Oppenheimer & Co., Inc. Rob Hord: Financial Advisor 500 108th Ave NE, Ste 2100 Bellevue, WA 98004 Phone: 425.709.0508 www.opco.com Rob (dot) Hord (at) Opco.com I specialize in personal investing, but also do manage some local businesses' 401k plans. I can help you roll your 401ks into a single account, manage your Roth or traditional IRA, mutual funds, stocks, bonds, etc. I am even licensed to sell insurance. Feel free to contact me if you have any questions or would like any advice.
well its always a good idea to have a diversified portfolio (a little bit of everything), however with the turbulence in the market i have seen a lot of people fleeing to the fixed income (bonds) segment.... of course just like everything else, when demand is high, so are prices (and it doesn't help that the Fed keeps lowering interest rates). So if you're buying bonds now, you're in a safe(r) investment, however you'd be getting in when prices are already high, so you'd be a little tardy to the party, so to speak. Rates are pretty crappy right now anyway, unless you're ok with paying a HIGH premium to get into an older bond with a higher interest rate, but often times the premium will wipe out the interest differential you'd get from a cheaper bond. If you absolutely have to get into fixed income, i'd recommend you just stick with a money market for the time being until something jumps out as a clear-cut solid option for you.
I am checking with the powers that be to see what I can add as to my bio. We sell several Opp funds, and I think our wholesaler is coming in next month to take us out to lunch
different company. We're NOT Oppenheimer Funds. We spun them off 20 years ago or so and they are completely separate from us. Of course, whenever i say i work for Oppenheimer, everyone always says "oh yes, oppenheimer funds, i know them." we're not them... we were here first.
The market is completely foreign to me. I am gonna have to give you a shout one day and figure out what is best for me. I can pay you in beer...and hookers.
actually let me clear the air on how we get compensated.... you actually don't really pay financial advisors out of your pocket. when you invest in mutual funds or whatever, you pay them fees ANYway, no matter who you buy them from. the difference really is who do you want getting the fees - some random guy you've never met that works for etrade or a local guy who knows you and you might have a personal relationship with? that's what it comes down to.... i find it interesting how much the general public misunderstands about our business. there is no reason for ANYone not to have a financial advisor. talking to us is free, and we only get paid on your investments, which you have anyway. There's also fee-based investing, but that's a whole different ballgame. usually its 1-1.5% annually. Of course there is also stock transactions, which is commission-based. but i don't recommend that unless you are very well-to-do. For most people, a diversified portfolio of mutual funds is the way to go
I agree with those statements. It kills me when I hear prospects say I hate paying fees which is why I use etrade or schwab, and I am like of course you are paying fees, they are out there to make money just like we are, except I actually know you and have a better chance of knowing what you need.
Do either of you guys do fee based financial planning? That's the way to go these days I think. I'm sure you are honest and ethical in your practice, unfortunately there are a lot of bad financial planners out there giving the practice a bad rep for putting clients in investments based on how much commissions they stand to make. I used to do the same kind of work at AXA Advisors and had to bail. Too much pressure to sell annuities whether it was right for the client or not. I've wanted to get back into it for awhile now, but only on a fee only basis.
My main focus is on Fee based Financial planning but I also tie that into investment advice. However there are quite a few of my clients that hold their investments elsewhere and we do their planning for them, we take a look at their goals and objectives in a holistic manner and then see if the third party holdings are being invested in a maner that matches the suitability and risk they want to take. I do make more money if their money is held with me but it is not my sole driving force and I am glad it is that way as you are right there are a lot of people that take people's money and invest for their own best interest and not their clients'. I do like where I am, I think the company's focus on planning and understanding of their clients and their clients' best interest is refreshing. PM if you want to know more. We are the largest planning firm in the US and always looking for good advisors to join.
i prefer fee-based but do both. fee-based is better IMO because it gives me a steady stream of income while at the same time allaying any fears the client may have about commission-driven trades. I agree with your concerns about inappropriate investments based on commission, and unfortunately there really is nothing you can do (that i'm aware of) to see in advance if your broker is among that ilk. I know i personally do NOT follow that, and even recommend clients go elsewhere if it is less expensive for them. I think it has to do where one's individual morals stand and/or how long they've been in the business. I've noticed the brokers who've been in the business 10-20 years tend to be more willing to rake in the commissions rather than recommend whats best for the client. (again, this is my observation and by no means is it all-encompassing). I am not corrupted by the industry and follow a strict "do unto others" policy with my life, and i carry it into my business. the downside is that i don't make as much money as i can, the upside is i help people & can sleep at night.
Funnily enough I have noticed that too. Not to say that they aren't acting in the best interest of the client but everything revolves around what fees or commissions they had brought in.
