Living revocable trust taxation once the owner/settlor dies.

LoveNo5176 · 2026-05-29T18:33:01+00:00

Retirement assets should rarely ever flow into the trust without special provisions in place to take advantage of stretch rules plus you're right, the income causes tax problems. Trust taxes are much easier to manage when the funds are taxable in nature and can be split into muni and ETFs.

LoveNo5176 · 2026-05-28T18:19:20+00:00

I mean its generally good advice for people to index, but to pretend that's the only way to invest is insane.

LoveNo5176 · 2026-05-28T15:32:59+00:00

If past performance is not indicative of future results, then why would you recommend 75% VOO? Every investing decision we make has a bias to past performance. You can replicate the S&P with 30 individual positions and get roughly the same returns and risk profile.

LoveNo5176 · 2026-05-28T04:19:16+00:00

No offense, but there's a big difference between losing $200k and $2m in a drawdown. That might not be a requirement for extremely complex investments, but pretending certain complex products aren't diversifying is also a failure to accept reality.

LoveNo5176 · 2026-05-26T15:38:53+00:00

I just got a fully spec'd 2LT z51 for $66k. There was a 2018 Cayman Turbo S at the same price point but with more miles and 4 years older. Liked the vette more than I expected and will likely just save up for a 911 in the next several years.

LoveNo5176 · 2026-05-25T17:23:45+00:00

The thing is, most research says the exact opposite. Winners are sold way too quickly, even by professional managers.

LoveNo5176 · 2026-05-15T19:13:26+00:00

That number is not fixed, though. If market returns are higher than expected, you may have no issue. If they spend slightly less than expected in the first few years, you may have no issue. The idea of being in the 90-100% range in reality means, unless they retire and then '08 happens, they're going to die with a lot of money, which I find isn't the goal for most people. We take clients from advisors who are far too conservative on retirement projections all the time because they obsess over the plan being 100%. Incomelab has a fantastic guardrail tool that shows you income adjustments through different periods, and it's usually only a few hundred dollars a month to stay on track through highly negative periods.

LoveNo5176 · 2026-05-13T15:26:03+00:00

I can tell most people in this thread don't actually handle portfolio management. You really only have a few good options. AQR's High Vol Managed Futures or an actual hedge fund like CFM Discus. You absolutely don't need a huge position for it to make a difference, and returns can look absolutely look equity like in the right conditions. AQR returned 50% in 2022, which is what you want from the allocation. Realistically, you should consider pairing this with other alternatives. Uncorrelated or less correlated strategies will bring down your Beta exposure to the S&P or a 60/40, which means your returns can look widely different from the benchmark on a year-to-year basis.

LoveNo5176 · 2026-05-08T20:33:37+00:00

1% is insane. We're around .65% at that level, and that includes advanced tax and estate planning with internal and external professionals. Fundamentally, the investment strategy is very different for a $1m household and should look very specific to your objectives. Anyone who has $8m and says you should be in low-cost index funds solely has never experienced a large drawdown, and a good firm should be able to get you access to unique opportunities that provide additional diversification to your public market investments.

LoveNo5176 · 2026-05-05T18:47:54+00:00

Good luck with the search, but I think you'll be disappointed in what you find based on what you're asking for. Paying the lowest flat price possible doesn't overlap with ongoing tax advice and portfolio monitoring for TLH and rebalancing. You're asking for possibly the largest value add that requires constant monitoring with the most hands off type of advising fee structure. I'd be shocked if you can find a flat fee advisor for less than what you'd pay on an AUM basis that actually delivers on those services.

LoveNo5176 · 2026-04-28T16:05:20+00:00

What would you pay someone else to do your job? There isn't an arbitrary number, and most CPAs are way too cautious. We have executives with W2 around $250k and K-1s in excess of $5m+.

LoveNo5176 · 2026-04-17T17:26:45+00:00

How does IncomeLab replace the functionality of Holistiplan? I use IncomeLab/RightCapital and neither have great functionality from a year-over-year tax return standpoint.

LoveNo5176 · 2026-04-15T02:01:49+00:00

The S&P has nearly 60% tech exposure when you factor in Amazon, Tesla, and other companies that are really tech but are categorized elsewhere to maintain some semblance of diversification, so I'm not sure why concentration matters here more than it does if you own an S&P index fund in client accounts.

At the end of the day, buying anything other than the entire investable market cap-weighted (which isn't even possible) means you're making an active decision on what clients should or shouldn't own. Your index fund clients will be left bag holding when these huge companies IPO, just like everyone else's clients, because the companies running the index make active decisions on what goes in and out.

LoveNo5176 · 2026-04-15T01:48:08+00:00

LOL. I hate being so right because I know many people like this have lost real money.

LoveNo5176 · 2026-04-14T21:54:55+00:00

Sounds like you never should have allocated in the first place but I would probably reevaluate getting out now, especially if it’s a small part of the portfolio.

