Financial Engines (formerly The Mutual Fund Store)
Financial Engines (formerly The Mutual Fund Store) Customer Service Contacts
United States - 94089
WASTE OF MY TIME Was solicited by the Mutual Fund Store for a FREE Social Security Benefits review. Made...
I must take exception and voice my opinion of what I hear from this radio program. All they ever say is the...
This show is new in my city. The first couple weeks I thought it was about "advice" and investing...
Adam Bold's Mutual Fund Store is a network of franchisees who operate under the guise of calling themselves, "financial advisors". But in my mind a financial advisor should do a lot more than just press a couple buttons and print out a pie chart, fill out contracts and paperwork to transfer your account, and then press more buttons to sell your current holdings and buy the funds they recommend. Yes, these people have the required SEC designations, but ask them any other questions having to do with taxes, estate planning or anything else and they say they can't do it. All they can do is sell a mutual fund wrap account. Wonder what a wrap account is? Highlight, copy and paste this link in your browser and see for yourself if this doesn't just sound like it was written specifically about Adam Bold and his Mutual Fund Store.
For some stupid reason I listen to Bold's commercial/radio show every Saturday. Probably because I'm just too lazy to change the radio station and it comes on automatically with my coffee maker. I'm not a client, and not a competitor. I've never met any0ne from the company so I have no axe to grind other than just years of chuckling over this program, which is nothing but a paid advertisement. At least they state at the end of the show, which they began doing just a couple years ago, probably because they were told to do so by some regulatory body. The problem I have with this program is that there is never any debate about the service or recommedations. Every now and then a caller attempts to get in a "controversial" subject regarding the fee structure, poor performance of a previously Bold recommended fund(s), ETF's, or market direction. Every single time, Bold cuts them off and dances around the issue, or just flat out ignores it. I'm curious if the advisors do the same thing if a client asks these same questions. If the radio voice of the company can't answer these questions, how can anyone else? He says he's been on the radio pumping managed mutual funds since 1998, but he nevers bothers to say that since 1999 the stock market has returned virtually 0% on a nominal basis and is significantly negative on a real basis. What has he done for his clientele for the last 12 years? Nothing. Well, except for draining their accounts of additional fees. It's sad because every year he convinces the more ignorant listener that ther is a way to pick winners, when he knows it's just a guessing game and the odds are poor no matter how you try to analyze funds. I've heard so many funds come and go from that show it makes me wonder that really his losers far outnumber any decent fund he happens to catch for a brief ride of glory. Let's see, he's loved Trendstar, Hodges, Forward Hoover, Marsico, Excelsior Value, FBR Financial, FBR Focus, Kinetic Paradigm, Red Oak, White Oak, Quaker, Third Avenue, a variety of real estate funds. All of which are no longer ever mentioned. Anyone can go find a 4 or 5 star rated fund and start talking like you've been in it for years...AFTER the fact. Then when it eventually crumbles like they all do, he moves on to the next one. Isn't this known as performance chasing? I find it interesting that he likes to criticize other investment choices and people engaged in different types of finacial services. He loves to point out their shortcomings as if he's genuinely concerned about the welfare of the listener. But what he nevers bothers to talk about is the shortcomings of his own service and how it's methods are just as questionable as any other form of advice. It's nothing but a wrap account of high fee managed mutual funds. The same thing as an annuity. The difference being that the annuity takes about 4-6 years of fees up front and Bold's fees continue forever, forever, forever. I said forever 3 times because the fees continue each and every year, wheras with an annuity or a front load fund they have a lifespan of 4-6 years. Personally, I don't condone paying any kind of fee. But the guy really needs to fess up and stop acting all high and mighty. He's no better than the worst of the worst he loves to criticize. So that's my beef about this program. I would love to have an HONEST debate with Bold but that will never happen.
Bold loves analogies. He compares investment managers to quarterbacks, golfers and baseball players. A worthless analogy in my humble opinion. Bold tells the story of his grandmother who steals packets of sugar from restaurants because she lived through the depression and remembers suger being rationed. He points out other things being rationed as well in those days; coffee, meat, tires, cars...he does not tell us if his grandmother steals any of these items for the same reason as the sugar packets. But he appears to justify that it would be ok to do so, since she's only doing it because of the memories of rationing. So try this analogy Mr. Bold. Stealing packets of sugar from restaurants seems to be a victimless crime to you. Well consider if everyone who came into the restaurant did that every single day the restaurant was open. Before long the restaurant would have to start charging for each packet and only bringing them out once payment has been collected. One person stealing a few packets goes unnoticed by the restauarant, however. This is kind of like the fees you suck out of each account MFS manages. It's just a "small percentage" and just like your grandmother you've figured out that people won't notice it. But over time it adds up to a hell of a lot of sugar!
If you open an account with them, they transfer your account to Charles Schwab brokerage. No big deal there...
