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  • papillad
    replied
    Originally posted by Andrew Musbach View Post
    I'd start by asking how you want to manage your finances over time:
    1) DIY
    2) One-off help
    3) Delegate

    If you're going the DIY route, then you could start with WCI's "Fire Your Financial Advisor" course as it's conveniently located in the banner

    If you're going for one-off help, then find an advisor (CFP, Fiduciary, Fee-Only) that offers a one-time plan or hourly reviews. There are a lot of advisors on this website that offers this.

    If you're going to delegate, then find an advisor (CFP, Fiduciary, Fee-Only) that can help you take all the moving parts, give you a plan, and then help you implement the plan over time. A good advisor should have a team of "experts" (estate attorney, CPA, insurance agents, etc.) they can connect you with to help make all of those processes as easy as possible and help you figure out what the best decisions are based on what you're working toward/your preferences in general.

    Based on your comments, it sounds like you don't want to delegate or pay more for additional hand-holding with an ongoing relationship with an advisor, so I'd at least reach out to one (or a couple) of the advisors that offer one-off financial reviews or hourly planning. Most will offer some time of free consultation and you can get a feel of if you like that advisor/think they can help you. And then make sure you understand what the fee is that you are paying and compare that to the value you receive. We don't offer hourly/one-off planning work, so I am not trying to bias you toward this route
    Thank you for your post. You're right, I don't want to delegate but don't want a one off either. I'd like to get started then check in every so often (annually?). How often do you meet/talk to your clients?

    Thanks also, Tim. I understand it's a large undertaking and will need a lot of blood, sweat, and tears.

    Leave a comment:


  • Tim
    replied
    “I'm also looking at purchasing my own practice/self employed”.
    If you are serious about this, getting this off the ground needs to guide your spending for any advice.
    It’s not a “check things over” and make suggestions. Your human capital is your greatest asset. You want the best team you can assemble.
    Probably needs to be your number one priority how you are going to pull this off and establish a local banking relationship. Purchase price/startup funding and skills running a practice are just a few.
    Biggest financial benefit with the biggest penalty for screwing it up. Not necessarily for everyone.

    Leave a comment:


  • Andrew Musbach
    replied
    I'd start by asking how you want to manage your finances over time:
    1) DIY
    2) One-off help
    3) Delegate

    If you're going the DIY route, then you could start with WCI's "Fire Your Financial Advisor" course as it's conveniently located in the banner

    If you're going for one-off help, then find an advisor (CFP, Fiduciary, Fee-Only) that offers a one-time plan or hourly reviews. There are a lot of advisors on this website that offers this.

    If you're going to delegate, then find an advisor (CFP, Fiduciary, Fee-Only) that can help you take all the moving parts, give you a plan, and then help you implement the plan over time. A good advisor should have a team of "experts" (estate attorney, CPA, insurance agents, etc.) they can connect you with to help make all of those processes as easy as possible and help you figure out what the best decisions are based on what you're working toward/your preferences in general.

    Based on your comments, it sounds like you don't want to delegate or pay more for additional hand-holding with an ongoing relationship with an advisor, so I'd at least reach out to one (or a couple) of the advisors that offer one-off financial reviews or hourly planning. Most will offer some time of free consultation and you can get a feel of if you like that advisor/think they can help you. And then make sure you understand what the fee is that you are paying and compare that to the value you receive. We don't offer hourly/one-off planning work, so I am not trying to bias you toward this route

    Leave a comment:


  • papillad
    replied
    Originally posted by Tim View Post
    Not a thing wrong with seeking professional advice when needed.
    https://www.whitecoatinvestor.com/8-...new-attending/
    Will/estate: attorney
    Taxes/planning: CPA/CFP
    Insurance: Reliable broker
    Investments: IPS (you)
    Starting you own practice or partnership, depends on opportunities.

    These “rapid changes” are part of your plan. A traditional FA will primarily deal in investments. That is the easiest.
    Thanks for the link and breakdown.

    I understand that there's multiple people involved and have already lined up the life insurance/estate planning. Was just wondering if I should get a FA (or I guess more like a CFP) to look over it beforehand all the changes. Seems like it won't hurt to have them take a look and I can always get them to look it over again once things have "stabilized".

    Leave a comment:


  • Tim
    replied
    Not a thing wrong with seeking professional advice when needed.
    https://www.whitecoatinvestor.com/8-...new-attending/
    Will/estate: attorney
    Taxes/planning: CPA/CFP
    Insurance: Reliable broker
    Investments: IPS (you)
    Starting you own practice or partnership, depends on opportunities.

    These “rapid changes” are part of your plan. A traditional FA will primarily deal in investments. That is the easiest.

    Leave a comment:


  • pierre
    replied
    Those are all different areas. One financial advisor probably isn't what you need.

    Leave a comment:


  • papillad
    started a topic Ready for a financial advisor?

    Ready for a financial advisor?

    Hi all, I try to read/follow bogleheads but not at the point of completely DIY and would like someone to check over things and give suggestions/tax planning. For now, I follow a two fund portfolio (VTSAX/VTBLX).

    I'm currently a w2 with income > $220k, have own occ disability. Looking at getting life insurance and estate planning since I now have a child. Also looking into 529 plans. I'm also looking at purchasing my own practice/self employed and possibly getting into real estate (syndications most likely, yes I've heard they are overvalued right now).

    Would using a financial advisor be still a good idea right now knowing things may change quickly in the future? Thanks.
    Last edited by papillad; 06-22-2020, 06:30 PM.
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