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Never Buy Investments From A Bank – Dave Rant Rant



Never Buy Investments From A Bank – Dave Rant Rant
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Karen
Mastermind, Academic, Slot Guru, Travel Junkie, Lana Del Ray's Botox Injector. I make up a dream in my head before I go to bed.

24 Comments

  1. Can someone smart on mutual funds chime in here: I have both a current ADP Retirement Plan that I am investing in per my current employer. I also have previous employer Fidelity Mutual Funds that are just sitting there accumulating. I received a return this year of 17% on my ADP plan and 24% on my Fidelity plans. My question is on fees associated with these plans. I notice that zero dollars in plan or administration fees were taken from my ADP account while my Fidelity plan continues to incur small fees that I believe are taken quarterly. I called ADP to understand why there are zero fees and according to them, both my 401K and Roth 401k plans don't have fees associated with the plans. Does this sound accurate? Can someone cover the topic of Mutual Fund fees under employer accounts? Trying to understand so I can hit the investing baby step hard in 2018.

  2. I recommend reading Simple Wealth, Inevitable Wealth by Nick Murray. He lays out the best reason why we should use a Financial Advisor.

  3. I worked at a credit union for 5.5 years and we offered CD's and IRA savings accounts ….they were not invested in the stock market. They were insured by NCUA upto 250k. Now the interest rates were really low because they are not invested. We did not get any incentive for "selling" these products. I can understand not getting invested products from a banker because they are paid on commission but a basic non invested CD, Money Market or IRA savings are good options at credit unions if you want something safe (with a really low rate unfortunately)

  4. Dave no offense but that’s the wrong info to give. I absolutely agree… don’t get slimed into something but investing through a bank is not a problem. The problem is people who invest don’t ever do their homework, and want to cry and complain when they lose money. You will run into the greedy sales people everywhere in life. Banks, credit unions, car lots, shopping malls, that’s inevitable. The issue is nobody ever does their homework and when they get burned they want to point fingers. If you don’t trust an adviser then set up a self managed account and do your own investing and when you have a manager have a full review with them to cover all of your goals and risk tolerances. Nobody is holding a gun to your head to sign the paperwork to open an account. Most financial institutions nowadays can not make recommendations if they won’t benefit the client so I don’t see why people should run away even from a consultation. I guess keep your money under the mattress if it makes you feel good at night.

  5. Thank you! I recently sold one of my houses at a reasonable gain and the bank has been calling non stop! I started second guessing whether I should go with them or not.

  6. I use TD Ameritrade for my roth IRA (long term investments) and robinhood for my day/swing/mid term trades (Riskier investments) Loving the $0 comission fees!! 35% realized gains in 2017 and 10% unrealized…GE is killing me!

  7. Hi Dave, I’m asking my question on a recent video in hopes of getting a response. What are your thoughts about putting your bills on auto pay?

  8. A good mutual fund company that specializes in ethical investing is Ave Maria mutual funds. If you're Christian I think that we need to be concerned about the companies that we are investing in that are financially contributing to evils like Planned Parenthood. Ave Maria checks out all of these companies to make sure that they are not giving money to places like Planned Parenthood. It's a little bit hard to do all of the research as an individual. However there is no financial advisors there it's just account managers. As far as a financial advisor I use Edward Jones but I'm not sure if that's really the best option out there. As often times I feel like they are salesman even though they do have the knowledge about Investments.

  9. I bought a roth IRA through State Farm some time ago… and it was lucky to make 3% BEFORE fees. Rolled over to a smartvestor about a year ago…. let's just say they are well worth the price.

  10. Dave is wrong again. Jack Bogle would absolutely decimate Dave – all an individual investor needs to start is an S&P 500 index fund & an international fund that tracks the FTSE etc. Balance it out with some bonds and you’re off to a good start.
    Also, Dave needs to realize that the average middle class person cannot afford a financial advisor, that is precisely why this new era of robo investing combined with the readily available investing knowledge of the internet is the best thing to happen for the little guy, it has enabled the average person to invest with the same knowledge available to the professionals that was once restricted (pre Internet) to the average investor. Dave has it backwards. Also the car mechanic analogy was idiotic, I know plenty of people who work on their own vehicles as it saves money and/or they enjoy it.

  11. I 100% agree. The banks are not out for the customers, their #1 priority is the shareholders i.e the stock price

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