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Financial Advisor who follows WCI and takes non-physician clients?

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  • Financial Advisor who follows WCI and takes non-physician clients?

    Hi everyone,

    I am in the process of working towards firing our current financial advisor. I read something on the blog discussing how once someone wants to fire their financial advisor they want to do it NOW, and I'm definitely in that boat but trying to slow down and get our ducks in a row. I would like to find a fee-only advisor who is familiar with WCI or practices the same principles to give us a second opinion on our specific situation, and help us get started on the right track. I'm not sure if we need or want someone long term or someone just to get us started, I would love to have both options.

    The issue I'm running into is that many of the WCI recommended FAs are physician-only. My husband and I are both veterinarians but have (or have had) similar financial challenges including student loans, a long training period and slow ramp to professional salary, and currently enjoy a nice combined income in the range of what it sounds like most individual physicians are making. Does anyone have any recommendations?

    Thank you so much.

  • #2
    Have you spoke with these advisors to see if they would take you or to tell them you saw their advertisement on WCI? I agree that the financial issues are similar with regards to vets and physician.

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    • #3
      CordMcNally I have reached out to a couple via email but no response so far.

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      • #4
        I'd imagine you could get some good recommendations on bogleheads. Do you feel like you need a FA who specifically works for veterinarians or just someone who is a fee-only indexer?

        Off the top of my head I'd try and go with Rick Ferri, if youre willing to spend that much, or maybe even try something with mark zoril at planvision which is extremely cheap

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        • #5
          Turf Doc not at all! I’m just saddened that these FAs won’t include vets in their client portfolio. Trying to find a good one that has been vetted (no pun intended) that we can potentially work with.

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          • #6
            You could start by talking to Harry Sit. He runs a service that refers to advice only financial advisors that meet the client’s needs.

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            • #7
              Originally posted by Dogtor View Post
              Turf Doc not at all! I’m just saddened that these FAs won’t include vets in their client portfolio. Trying to find a good one that has been vetted (no pun intended) that we can potentially work with.
              Here we go again!
              What is your goal of using a FA?
              What is your goal of using a CPA?
              Are you considering a CFP?
              For your portfolio's, you can use this: https://www.portfoliovisualizer.com/
              You only need a three fund portfolio and a solo401k and backdoor roth if you are going 1099.
              Selling your house and keeping the land. BTW, on the land, if you take a hunk and get an ag exemption you will save a lot on property taxes in Texas. Keep one acre for each residence.
              Post your portfolio and which broker and that will be fixed in a jiffy, FREE with advice here.
              Until you get you and your husbands "adventure itch" scratched, the best advice is to keep socking away 20% for retirement.
              You have a drop in comp coming down the pike. Save your cash.
              I don't know you personally, but you fit a profile. This time is not different.

              BTW, might be going to the Belmont. Finding out within a week. Got a track pass through three vets possibly.
              Fun in the equine business. If you have an itch, I might hook you up for business purposes. The three work Friday but Saturday is race day. The have a fourth ticket bout. PM me if your are interested.

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              • #8
                the fact that they haven't responded to your inquiries tells you all you need to know about the kind of clients they are looking for.

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                • #9
                  fatlittlepig I’m not sure what your point is.

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                  • #10
                    Give David Graham a call. https://www.fiphysician.com

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                    • #11
                      Tim our goal with using an FA is to get a second opinion on our current situation and course correct our current investment plan. We don’t currently use a CPA but after paying a massive amount in taxes this year I seriously think we should consider it (husband currently does the taxes). Our current advisor is a CFP, but he’s with NWM which I have been assured by you all is a poor choice. The other FAs we’ve looked at are generally CFPs in addition to other credentials.

                      We aren’t going 1099 in the short term, so I would like to make sure things are set properly for what we’re doing right now.

                      Regarding the land, it’s going to take 5-7 years to get an ag exemption as it has not previously been ag exempt. Probably one of the biggest downsides to this particular property. We’re working on the details of that currently.

                      Currently the biggest questions I have for a FA are:
                      - How much should we be investing in our companies’ crummy 401Ks? Should we open solo 401Ks and do some 1099 work in order to max out the 401K option? We reported about 12K in 1099 income last year but could easily up it a bit.
                      - Do we have an HSA option even though it’s not provided by our employers?
                      - Help us separate from our current advisor and put our taxable account in better funds. If I did this myself all I would currently know to do is dump it in the Vanguard total stock market index fund.
                      - We have a tenant on our property paying $6K a year in rent… anything special we should be doing with that?
                      - How should we improve our current life and disability policies?

                      And thanks for the ticket offer, but with all the things we have going on there is really no way to make that happen right now.

                      Comment


                      • #12
                        https://adviceonlyfinancial.com/

                        https://www.xyplanningnetwork.com/

                        (Some advisors on XYPN advertise that they work with veterinarians)

                        https://www.garrettplanningnetwork.com/

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                        • #13
                          Originally posted by Dogtor View Post
                          Tim our goal with using an FA is to get a second opinion on our current situation and course correct our current investment plan. We don’t currently use a CPA but after paying a massive amount in taxes this year I seriously think we should consider it (husband currently does the taxes). Our current advisor is a CFP, but he’s with NWM which I have been assured by you all is a poor choice. The other FAs we’ve looked at are generally CFPs in addition to other credentials.

                          We aren’t going 1099 in the short term, so I would like to make sure things are set properly for what we’re doing right now.

                          Regarding the land, it’s going to take 5-7 years to get an ag exemption as it has not previously been ag exempt. Probably one of the biggest downsides to this particular property. We’re working on the details of that currently.

                          Currently the biggest questions I have for a FA are:
                          - How much should we be investing in our companies’ crummy 401Ks? Should we open solo 401Ks and do some 1099 work in order to max out the 401K option? We reported about 12K in 1099 income last year but could easily up it a bit.
                          - Do we have an HSA option even though it’s not provided by our employers?
                          - Help us separate from our current advisor and put our taxable account in better funds. If I did this myself all I would currently know to do is dump it in the Vanguard total stock market index fund.
                          - We have a tenant on our property paying $6K a year in rent… anything special we should be doing with that?
                          - How should we improve our current life and disability policies?

                          And thanks for the ticket offer, but with all the things we have going on there is really no way to make that happen right now.
                          Start a weekly post: The saga of Dogtor- topic
                          One or two questions at a time.
                          401k - list the employer admin fees and match.
                          list the investments available and the ER’s
                          Solo 401k - the answer is yes. Use Vanguard or Fidelity. No employees. Ask your questions in related bite size pieces. You will get excellent answers.
                          I hesitate to answer each of your questions. I think you can do this and your receptiveness is refreshing.
                          By the way, Vanguard or Fidelity Total Stock Market Funds will be just fine. I think you are overthinking this. If you can’t stomach the volatility, Total bond or short term treasury fund.
                          Complexity is your enemy without a purpose.
                          You can even get advice on your taxable.
                          The only question is holding on to a specific investment because of generating taxes.
                          You can be a star. A weekly opportunity to harvest some really smarter people. Much smarter than I.

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                          • #14
                            Tim thanks. I'm not expecting you all to answer all of those questions right now, just wanted to give you an idea of what we're looking to learn. I'll try to do a better job piecemealing it out.

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                            • #15
                              Originally posted by Larry Ragman View Post
                              Give David Graham a call. https://www.fiphysician.com
                              This

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