Is Adam Bold really as stupid as the things he says? I don't know. I can't believe anybody could be as dumb as the things I hear coming out of his mouth. So I give him the benefit of the doubt and assume he says the things he says to keep his clients buying his services. Anyway, some guys calls in to his show and basically brings up the issue that commodities and precious metals have dramatically risen in price because of the devaluation of the US dollar via the government printing press. Yea, the caller is completely right! The caller points out, that stock prices have also been propped up by this same methodology...right again! Then Mr. Bold goes into an angry tirade, tries to make this guy out to be some kind of lunatic conspiracy theorist and never lets him make any further comments. Bold then proceeds to say that stocks only go up because companies are "increasing their earnings". Where has this guy been the last 3 years?! Has he not heard of Quantitative Easing 1&2? Does have even the slightest grasp of monetary policy? Does he not understand that the government went hog wild to prevent DEFLATION (see your house value) by printing trillions of dollars and devaluing the dollar, meaning that it forces everyone to unload their dollars and buy something, anything with them. Buy Gold, corn, oil, stocks, cars, houses. Anything but hold onto your dollars. DUH. This is ECON 1 and this Bold fellow doesn't understand any of it! Now what is going to happen when QE2 ends? He doesn't want to talk about that.
Gold, Silver and oil have quadrupled over the last 10 years and the ENTIRE time Adam Bold has been on hi...
Bold says he's been pumping mutual funds on the radio since 1998. It's true. In 1998 he was blabbering on and on about technology stocks and funds. We all know how that turned out. After tech burst he started pumping financials and financial services. We all know how that turned out. He sounds a bit directionless at the moment, since he can't really jump on the current bubble; precious metals, so he seems to talk about basically nothing over the course of his one hour infomercial. He spends a lot of time talking about the nearly 50% rise in stocks since March of 2009 and tries to act like this is proof of he knows what he is talking about. He says nothing about the fact that anyone who was taking his advice or following his allocation plan is, even in the best of situations, still in the red, or perhaps just about break even if they've been in the market for 10+ years. Bold is a stopped clock. He is going to be right once per day and thats it. That doesn't mean to say that his own net worth hasn't benefited immensely from his weekly drivel. But this has been on the backs of the people who have been paying his company to manage their money.
I examined the promises this company makes. A) They say you will own the "best Funds". What is the definition of best fund? There aren't any other than past performance. Do you want to invest based on past performance? How hard really, is it to move your money to the funds sporting the "best" past performance AFTER you know the results? Not very difficult I would guess. Does the company have any predictive powers of what the "best" fund will be in the next 12 months? You can be judge of that. But while you're at it, please tell me who will win the Kentucky Derby next year as well. The odds are about the same. B) Wrap Fees. That's how they make their money. The are many people who consider wrap fees as fraudulent. You be the judge of that. But you should at least know what wrap fees are and what they mean for your portfolio. Read this link for some clarity.
Here is another one. http://www.byrneasset.com/images/Article-NJL-wrapaccounts.pdf
The Mutual Fund Store is an RIA firm cloaked in a Wrap Agreement. How can you tell? Ask them for any financial advice other than the allocation of your money into various mutual funds. That is all they will do. They are unable to provide any other financial advice. No estate planning, no tax planning, no insurance evaluation. It's nothing but a wrap program, which many consider fraudulent and barely legal. You be your own judge. Do your own research.
They say they pick the best Mutual Funds and always monitor them. However, most of the funds they put me in were rated poorly by Morningstar, such as 2-3 stars. When I questioned the advisor he really had no answers that made any sense. He just said those were the "best funds according to their OWN research." I asked for details and he couldn't give me anything. I asked him to give me some info on these funds and all he told me was the managers name and said I could read the prospectus if I wanted to know more. "What in the world am I paying for", I ask? He said, "we allocate your portfolio". I can do that myself I said. Then he seemed to get flustered with me and said he had another meeting and he had no more time for me. You pay them a lot of money in fees. I figured if kept my account with them for a full year I would be paying close to $1900. This is extremely expensive and I expect a hell of lot more in service for that kind of money. So I told them to take a hike. I think this company is not worth your time.
When someone calls The Mutual Fund Store show with ADAM BOLD he has no good argument in defense of ETS's. ETF's are for intelligent people not the kind of brain dead college educated clients MFS clients are. Of course an IDIOT can blow themselves up with ETF's. They can also do it with mutual funds. If my financial planner needs GPS to get to Krogers, he's fired... If he can't give an historical performance record for all the asset models in his group, he's fired. If he cares less about my money than i do, he's fired. I like Walt Kazunchuck of MFS SF Bay Area but he cares less about my money than his own. He doesn't recomment ETF's even to people it might be appropriate for since it would brake the IDIOT Adams rules. I left MFS in 2007 and have made more money shorting and playing long at the right times than i ever did at MFS. MFS is mainly for financially brain dead people who may even be college educated professors. Thats part of the problem. TOO much school makes too many people too stupid. That's Adams advantage which he profits on to the hilt. I'm not trying to build a shuttle to the moon, i just want to trade. The word investing is the biggest slap in the face lie perpetrated on a civilised world. The stock market is a casino and as soon as people realise it the better. Only good thing about this casino is i get to see the other guys cards which gives me a great advantage as long as i don't let guys like ADAM BOLD play for me. ADAM couldgive a flip when it's not his money. So glad i left WALT and MFS when i did...Now i'm finally making money. Since MAY1st to AUG1st 2010 i've made 50, 000 dollars of my $800, 000 total. I'm positive that beats the crap out of MFS. Especially since MFS won't even publish any historical track records. If i can do that in a BEAR market i'll have no problem when the bulls come out. Just the fact you had to say i did not get your goat on the radio saturday proves i DID...hahhaahh. If you can't even publish historical porfolio records as many honest planners do, To HELL with you.
Here is the scene. There are a group of financial planners sitting around a table and one says, 'I have...