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  • Texas Financial Advisor?

    I'm working on trying to find one for us (3/6 years of residency/fellowship to go). I'm not opposed to working with someone out of state, but I think we will be staying in Texas and would prefer someone here. Anybody know of one they would recommend?

  • #2
    Go to www.napfa.org, make sure you're on the "Public" site (top right of the screen) and then enter your zip code. This will return a list of fee-only CFPs near you.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      spend more time on WCI and Bogleheads and youll be fine.

      Comment


      • #4
        I agree with Peds that if you educate yourself you'll be fine with most things. But honestly, if I ever need any financial planning advice, I'll go to Johanna Fox (the first to reply in this thread). I've been on this site long enough and seen enough of her very thought-out responses to a variety of financial topics to know that she's really good. I frankly don't care if she's far away from me geographically, the telephone and email make that issue negligible.

        Comment


        • #5




          I agree with Peds that if you educate yourself you’ll be fine with most things. But honestly, if I ever need any financial planning advice, I’ll go to Johanna Fox (the first to reply in this thread). I’ve been on this site long enough and seen enough of her very thought-out responses to a variety of financial topics to know that she’s really good. I frankly don’t care if she’s far away from me geographically, the telephone and email make that issue negligible.
          Click to expand...


          (Blush) thanks, Gas_Doc, much appreciated.
          Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

          Comment


          • #6
            Thanks for the feedback. I ended up finding two (fee only) firms that specialize in physicians and had reasonable rates for physicians in training (and after training). One in Texas, one in North Carolina. In the end, distance didn't bother me--I think we are going to go with the North Carolina group.

            I think I am capable of doing it myself if I devoted myself to spending the time and emotional energy to figuring it all out...but I really don't want to have it all on my shoulders at this point. My husband is involved, but tends to defer to me--and there is the whole busy in training thing! We have three young children, so my free time is limited. Both firms also offered some intriguing services as you are in the middle of job negotiations--mostly they claim to have seen enough that they cannot do a legal review, but they can give you a good financial view of what is going on and whether or not it is standard or fair. Maybe it will be moot, but I think he will end up going private practice, potentially with a partnership track. It could be good insight. Finally...I tend to obsess, second guess, and make myself anxious about all of it. Both options are setup so I don't have to redo everything if we decide we want to manage everything ourselves eventually, but I think I really do want the help in the beginning.

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            • #7
              I've got at least one Texas advisor on my recommended list. You can also hire an advisor virtually and work via email, phone, skype etc.

              https://www.whitecoatinvestor.com/financial-advisors/

              Here is it, Pauley Financial:

              http://www.pauleyfinancial.com/whom-we-serve

              I had drinks with Kim Pauley at the DFW airport the last time I was there. Why don't you give her a call and include her in your search?
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

              Comment


              • #8
                Ha, well after writing this last night, I stumbled on a post by Johanna about fee only vs fee based that prompted me to spend my evening kids free time researching...and now I'm not so sure about the North Carolina group I thought we were going to go with. They seem ok, but they qualified some of their answers about being a fiduciary when I asked for more info. I'm not sure they are quite what we are looking for, which is a bummer because their experience was impressive.

                My other option was Aspen Wealth Management, which was featured here and does have the benefit of being geographically close. I liked Candace a lot when I met her and am impressed at how they have set themselves up to able to provide unbiased advice.

                Thank you for spiking out the Pauley option. My hesitation there is the price--they are significantly more than both of the other options we were considering. Obviously, "significant" is relative--in the long run they would probably come out to about the same, but Aspen and the North Carolina group are going to cost quite a bit less prior to fellowship. $125/month for the next 3.5 years just isn't going to happen. We could wait until we are closer to finishing, but I like that the other groups allow me to spend a smaller amount now, get some key things in order (student loans, budget, my old 401k), and sit tight until the job hunt starts and we really have to start making longer term, bigger decisions.

                This is harder than I thought it would be--so many hidden pitfalls. I am thankful for this site, though! It has helped tremendously!

                Comment


                • #9




                  Ha, well after writing this last night, I stumbled on a post by Johanna about fee only vs fee based that prompted me to spend my evening kids free time researching…and now I’m not so sure about the North Carolina group I thought we were going to go with. They seem ok, but they qualified some of their answers about being a fiduciary when I asked for more info. I’m not sure they are quite what we are looking for, which is a bummer because their experience was impressive.

