?Hire a fee-based FA temporarily for less than fee-only

[ajm184]

There is an incredible amount of financial/accounting/insurance/estate planning/tax planning expertise on this board and the four odd pages of this thread demonstrate folks are willing to offer an opinion/provide guidance to the OP.

Forgive my attempt at doctor logic here, but when a patient sees a physician in a clinical setting, there is a 'chief complaint', and all the additional complexity may or may not be factors for diagnosis or treatment of said compliant.  In some instances, a treatment plan is based upon patient limitations (insurance will only pay for 4 weeks of PT vs. the 12 weeks that is ideal).   My point here is to not let better get in the way of perfect.

My take of what the OP has written thus far is that the chief complaint is a lack of trust in her current FA.  Though I believe the OP's desire to learn more financially as a great long run (life long) approach, it does nothing to solve the OP's 'Chief Complaint' in the short term.

My opinion, work towards solving this single issue, lack of trust with FA and get in a better position, then move to another issue, be it insurance, funding college etc.

[Tim]

Snag75 wrote:

back to the facts at hand…

Click to expand...

?? For your privacy, it might be best to go see your planner. And then again, maybe not! Good luck with the kids and that extra income. I am sure you can find a way that meets your needs, facts and situation. Thanks for sharing.

[Snag75]

jacoavlu wrote:

See here:

https://www.bogleheads.org/forum/viewtopic.php?t=6212

Click to expand...

Thank you jacoavlu.  This looks great to help list out for a comprehensive check, right?  But if I just wanted to get basic overview of current holdings (I could give for all major accounts) and strategy, would it still be helpful just to give the funds+ticker and ERs (and percent/amount holding)?  Until I get some immediate stuff sorted I'm not really ready for advice on the big picture, but in the meantime getting an idea of how concerned I should be about current holdings would help.  I do understand that they relate, but at this point just want to make sure that funds are in a position to be productive over the next 20yrs, though they may only stay in these holdings for a few more months at most.

 

Kamban wrote:

Snag75 wrote:

I admin several online groups of very intelligent, strong, and opinionated people all over the country and world, but this is a first for me. Kinda surprised at the emotional reactions by those who have it all figured out, and not used to this odd judgment by those getting their panties in a twist because I’m not giving full detailed information in an online public forum on their timeline (not like I have a job or kids or anything). Remarks redacted by moderator, direct insults, egging each other on…from a group of adults, successful physicians no less? Wow. Good thing I’m thick-skinned and used to big egos, but you boys are something else

Click to expand…

I am not taking the bait and falling into a trap by your passive-aggressive approach. Many of us asked many times for details on which action can be taken that can help you but yet you find time to post long posts without any relevant details and accuse us of bad behavior and having our panties in a twist.

Good luck with whatever route you take. I am bowing out of this thread.

Click to expand...

Thanks Kamban, likely for the best.  I feel I have needed to be repetitive re: my situation and what I'm looking for at this point (see above), which has just added to the noise and kept us all off-point.

Re: bad behavior, there is plenty that hasn't been removed by moderators still up that would never be considered acceptable tone in other online forums (not opinion, this is fact and very common these days in moderated fora), though I understand if that's not the experience of most here.  Nothing passive aggressive here, just pushing back and standing up for myself when it gets out of hand -- though I do understand very well how that often doesn't feel good for a stranger to be making comments like that in a professional forum (though none were made to you personally).

 

[Snag75]

ajm184 wrote:

There is an incredible amount of financial/accounting/insurance/estate planning/tax planning expertise on this board and the four odd pages of this thread demonstrate folks are willing to offer an opinion/provide guidance to the OP.

Forgive my attempt at doctor logic here, but when a patient sees a physician in a clinical setting, there is a ‘chief complaint’, and all the additional complexity may or may not be factors for diagnosis or treatment of said compliant.  In some instances, a treatment plan is based upon patient limitations (insurance will only pay for 4 weeks of PT vs. the 12 weeks that is ideal).   My point here is to not let better get in the way of perfect.

My take of what the OP has written thus far is that the chief complaint is a lack of trust in her current FA.  Though I believe the OP’s desire to learn more financially as a great long run (life long) approach, it does nothing to solve the OP’s ‘Chief Complaint’ in the short term.

My opinion, work towards solving this single issue, lack of trust with FA and get in a better position, then move to another issue, be it insurance, funding college etc.

Click to expand...

ajm184 I like your approach, esp re: recognizing the nuances of the "care relationship" and that it's not black and white.  I guess I would disagree on the CC, as I have already demonstrated lack of trust (more like an HPI), but am trying to strategize on weathering a bit of a storm (not that dire, but time-consuming and ripe with flux) that I'm in right now until I can make a move to a different and hopefully more productive strategy.  My initial question was opinions on my working plan of accepting current fees while getting some other value for them which I could not afford in another way.  I will likely be asking more questions on certain other decisions in the near future, but currently the main objective questions would have been about current holdings, since those have now been chosen by current FA.  Once I figure out how to present those in a way that's helpful to those who can give their opinion (and have time to do it), that's my working plan.  Once I get some other more time sensitive aspects of my plan figured out (may or may not be asking for opinions on those, depending on what I find in my research), then yes, my plan will be on figuring out how to move out from under a FA whose advice may not be worth it in the longrun, but I'm not in a position to move forward on that right now.

 

Tim wrote:

?? For your privacy, it might be best to go see your planner. And then again, maybe not! Good luck with the kids and that extra income. I am sure you can find a way that meets your needs, facts and situation. Thanks for sharing.

Click to expand...

Tim I didn't understand your response, hard to read tone, and given the low snark-filter I've experienced here thus far, that's where my mind tends to go.  But I will assume the best of your intentions to be helpful and genuine, as others still appear able to do.  Feel free to chime in with any relevant opinions in the future, thanks!

[adventure]

Snag75 wrote:

Disagree that situation is “close enough”.

Click to expand...

We can agree to disagree then.

We all have baggage man, some looks like a duffel bag, some looks fancy, some spills out all over the airplane.

Keep the conversation going... some good stuff in this thread. Stick around, maybe you'll find a suitcase that has some wheels and makes it just a little easier to get through your travels.

[adventure]

Snag75 wrote:

Until I get some immediate stuff sorted I’m not really ready for advice on the big picture, but in the meantime getting an idea of how concerned I should be about current holdings would help.

Click to expand...

That's where I started, and I don't have it all figured out.

Take this page, for example:

https://www.whitecoatinvestor.com/ultimate-guide-to-student-loan-debt-management-for-doctors/

There are a pile of things to check, do, don't do, think about, consider, compare, etc.

I'm still working on things. But I did get started with one thing, and then another. Just pick one, and get started.

Because I know the link, I'll use this as an example:

https://foxwealthmgmt.com/for-doctors-only/about-us



I'd offer this advice - just keep working at it, asking Mr. Google, or a free conversation, or around here or other forums, or coffee, or collegues, etc is a great start.

Here's to a New Year in 2019!

 

[Physicians Capital Management LLC]

A good article to read might be this one.  A good chunk of your money will wind up here: https://www.whitecoatinvestor.com/my-favorite-mutual-fund/

One way to get started down the road will be to call the Vanguard rep and tell them "I desire to transfer my accounts to Vanguard in kind.  Can you guide me through that process?"

It has been my experience that clients in your situation have a "fuzzy" period as it gets sorted out in your mind.  After a 3 months or so it becomes crystal clear.

Don't try and learn it all at once.  Just pick a up a few things every few days and you will be fine.

[Snag75]

adventure wrote:

There are a pile of things to check, do, don’t do, think about, consider, compare, etc.

I’m still working on things. But I did get started with one thing, and then another. Just pick one, and get started.

I’d offer this advice – just keep working at it, asking Mr. Google, or a free conversation, or around here or other forums, or coffee, or collegues, etc is a great start.

Here’s to a New Year in 2019!

 

Click to expand...

Thanks adventure, I am in that process currently, trying to get certain items dealt with that need addressing more immediately than others...then will be picking things off and likely asking for more comprehensive assessment/advice as a new plan comes together.

In the meantime, I am just looking at current holdings.  Wondering if anyone can give any basic advice re: this portfolio for one of my accounts (active contribution, <$100K currently).  These were the recent changes that were made, but I don't see the Vanguard total stock market Index fund listed as an option:

Blended Investments	--	VANGUARD TARGET 2040	10%	%
Blended Investments	--	VANGUARD TARGET 2045		%
Blended Investments	--	VANGUARD TARGET 2050		%
Blended Investments	--	VANGUARD TARGET 2055		%
Blended Investments	--	VANGUARD TARGET 2060		%
Blended Investments	--	VANGUARD TARGET 2065		%
Blended Investments	--	VANGUARD TARGET RET		%
Bond Investments	Stable Value	WF STABLE VALUE E view restriction(s)	23%	%
Bond Investments	Income	METWEST TOT RTN BD P		%
Bond Investments	Income	VANG TOT BD MKT INST		%
Short-Term Investments	--	FIMM GOVT INST	12%	%
Stock Investments	Large Cap	FID CONTRAFUND K6	25%	%
Stock Investments	Large Cap	JPM EQUITY INCOME R6		%
Stock Investments	Large Cap	PARNASSUS CORE EQ IS	20%	%
Stock Investments	Large Cap	VANGUARD INST INDEX		%
Stock Investments	Mid-Cap	VANG EXT MKT IDX INS		%
Stock Investments	International	OAKMARK INTL INST	10%	%
Stock Investments	International	VANG TOT INTL STK IS		%
Stock Investments	--	JPM SM CAP EQ R6		%

(Total must equal 100%)  Total: 0%

[fatlittlepig]

Fatlittlepig will give you some free advice. Just change to 100% to VANGUARD INST INDEX. 

