Leaving the wire |
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Gob
Rookie Joined: Jan/19/2018 Status: Offline Points: 35 |
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My clients prefer a bitcoin surrogate |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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This sounds really awesome especially to an uneducated client, but serious question - the best money managers in the world can't beat the index without taking on way more risk, so why would anyone believe you can do it? Same for the other hot shot stock pickers here who focus on value stocks with dividends as Growth is crushing it. Let's be honest these companies have incredible resources like boots on the ground and you're a 30 something in GA that spends a lot of time on the golf course. Naturally, you can beat the index by taking a large position in Apple or Amazon, but you're taking way more risk. I'm not trying to throw shade btw.....valid question
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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Peach, so you sell performance. Am I reading that correctly?
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PEACH_cm
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You WHORE!
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Fitness1983
Senior Member Joined: Mar/06/2016 Status: Offline Points: 804 |
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Sure. But that's not what the specific language you strung together above REALLY conveys. All I really saw of note is you pick winners and losers |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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3okirb
Senior Member Joined: Jun/06/2016 Status: Offline Points: 1148 |
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You could just ask a question and they'll tell you what they want from you.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31482 |
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Back to the original questions: 15bps is kinda steep if that's what all they are offering. If you are at a wire with $100mm I would guess you have a dedicated assistant. I would imagine you could pay her less than $150k to handle the same admin. The new custodian will usually help with the "transition", and everyone says they have "top-tier" tech. Other things to consider: Are they providing compliance? Are they providing a buy/sell if something happened to you? Do they have a "Brand"? I would suggest figuring out what you need when it comes to tech. You can go hog-wild and spend a ton, or you can "chief" it and use barebones that gives you what you need. Talking to an RIA custodian to see what they have/suggest would be the best place to start. Hopefully this doesn't end up you: Edited by Hacksaw - Jan/22/2018 at 4:28pm |
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