                  My other option was Aspen Wealth Management, which was featured here and does have the benefit of being geographically close. I liked Candace a lot when I met her and am impressed at how they have set themselves up to able to provide unbiased advice.

                  Thank you for spiking out the Pauley option. My hesitation there is the price–they are significantly more than both of the other options we were considering. Obviously, “significant” is relative–in the long run they would probably come out to about the same, but Aspen and the North Carolina group are going to cost quite a bit less prior to fellowship. $125/month for the next 3.5 years just isn’t going to happen. We could wait until we are closer to finishing, but I like that the other groups allow me to spend a smaller amount now, get some key things in order (student loans, budget, my old 401k), and sit tight until the job hunt starts and we really have to start making longer term, bigger decisions.

                  This is harder than I thought it would be–so many hidden pitfalls. I am thankful for this site, though! It has helped tremendously!
                  Click to expand...


                  Financial advice isn't cheap. That's why I learned early on how to be my own financial advisor. If you're balking at the price now, wait until it costs you $10-20K a year. Better start reading!

                  http://astore.amazon.com/whicoainv-20?_encoding=UTF8&node=70
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

                  Comment


                  • #10







                    Ha, well after writing this last night, I stumbled on a post by Johanna about fee only vs fee based that prompted me to spend my evening kids free time researching…and now I’m not so sure about the North Carolina group I thought we were going to go with. They seem ok, but they qualified some of their answers about being a fiduciary when I asked for more info. I’m not sure they are quite what we are looking for, which is a bummer because their experience was impressive.

                    My other option was Aspen Wealth Management, which was featured here and does have the benefit of being geographically close. I liked Candace a lot when I met her and am impressed at how they have set themselves up to able to provide unbiased advice.

                    Thank you for spiking out the Pauley option. My hesitation there is the price–they are significantly more than both of the other options we were considering. Obviously, “significant” is relative–in the long run they would probably come out to about the same, but Aspen and the North Carolina group are going to cost quite a bit less prior to fellowship. $125/month for the next 3.5 years just isn’t going to happen. We could wait until we are closer to finishing, but I like that the other groups allow me to spend a smaller amount now, get some key things in order (student loans, budget, my old 401k), and sit tight until the job hunt starts and we really have to start making longer term, bigger decisions.

                    This is harder than I thought it would be–so many hidden pitfalls. I am thankful for this site, though! It has helped tremendously!
                    Click to expand…


                    Financial advice isn’t cheap. That’s why I learned early on how to be my own financial advisor. If you’re balking at the price now, wait until it costs you $10-20K a year. Better start reading!

                    http://astore.amazon.com/whicoainv-20?_encoding=UTF8&node=70
                    Click to expand...


                    No, it is not! I'm okay with that, though. People are providing a valuable service and I'm not opposed to paying good money for it in the long run. However, it seems like a very stupid financial move to sign up for services we definitely cannot afford at this time. My husband is paid well for residency, but our health and dental insurance premiums suck (20% of our take home income), we are paying another $250/month for private disability & life insurance, and we have 3 kids. (The kids are really the costliest part of the financial equation haha!) I could be wrong, but think Aspen is building their physician specific program and that is why their "in training" fees are so low. If it allows us to get started now and gives them a client in the long run, I'll call it a win-win. However, I'm taking a second look at your list to see if there is anyone else I would like to look into before we commit to anything.

                    Read the book right after it came out a few years ago It was what prompted us to go ahead and get life insurance and own-occupation disability. Still trying to get my husband to read it. I've threatened him a few times, but never followed through. At least one of us has read it...and that person is controlling the bank accounts!

                    I'd still like to get to the point where we get down to managing most things ourselves and having a "check up" every so often, but I am just not there now. I know myself and I don't have the stomach to take that on right now. Don't get me wrong, I love a good deal and I'm the child of very frugal parents that planned well for their own retirement. I do our own taxes and helped a coworker get a $3k refund when I suggested he take a second look at how he had dealt with his stock options (IRS rule introduced a few years ago got him). Heck, I even have a BBA (not in Finance, though).  However, I think there is a certain type of person that thrives on doing it all themselves financially and that is not me. It makes me more anxious than anything! I need to have another pair of trained eyes on our plans and know we are ok.

                    Comment


                    • #11
                      Why don't you reach out and visit with Johanna, you have seen her posts, she would probably do a great job and is certainly Physician focused, seems to check off several of your boxes.
                      Scott Nelson-Archer, CLU, ChFC
                      303-953-0263 Direct / [email protected]

                      Comment


                      • #12




                        Why don’t you reach out and visit with Johanna, you have seen her posts, she would probably do a great job and is certainly Physician focused, seems to check off several of your boxes.
                        Click to expand...


