With all of the regulations and compliance obstacles involved in trading individual accounts while working for a bank, is it best to just bite the bullet and find a financial advisor or are there still good ways to manage a portfolio you cant always move in or out of? I don't really like the idea of hiring advisors when half of them don't know the basics of the financial markets. I'm sure some are great, but to me, a majority of them are just glorified salesmen who I shouldn't need to pay.
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Most financial advisors are idiots. Just get a Betterment account or go 100% S&P 500 ETFs
Buying the S&P 500 unfortunately does not provide downside protection though.
Something really ridiculous feeling about paying some salesman to "manage" my money, when they dont even know how to. most of them are just asset gatherers anyways with no managment involvement.
Very true, it's hard to find financial advisors who are truly actively managing your money in an efficient manner. Doesn't seem that they're adding much value beyond what one may already financially know (esp if the client works in banking).
What about just buying good actively-managed funds? I know that most active funds tend to underperform the market index, but several funds have also outperformed their respective benchmark indices.
A great idea and thats what i have been contemplating. onlything its hard to get past is the idea you can bail that easily when it goes down heaven forbid. Really sucks having to wait for compliance approval when you want to buy or unload something. ESP when you get a no back.
Oh really? Thought that compliance would only apply for individual names or individual stock holdings? Thought that holding index funds/ETFs and/or actively-managed funds are fine to trade?
Cant comment on on other banks, but where I work, i have to pre-clear everything out of my registered trading accounts as rule of thumb. I work at a BB. What everyone else is instructed, but we are told to err on the side of caution and pre-clear everything.
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