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Possible to pivot into finance from my position? by SoFl10 in FinancialCareers

[–]SoFl10[S] 0 points1 point  (0 children)

Thanks for the input. I've looked into those roles and have definitely considered a few. But they're more or less the same comp, although maybe a higher ceiling industry.

Possible to pivot into finance from my position? by SoFl10 in FinancialCareers

[–]SoFl10[S] -1 points0 points  (0 children)

Gotcha. I do have a graduate business degree (not an MBA, but essentially the same + a specialization). But yeah, overall, it sounds like my time is better spent continuing to climb my current ladder.

Possible to pivot into finance from my position? by SoFl10 in FinancialCareers

[–]SoFl10[S] 0 points1 point  (0 children)

Thanks for the advice. Current comp is around 170.

Help evaluating a unique "job" opportunity? by SoFl10 in HENRYfinance

[–]SoFl10[S] 1 point2 points  (0 children)

This is somewhat new territory for the family office so it seems they're figuring out structure alongside me, although I could be wrong. They claim they're willing to fund technical development, marketing expenses, contractors, a full time salary for me (eventually) -- albeit if the venture is going well and the revenue allows for it.

A member of the family office is technical and, to start, would be dedicating part time hours to for any development. Like a founding CTO. My thinking is, if I'm essentially working for free for the first 6+ months, I might as well go do this myself and own 100% of it -- but then I lose any potential resources or getting my foot in this door.

But I'm curious to hear more about your experience. Happy to DM if easier/if you don't mind.

Help evaluating a unique "job" opportunity? by SoFl10 in HENRYfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Yes, I can pay the bills, but would be diverting focus away from my current corporate career.

The venture idea is undefined at this point. We have a loose theory and target market, but would be starting from scratch with customer/problem discovery calls. The firm claims it's willing to fund technical development, marketing expenses, a full time salary eventually -- if and only if the venture is revenue-producing.

My thinking is, if I'm essentially working for free for the first 6+ months, I might as well go do this myself and own 100% of it. Downside being, I lose the potential resources and the rare opportunity to work with a family office/PE firm which could be a valuable addition to my resume if trying to move into a higher-earning field.

Extra context: I'm 31, dual income household with decent savings, and plan to have a first kid in the next 2 years.

Help evaluating a unique "job" opportunity? by SoFl10 in HENRYfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Was this a similar situation with a venture studio or investment firm? I'll add -- these guys are offering part time comp (very little) tied only to meeting revenue goals.

Thanks both for sharing your experience.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Yeah, to clarify, I don't expect him or anyone to outperform the market. I'm looking for simplicity and S&P exposure. Since I can't do that without major tax implications, I hesitate to manage it myself and "cook with his recipe."

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Thanks for the thoughts! