While I do pick up some good info listening to Dave Ramsey podcasts, it's amazing to me that he just selectively lies, I'm guessing to push his advertiser's agendas?
Was just listening to a late January podcast of his titled "Want to be a Millionaire?" while driving, as I thought it might be one of the ones that interviews millionaires. Not the case, and Dave just doubled up on bad info to a caller who was using new financial advisor, saying "1.35% wrap fee by financial advisor is a reasonable, pretty standard fee", immediately followed by "most of the managed accounts will outperform".
Arrgh!
---1.34% annual "wrap" fee to manage a clients investments by picking funds for them isn't standard / reasonable.
---And "most of the managed accounts" won't outperform...the implied alternative of an investor dropping the $ into index funds. A financial advisor charging me an annual wrap fee of 1.34% would likely still outperform silly alternatives like (1) cash in mattress, (2) investing in T-bills, (3) investing in CD's, etc though I suppose, but if he meant it that way then he's just midleading.
Submitted June 11, 2018 at 01:50PM by scrapman7 https://ift.tt/2l6MAmF
