicum of good sense can be a successful investor. One only need so read a little and have a sense of what is going on in the world. One does not need to set the world on fire. Those advisors who claim to do so are truly honest. They like to quote the good years and slough over the bad. Do your homework and use a discount broker. You will be surprised how well you can do. Don`t forget that you can devote 100 per cent of your investment efforts on yourself, and not have to share an advisor with hundreds of others.
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#14
I agree with your points Ivan.  I read something long ago that stuck with me.  Being an investor is similar to being a CEO.  You're the CEO of your investments.  Does a good CEO say "gee I have no idea of how to run my company let me hire someone to do it for me"?  A CEO may hire consultants to aid him in understanding certain aspects or new trends, but he does not turn the business over to them.  The CEO is expected to have a level of knowledge equal to or better then the consultants.  If not, how can he make informed decisions.  This thought has guided my investing philosophy and direction for a long time.
 
Unfortunately not everyone has the ability to be a CEO and everyone will need retirement income at some point.  Those on this site may have what it takes to be CEO of Investments.  My personal observations is that the general public doesn't.
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#15
(12-18-2018, 11:27 AM)DaMa Wrote: I agree with your points Ivan.  I read something long ago that stuck with me.  Being an investor is similar to being a CEO.  You're the CEO of your investments.  Does a good CEO say "gee I have no idea of how to run my company let me hire someone to do it for me"?  A CEO may hire consultants to aid him in understanding certain aspects or new trends, but he does not turn the business over to them.  The CEO is expected to have a level of knowledge equal to or better then the consultants.  If not, how can he make informed decisions.  This thought has guided my investing philosophy and direction for a long time.
 
Unfortunately not everyone has the ability to be a CEO and everyone will need retirement income at some point.  Those on this site may have what it takes to be CEO of Investments.  My personal observations is that the general public doesn't.

My experience has been exactly the same. I don't know why I would consider for a moment paying an adviser to guide me to lower returns. I have been retired for 16 years and have never used outside assistance.
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#16
Like most of you, I manage my own investments.  I tried an advisor for six months and left in a hurry when returns did not come anywhere the market and my expectations.  I have been a subscriber to Roger Conrad's newsletters for several years and have been able to beat the market most years.  I am 76 and intend to continue managing my stocks for many years.  If the time comes that I am not able to do so, I will probably take the Vanguard approach described above.  My Dad is going to be 103 on August 1st.  He spends a few hours every day researching stocks and makes his investments online.  He does very well and it keeps him alert and engaged.  Don't overlook the advantages to mental health, enjoyment and quality of life that you get by managing your investments - they may be the most valuable advantage.
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#17
I have been retired for over 14 years and have managed my retirement account on my own.  I am invested almost 100% in dividend stocks and Berkshire.  Made a lot of mistakes early on (and still do) but am pleased with the overall results.  However, I have a spouse that has absolutely 0% tolerance for loss, shows no interest in what I am doing and "tunes me out" when I try to talk about our financial status.  Prior to my retirement I had a small amount invested with a brokerage firm (not Fidelity) and used an advisor with some good and some bad advice.  Might consider a Fidelity Portfolio Manager for a part of the portfolio in the future, this might aid my spouse a lot in the event of my demise.
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#18
Currently, I am 68 healthy and able to do my own research.  Perhaps in the future when I no longer have the desire or time to follow my portfolio as carefully, I will seek a professional advisor.  I find the research and monitoring very challenging and stimulating.  Good responses and very interesting discussion.
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#19
I used an adviser in the distant past - in the days when brokerage fees were just plain highway robbery.  His recommendations were, for the most part, self-serving - at least as I look back on them with 20/20 hindsight. Two of his recommendations were a complete loss, so they were a nice tax write-off.

    I liked the comment above that said you are the CEO of your investments.  CEO's don't know everything (I reported to an excellent CEO for 10+ years so I know that from experience) but they know how to surround themselves with sharp people that know where to look for answers.

    As s result, I surround myself with sharp people.  To do this I subscribe to several different resources that provide me with timely updates and ideas to explore.  The good news is that this is a fixed cost.  In some cases I purchased a life-time membership, so I have no ongoing costs as long as I can breathe.  The ideas they are presenting do not include mutual funds, with some very rare exceptions.  Mutual funds were a terrible drag on my portfolio, and I have eliminated all of them so that I am now about 75% stocks and 25% various cash investments.  The cash stands ready to make sizable purchases when there are dips in the market.  I easily earn 10-11% annually on our investments.

   As mentioned by some previous posts, I can live off the dividends that pour from my investments.  For some of the investments I reinvest the dividends, thereby increasing the cash flow potential for future years.  Even though I am currently "retired" and have been for over a year, there is no need for me to withdraw any funds from my tax-protected accounts yet, as income from other sources, including social security, can meet the every-day needs we have.

   I also appreciated the comments about how my wife might manage after I am gone, or when I am not capable of doing the analysis that I currently perform.  We do have a potential adviser that has a small portion of our bond investments who would be very capable of helping.  We are also fortunate that my son and son-in-law are also prudent investors, so my wife would not have to struggle or run for the exit in the event I was no longer the CEO of our investment "company."
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#20
I just can't see paying someone who has no skin in the game.

If the investment advisor took a percentage of my profits, that would be fair. The more I make, the more the advisor makes. It is in the advisor's personal interest to maximize my profits. On the other hand, when the advisor makes money even when my portfolio decreases, it bothers me. I can go bankrupt but they still does well.
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