                        Johanna does seem wonderful and I enjoy her posts. I did check her out and while her rates are reasonable and I'm sure quite worth it, they are still out of reach for us at this point, especially with ~3 years to go. It does make me wonder whether or not we should just wait, but there are things I'd like to address now.

                        I realized I didn't include some key background as to why I'm suddenly doing this NOW. I left my job in August to care for our children. It was a planned move, but a big reduction in income nonetheless. After 3 years of throwing money at things to make life work, I'm finally in the position to sit down and pay attention to some of the things that have been ignored the past few years.

                        Comment


                        • #13







                          Why don’t you reach out and visit with Johanna, you have seen her posts, she would probably do a great job and is certainly Physician focused, seems to check off several of your boxes.
                          Click to expand…


                          Johanna does seem wonderful and I enjoy her posts. I did check her out and while her rates are reasonable and I’m sure quite worth it, they are still out of reach for us at this point, especially with ~3 years to go. It does make me wonder whether or not we should just wait, but there are things I’d like to address now.

                          I realized I didn’t include some key background as to why I’m suddenly doing this NOW. I left my job in August to care for our children. It was a planned move, but a big reduction in income nonetheless. After 3 years of throwing money at things to make life work, I’m finally in the position to sit down and pay attention to some of the things that have been ignored the past few years.
                          Click to expand...


                          Sorry I have just now gotten to this - was out of town with family yesterday. Thank you for the vote of confidence, Scott @ MD Financial Services - that means a lot. And thank you for the kind words, MSooner, I understand your position very well. I just checked out the site of a fee-only planner in TX who specializes in physicians but his fees are higher than mine with AUM on top. There is also the link I initially gave you, but your best bet is not to stay local. It is so much more comfortable and convenient than having to fight traffic to go to someone's office rather than meet in the comfort of your own den or kitchen. I got to meet with a young couple in CA this morning with the wife holding their 6-wk old son and the husband holding their 2-yo daughter in his arms. It was precious!

                          You will also find younger (i.e. less expensive) fee-only planners at XY Planning Network, which is partially owned by Michael Kitces.

                          Don't give up - you're right to work with a planner now, when they can make the most difference. This article on Passive Income MD is my argument for doing so. Good luck!
                          Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                          Comment


                          • #14










                            Why don’t you reach out and visit with Johanna, you have seen her posts, she would probably do a great job and is certainly Physician focused, seems to check off several of your boxes.


                            Click to expand…


                             

                            Don’t give up – you’re right to work with a planner now, when they can make the most difference. This article on Passive Income MD is my argument for doing so. Good luck!
                            Click to expand...


                            Not only do you get the most benefit, but you also pay the lowest price if they're charging any sort of AUM fees.
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

                            Comment


                            • #15


                              We could wait until we are closer to finishing, but I like that the other groups allow me to spend a smaller amount now, get some key things in order (student loans, budget, my old 401k), and sit tight until the job hunt starts and we really have to start making longer term, bigger decisions. This is harder than I thought it would be–so many hidden pitfalls. I am thankful for this site, though! It has helped tremendously!
                              Click to expand...


                              I am curious if you ever resolved your choice?

                              A simple observation, the "Topics" you have posted seem to imply that you are na self-starter that identifies the need for a plan and then researches the options to make an informed decision. My question to is have you made a spreadsheet of your the subjects that you want to have covered now and/or later?

                              Small example, estate planning mixes in with the life insurance and your choice for having a child this year and the student loan questions. Do you have a financial and medical power of attorney? The forms are available from the state of Texas. A financial planner can give you a list and offer services, you still need to fill in the blanks.

                              Many of your questions are specific in nature and most likely need an attorney, insurance, or investment expertise or CPA now and in the future. Obviously, a trusted Financial Advisor would have experience and guide you to the right "specialist" or give you options. Johanna recommended working with a planner and WCI recommends doing it yourself. It takes time to gather the information FROM you and then have YOU make your choices. Just like the DI that you decided to address, which riders you decide are YOUR choices. You might want to consider being a customer for your taxes in the future for someone like Johanna. Being a customer and establishing a relationship goes a long way. My concern is not getting advice for free, pay for it. The AUM is the potential downside.

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