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Additional Details
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snakebread | Please translate this financial advice for my elderly mother for me (is it a scam)? |
My 80-year old mother's financial advisor just sent me this email. A few years ago he recommended an annuity, so I'm not sure I can trust his advice. What do you think he intends to do, and is it reasonable?
I would suggest that we move 100K of the almost 400K that will be earning 4.1% in her savings account. My recommendation would then be to allocate 40K into each of the two programs that I would recommend. One is yielding 6.2% and the other 6.3%. We would leave the remaining 20K in money market (currently earning 4.5% but will fluctuate and is subject to change as rates change). My objectives for these investment recommendations are preservation of principal, steady income, and capital appreciation on the back end of the program. Our total return target over the life of the program is an annualized total return of 9% -10%. There is no commission, load or ongoing fee paid by the client to go into these programs so the yield is a net yield.
Additional Details
Thanks for everything so far! Here's more:
There are several investment programs with which I work that are direct investment programs that are non-correlated to the stock market or to the bond market, are non-traded and therefore do not change in value (share price is stable at $10.00) and are earning yields of 6.2% and 6.3%. We can re-invest the dividends or have the dividends swept into a money market. |
 |
 
OPM
|
I used to be a broker and now am a financial economist. Without knowing what the advisor is recommending, I would be deeply suspicious. A 6.2 and 6.3% yield is generous right now, considering commissions and so I would be very cautious.
I would additionally be very cautious because this guy implies, if not true illegally, that the advisor does not get paid. It could be that the advisor gets an "introduction fee," which is technically not a load, commission or ongoing fee. A current yield could mean, and does likely mean, that a portion of the interest is actually principal but is taxed as interest. You would take a capital loss when the account is closed, but are legally limited on the deductibility.
The 9-10% target is obscure, how does one get 9-10% when the highest returning asset is 6.3% which is generous in itself.
Go to bankrate.com for a better bank account.
I would be suspicious, but you really need the details. |
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src50
 |
Can't say without seeing his/her "recommended program." But annuities are notorious for high fees and poor return to the annuitant. Be suspicious. |
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jeff410
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In addition to high fees, and surrender charges. Variable annuities dont get a stepped up tax basis. Her heirs will have to pay taxes on it at their ordinary tax rate. If it were a mutual fund they would get a stepped up basis and capital gains rates. |
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Spock (rhp)
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he/you hasn't described the "programs".
how does this guy get paid? surely, someone pays him something from somewhere. "the company pays it" really means that the company raised fees and charges on the customer so that they can pay him.
***
if the "program" is offered by an insurance company, I guarantee that this guy is getting a commission and that your mother would be, in essence, paying that commission.
***
how would this "program" be superior to simply buying a dividend oriented mutual fund offered by a major no load, low cost provider such as Vanguard?
***
congratulate yourself for being suspicious. this smells.
never, ever buy something financial that you do not understand. and if it is new to you, get an independent second opinion every time. |
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muncie birder
 |
The yields are not unreasonable. Heck there are some bank stocks paying that now. It would have helped to have some information on exactly what these programs are. Could be REITs. If so the yields are not assured. Could also be limited partnerships. Might be a little safer.
I would ask specifically what are these programs?
I especially liked your comment about annuities. That does give one pause for concern. |
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neopoe
|
Actually it sounds like a pretty good deal
mainly because he is diversifying the account
My only concern is that it sounds like he is
trying to put the money into Mutual Funds but there is no
commission, load or fees and that doesn't sound
like any mutual fund I've ever seen
Hopefully he is looking into exchange traded funds
and not a hedge fund. which is only as good at the
people trading the account.
I would want to know more about the "programs"
he mentioned. and take a good look at what stocks
or bonds they include.
We are in a very shaky market right now. and anything
involving stocks (such as the funds I mentioned)
could be at risk.
The safest place for your mother's money right now
is in a bank. 4.1 % is a pretty good return as long as
its compounded more than once a year.
Money market returns are much better than banks
but are usually only Guaranteed up to 100,000
You can eliminate your risk and get a fairly good return
by splitting the money up between several
money market accounts.
This strategy wont return as much as a well timed
stock purchase but It wont loose your money ether
Good Luck |
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Laura G
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The adviser doesn't seem to want to actually disclose much information. I would at least get a second opinion.
If anything, put some money in high yield CD's. |
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Swaminathan P
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never do a thing unless document presented is transparent and understandable by normal investor.
Considering the age of your mother I rather recommend Cash deposit in a Bank, which will help in many ways - return too market determined not low to an aged woman. |
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