11 replies to this topic

[antix]

Pseudo friend of mine is so called chrsitian and a financial advisor. He became one(financial advisor) right after college in 1983 so he went into it at the right time. He has done quite well but his God is $$$$ and he will lie to make a sale. And is a supposed christian. I was in an argument with him yesterday because he was pissed I would not invest in this one product. I just looked up savings bond values and would have done better with savings bonds. If I talk to him today, I will mention his so called christian values and then tell him to fuck off. Amazing once your faith is rattled, how you get sick of the hypocrisy of the christians.

[buffettphan]

There's a local christian financial advisor here. His #1 piece of advice is to tithe -- no matter what.
Real.Sound.Advice. /sarcasm

[mcdaddy]

Yeah because tithing is so biblically sound. What's that verse that says xians should tithe? Oh yeah there's not one.

[Vigile]

I was a financial adviser, but couldn't make it in the business as I couldn't make myself believe in the products. Over-priced mutual funds and insurance as a solution to every problem. Just couldn't do it.

Most people are better off reading The Motley Fool than they are paying for financial advice. Advisers aren't usually trained experts in anything but sales. CFAs, etc... have a bit more knowledge, but unless you have seriously complex tax issues, you can still do better on your own with just a few minutes of reading.

[marmot]

Until I moved to the Bible belt I don't think I ever really saw businesses with Jesus fish on their sign/building/vehicles before. I'm pretty sure that it is nothing more than a marketing technique.

I have noticed the Christians at my workplace always ask around for a professional (auto mechanic, doctor, lawyer, dentist, CFA etc.). They always ask if someone knows a good one. This often means, "does someone have a friend in this profession, and are they a believer." Christians just love to patronize other Christians.

[blackpudd1n]

I have a family member who is doing one of those short courses to become a financial advisor. He isn't a fundy or anything, but I still wouldn't trust his financial advice- he personally is too flakey a person and I don't trust him. His opinions of people as it is are based on the opinions of other people, and not his own dealings with those individuals.

Another one of my siblings has a father-in-law who has worked as a financial advisor all his life. He has managed to not only screw up all of his own finances, but through his bad advice, has also managed to screw up the finances of all his children as well. His children are all in debt, and the one my sibling is married to is really struggling to get out of his own debt trap that his father helped him into. Not only that, but the guy is forever trying to borrow money off his own children.

The only one who isn't screwed over right now by this guy is his wife. She divorced him when the youngest child was in their late teens.

[Vigile]

Until I moved to the Bible belt I don't think I ever really saw businesses with Jesus fish on their sign/building/vehicles before. I'm pretty sure that it is nothing more than a marketing technique.

I have noticed the Christians at my workplace always ask around for a professional (auto mechanic, doctor, lawyer, dentist, CFA etc.). They always ask if someone knows a good one. This often means, "does someone have a friend in this profession, and are they a believer." Christians just love to patronize other Christians.

In Idaho, and I'm sure Utah too, Mormons are famous for this. A lot of Mormon owned businesses only hire LDS employees and church members usually patronize fellow member's businesses. My old partner in the financial adviser firm I worked at actually got baptized as LDS in order to get business even though he was raised Episcopal and never took it seriously.

[antix]

I was a financial adviser, but couldn't make it in the business as I couldn't make myself believe in the products. Over-priced mutual funds and insurance as a solution to every problem. Just couldn't do it.

Most people are better off reading The Motley Fool than they are paying for financial advice. Advisers aren't usually trained experts in anything but sales. CFAs, etc... have a bit more knowledge, but unless you have seriously complex tax issues, you can still do better on your own with just a few minutes of reading.

This asshole christian also admits that many of the mutual fund products do not perform that great.

[Vigile]

I was a financial adviser, but couldn't make it in the business as I couldn't make myself believe in the products. Over-priced mutual funds and insurance as a solution to every problem. Just couldn't do it.

Most people are better off reading The Motley Fool than they are paying for financial advice. Advisers aren't usually trained experts in anything but sales. CFAs, etc... have a bit more knowledge, but unless you have seriously complex tax issues, you can still do better on your own with just a few minutes of reading.

This asshole christian also admits that many of the mutual fund products do not perform that great.

Ask him what the management fees are -- or look them up yourself. Most of these advisers are selling funds with fees upwards of 2-4%. These fees are hidden, not to be confused with loads. They are usually presented in the prospectus as the expense ratio. When S&P funds like SPY charge around 0.20%, charging clients 2-4% for managed funds that underperform the S&P is unconscionable as it adds up to thousands, maybe hundreds of thousands of dollars in collected fees over the life of the fund and causes the client to miss out on the type of compounded gains he would have gotten had he just bought an index fund.

It's crap like this that causes Joe Public to pull his money out of Wall Street.

[antix]

I finally told him to fuck off (basically, I was rude). He was trying to put me in Allianz MasterDex 5 I started checking around and he said his brother made 50 percent since 2000. If you would have put in I bonds, you would have made 109 percent. Then when I looked it up, there were all these strange computations for how you made returns.

[Kaiser01]

Yeah because tithing is so biblically sound. What's that verse that says xians should tithe? Oh yeah there's not one.

Dont mean to play Christian here but there actually is, in the book of malichi it basically says tithe or ill turn you into a toad, well not really but it says ill curse you.

[mcdaddy]

Yeah because tithing is so biblically sound. What's that verse that says xians should tithe? Oh yeah there's not one.

Dont mean to play Christian here but there actually is, in the book of malichi it basically says tithe or ill turn you into a toad, well not really but it says ill curse you.

I meant from the NT.