Fatlittlepig knows you wont do it because just skimming this thread sounds like you are asking for advice but are just looking for people to satisfy what you want to hear.

 

[fatlittlepig]

On second thought ignore what I wrote and stick to that wacky percentage portfolio that advisor has you in. Obviously he is wiser than the Fatlittlepig and knows what he’s doing. Especially with the 23 and 12%. LOL LOL

[Tim]

Sometimes decisions are determined by inspiration.

The problem is all inside your head she said to me
The answer is easy if you take it logically
I'd like to help you in your struggle to be free
There must be fifty ways to leave your lover
She said it's really not my habit to intrude
Furthermore, I hope my meaning won't be lost or misconstrued
But I'll repeat myself at the risk of being crude
There must be fifty ways to leave your lover
Fifty ways to leave your lover
You just slip out the back, Jack
Make a new plan, Stan
You don't need to be coy, Roy
Just get yourself free
Hop on the bus, Gus
You don't need to discuss much
Just drop off the key, Lee
And get yourself free
She said it grieves me so to see you in such pain
I wish there was something I could do to make you smile again
I said I appreciate that and would you please explain
About the fifty ways
She said why don't we both just sleep on it tonight
And I believe in the morning you'll begin to see the light
And then she kissed me and I realized she probably was right
There must be fifty ways to leave your lover
Fifty ways to leave your lover
You just slip out the back, Jack
Make a new plan, Stan
You don't need to be coy, Roy
Just get yourself free
Hop on the bus, Gus
You don't need to discuss much
Just drop off the key, Lee
And get yourself free

[Snag75]

Snag75 thought that Fatlittlepig was trying to be helpful with his (yes, I assume you're male) first post, but can't help acting like a fatlittlepig in the process.  Fatlittlepig either didn't really read what Snag75 wrote, or Fatlittlepig is just jumping on the bandwagon of rhetoric and judgement, despite his supposed intentions to help.

Snag75 is going to ignore the self-righteous and ridiculously immature attitudes that seem to riddle this thread and keep her eyes open for intelligent and objective advice.

Snag75 about to ask a question to Fatlittlepig (What's the difference between "Institutional" and "Total Stock Market" wrt the Vanguard Index funds?) but he's not sounding very intelligent right now, nor someone who seems to care about my best financial interest (i.e. the point of this forum).  Snag75 will wait to see if someone else will be able to weigh in on some actual advice instead of flaming strangers like an angry teenage troll.

[Snag75]

Tim wrote:

Sometimes decisions are determined by inspiration.

The problem is all inside your head she said to me
The answer is easy if you take it logically
I’d like to help you in your struggle to be free
There must be fifty ways to leave your lover
She said it’s really not my habit to intrude
Furthermore, I hope my meaning won’t be lost or misconstrued
But I’ll repeat myself at the risk of being crude
There must be fifty ways to leave your lover
Fifty ways to leave your lover
You just slip out the back, Jack
Make a new plan, Stan
You don’t need to be coy, Roy
Just get yourself free
Hop on the bus, Gus
You don’t need to discuss much
Just drop off the key, Lee
And get yourself free
She said it grieves me so to see you in such pain
I wish there was something I could do to make you smile again
I said I appreciate that and would you please explain
About the fifty ways
She said why don’t we both just sleep on it tonight
And I believe in the morning you’ll begin to see the light
And then she kissed me and I realized she probably was right
There must be fifty ways to leave your lover
Fifty ways to leave your lover
You just slip out the back, Jack
Make a new plan, Stan
You don’t need to be coy, Roy
Just get yourself free
Hop on the bus, Gus
You don’t need to discuss much
Just drop off the key, Lee
And get yourself free

Click to expand...

Sorry Tim, missing the point of this.  Let me know if you have any advice on the fund choices at this time (if not, no worries - this thread has just turned into something else entirely, very different than what I was expecting.

[Hank]

60:40 split of Vanguard institutional index and Vanguard total bond market.

[Snag75]

Hank wrote:

60:40 split of Vanguard institutional index and Vanguard total bond market.

Click to expand...

Thank you Hank! (so refreshing to get a straight answer!)

Wondering if you (or anyone else) could explain what’s the difference between “Institutional” and “Total Stock Market” wrt the Vanguard Index funds?  I was advised to do the TSM earlier but it does not appear to be an option.

Also how do these differ from the retirement-year-based fund blends (e.g. the Vanguard 2040), which are usually the default?

Thanks again!