i swear on my new grandsons health. My son in laws dad is a RIA. Our first grandson was born about 1 year ago, they live in CALI income above 250k . A few months before birth i tell the kids, this is the cheapest 529 offered in Cali, use this fund, the lowest cost fund is an spy index fund , cost about .4 %. My kid refy's their house, they save 300 $$ a month, I advise them put that 300 a month into the 529 and i'll start if off with X amount of money. My son in law tells the expert, his dad the RIA, this expert tells my kids, dont bother with the 529 paperwork, just buy CALI MUNIS through him , its tax free, put the money aside for the kids college education. Seriously bro, do you think buffett and munger would go with my plan, or the experts plan to buy 15 year CALI munis which will expire when babyboy applies for college IF Cali hasn't gone BK by then ? Is this advice even legal ? How are the mark ups in the muni market for odd lots old bud, splain the game to me and lucy ? Needless to say i told my kid WE will use the 529, my son in law agreed with me, the expert WONT be buying odd lots of munis for my grandson. IF, IF, i didnt make it to 2013, guess WHO would have gotten taken by his own grandpa on the other side ? Tell me bro, can he be THAT DUMB, or is he an idiot thief ? Thanks man.
" can he be THAT DUMB, or is he an idiot thief ?" Why not realise he's probably both?
CA is NOT going bk. Keep up with the plot....
He's probably trying to game the "withdrawal" issue.
FRom where I come from, it shouldn't be legal to suck that badly on the job. You keeping up with the massive p8ing contest at FINRA about building another "self-policing" org to keep the SEC from getting serious over RIAs?
BTW--how's ur kid doing shopping annuities? It's past time to start mapping out not outliving his money.
Just like the performance of mutual fund managers the great majority of RIA's probably make recs that result in one having a portfolio return that underperforms vs. the S&P 500 Index. No tracking system in place so unfortunately the customer really has no clue as to how competent the RIA is.
"Probably"? ROTFL. Given how easy it is to check the SP500, anyone can learn in 2 minutes how well their RIA compares. Of course, if he's commission based they're shafted, just the same as they are by brokers and mf managers..who are still fighting to nnot have to report to 401k holders what the skim is.