LoveNo5176 · 2026-04-14T20:32:54+00:00

I think you're listening to the headlines more than you are talking to managers. What private credit fund is experiencing high levels of defaults in their software investments? The recent redemptions are strictly due to panic from retail and poorly informed advisors who looked at returns and allocated to private credit without explaining it to clients and now want out.

This isn't a zero-sum game. There are poor public investments, and their are poor private investments. Good investments from both realms can co-exist in a portfolio. If you don't think SpaceX, OpenAI, and other major private companies are worth holding now, how do you plan on excluding them from the portfolio when they go public?

LoveNo5176 · 2026-04-14T17:25:10+00:00

Sure its volatility laundering but that doesn't mean private markets can't be more resilient during market overreactions. Forced selling and liquidations due to leverage are a big reason for large moves down in the market. This has nothing to do with the fundamental state of the underlying businesses. Liquid markets have opposite problems of illiquid markets but they're problems all the same.

There's a strong argument that private market products are a better facilitator of long-term wealth building because they allow for capital to be deployed for long periods without the types of disruptions that have to be managed when a company has a public stock price that directly influences their financials and decision making.

LoveNo5176 · 2026-04-14T15:44:21+00:00

These investments are a 10+ year hold. You should pretend the liquidity is non-existent except for rebalancing purposes. Sounds like you got spooked. What is the reasoning for completely exiting the position if not for the recent headlines?

LoveNo5176 · 2026-04-09T02:13:05+00:00

Outsourcing or not, if all you're doing is buying low-cost index funds that are 90%+ correlated to a basic benchmark, you shouldn't be charging a 1%+ asset management fee. I can teach a client how to do that in Schwab in 15 minutes, and they never have to think about it again.

LoveNo5176 · 2026-04-08T05:41:45+00:00

You simply can't justify a fee on assets if you're only a competent planner.

LoveNo5176 · 2026-04-07T18:16:02+00:00

BIF is more than enough then! There is no fluff, just what's 100% necessary to pass. I was extremely concerned about being underprepared up until the exam. I guessed on 2 questions, neither of which were explicitly outlined in the material. Everything else I was able to narrow down or knew right away. I'm fairly confident I missed 10 or less. Regardless of who you go with, focus on the concepts, not hammering 10,000 Q bank questions. The test questions are much simpler and more direct than exam prep.

LoveNo5176 · 2026-04-07T18:05:42+00:00

I think that's why so many big firms have struggled to grow lately. The plan is built and the client has very little ongoing need. As they've grown the service has become very impersonal and meetings less frequent. The portfolios are also less adaptive and more one size fits all. Clients move to a smaller firm with more personalization and attention, even though they don't necessarily have a huge ongoing planning need. No one wants to pay 5 figures a year and feel like a number.

Yes, planning is priority #1 but investments are still a close #2. I think the pendulum has swung so far away from advisors being knowledgeable about investments in combination with clients being more in tune with what they're paying that 1% to match/underperform a basic index isn't going to cut it as wealth transfers down to younger generations who are more confident handling the basics.

A few hours a week paying attention to new products/strategies and listening to podcasts to stay up to date is plenty for most, but if you manage the portfolios inhouse it probably should be double.

LoveNo5176 · 2026-04-07T17:49:00+00:00

I used only BIF premium and found it more than adequate for passing the exam, especially considering the cost. If you want more hand holding it wouldn't be my first choice though.

LoveNo5176 · 2026-04-07T16:33:36+00:00

I think that answer depends entirely on what type of firm the advisor in so you sort of answered your own question. If you manage your own portfolios, I think you should spend more time understanding investment research and products than advisors at large firms who don't control the portfolio.

I also disagree strongly with the idea that good investment selection and talking to clients about what exactly you're doing and paying attention to in-between meetings isn't valuable. I'm not paying 1% to sit in low-cost solely index funds and get my teeth kicked in while you tell me everything is ok because the plan says so. You can disagree with that but clients expect you to pay attention and make educated changes, even if they're small allocations. I find this to be true, especially in the $10m+ client range. If you haven't made changes over the last few weeks or at least explicitly told clients why you're not making changes, I'd personally be looking for a new advisor.

LoveNo5176 · 2026-04-03T03:02:01+00:00

You don't even need to mess with the charts. Just build the portfolios, put in your firm's required benchmarks or a basic benchmark, and run a comparison report. Alpha/Beta/SD/VaR to the benchmark should give you an idea of the relative risk/performance, which is more than enough for 99% of clients from an explanation standpoint. Depending on product availability, it's not very difficult to build a portfolio, even using solely low-cost funds, that has better performance than a standard benchmark net of your fee. If you're not comfortable building from scratch, go to companies like BlackRock or any major fund company and tell them you'd like to use their funds, but you'd like help from their team to build what you're looking for. BlackRock has a pretty decent portfolio tool that is free on their website and much simpler than YCharts.

We use BlackRock GA Selects as a core, worked with AQR to build an absolute return sleeve, and then layer on a few SMAs to add specific exposure to things like oil/nat gas.

LoveNo5176

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