You Won 50 Million Playing PowerBall Decided to Become an Investor. Is Your Adviser Honest?

Reply #18

GiveFive — Sat, 12 Sep 2020 13:16:08 GMT

Just to beat this dead horse a little more...

One thing you can do is ask your newly found financial adviser if they're a Registered Investment Adviser. (A RIA )

RIA's have passed a Series 66 exam that's given by FINRA. A RIA is a Fiduciary and MUST put his or her clients best interest ahead of their own. Being a RIA doesn't guarantee that they're completely honest, but I would expect that 99.9999% of all RIA's are completely and totally honest.

Of course, it'll cost you more to have yo... [ More ]

Reply #17

CDanaT — Thu, 03 Sep 2020 10:50:59 GMT

Well G5, you could figure you are going to live to the age of 90...plan on spending $200K a year until you reach that age. Keep that total amount in a money market acct. Also take a few Mill for house kids/grand-kids education(if you have them), cars, toys and trips. Take rest for investment portfolio and put it with 3 of the big money managing firms to see what representative gives you the best bang for your buck.

Reply #16

GiveFive — Tue, 01 Sep 2020 12:48:18 GMT

The first thing I'll do is hire a financial adviser. A very cringe-worthy statement if I ever heard one!

On the surface of it, that sounds like a smart thing to do. The problem with people saying that is they don't possess the knowledge to determine if the guy they've been hooked up with is any good or not. (Not to mention if he's got a shady past) So your brother in law recommended to you some guy that he was told is good . What does your brother in law know? Who told him the guy was good... [ More ]

Reply #15

RickHunter — Mon, 31 Aug 2020 23:27:16 GMT

Not getting lucky lately, maybe my season hasn't come yet. When lucky season comes that's when I play.

To all those lotto players wish you best luck when you feel the vibes.

Reply #14

music* — Mon, 31 Aug 2020 23:08:19 GMT

with your good advice about doing your homework before hiring a financial adviser. Or anybody else.

I made plenty of mistakes when I joined Lottery Post and will make some post win. Although I have a written plan and that should slow me down and order my actions.

Some may be low on cash and need to cash in asap. Some get so excited that they get wrapped up in the moment and throw caution into the wind. Some do not know better and that is where Lottery Post comes into to help.

LP's... [ More ]

Reply #13

Stack47 — Mon, 31 Aug 2020 22:36:06 GMT

It happened a few years ago and the guy should have asked his supervisor but didn't. I called again before and after the warrants expired and was told because my account didn't allow me to have warrants, I was out of luck. I went to my lawyer and in less than a year I got a check for almost double what warrants were worth the day I tried to sell them. And they were ordered to pay all my legal costs too.

Don't know if it applies to all 401k accounts but mine prohibited trading stock options an... [ More ]

Reply #12

music* — Mon, 31 Aug 2020 13:31:23 GMT

Happy Birthday again. I am sorry to learn of your legal headache. Did you take it up with Superiors of this ML broker? The so called chain of command.

Reply #11

Stack47 — Sun, 30 Aug 2020 20:38:24 GMT

I had a problem Merrill Lynch over some warrants I was given as part of a stock buyout. When I decided to sell them, a ML broker told me my 401 didn't allow me to own warrants. The problem was really with the broker I spoke with and took almost a year for my lawyer to get it straightened out.

Never had any problems purchasing or selling regular stocks, bonds, or ML mutual funds, but with any large purchase, be careful.

Reply #10

noise-gate — Sun, 30 Aug 2020 19:53:14 GMT

You just don't know until you personally find out if you made the right decision. I have heard it said You can't buy an honest man, unless the price is right.

A sense of trust is sometimes hard to come by. People in positions of power have disappointed many. I can think of Falwell Jnr for one. We talking miscalculations.

Reply #9

Ranett — Sun, 30 Aug 2020 15:44:57 GMT

or you could;

Give adviser A -500k

Give adviser B -500k

Give adviser C-500k

and see who does the best job after a year.

I personally had no problems with Vanguard and do not work for them either.

Reply #8

Lottomeister — Sun, 30 Aug 2020 14:25:25 GMT

Right on brother

Reply #7

hearsetrax — Sun, 30 Aug 2020 00:36:01 GMT

nothing is 100% fool proof and even the most seasoned investment pros will have an off day,week or quarter

keep your investments simple and triple check your balance sheet every week

Reply #6

Stat$talker — Sun, 30 Aug 2020 00:11:47 GMT

That's gotta be one hellava shoebox ..!!

1 small step for Lottomeister,... 1 GIANT footprint

for the Banking Industry...

Reply #5

Lottomeister — Sat, 29 Aug 2020 23:47:42 GMT

I'm putting 50 mil in a shoebox. Don't need to trust anyone. I've got all I need.

Reply #4

GiveFive — Sat, 29 Aug 2020 20:50:16 GMT

I agree. That said a big bank like J. P. Morgan Chase could have somebody working for them that has a shady past. I'm sure they vet the people they hire pretty thoroughly but even somebody they vet could do something shaky. I doubt J P Morgan would come out on the short end of the stick if one of their employees was arrested for securities fraud other than reputational damage. G5

Reply #3

music* — Sat, 29 Aug 2020 19:59:09 GMT

My big name firm is Charles Schwab. I will invest in Index Funds. Mostly Charles Schwab's Index Funds but Vanguard Funds may be attractive as well.

Reply #2

Stack47 — Sat, 29 Aug 2020 19:49:19 GMT

Go with a big name firm that has billions to lose if they get caught with their hands in the cookie jar.

Reply #1

Stat$talker — Sat, 29 Aug 2020 19:46:07 GMT

No one knows that, right away in the potential business relationship between the 2 of you , except the Advisor for sure...

That's the purpose of vetting your Financial Team .. if they aren't certified or have unfavorable reports from The Better Business Bureau, SEC in their History files, then it'd probably be best not to hire them..

Business ventures don't operate solely on trust ... specific clauses in the agreement between the 2 parties, should spell out remedial procedures, should eith... [ More ]

You Won 50 Million Playing PowerBall Decided to Become an Investor. Is Your Adviser Honest?

GiveFive — Sat, 29 Aug 2020 13:18:36 GMT

Imagine you hit a $50 million jackpot and you've decided to become an investor. Therefore you'll need to hire an investment adviser. You're told the adviser you've just been introduced to is honest, but how can you be certain he or she truly is honest?

The short answer is you cant be absolutely sure your newly found financial wizard is honest. For the record, the vast majority of financial advisers are completely honest. But then, some aren't. Also, your new adviser might be honest these day... [ More ]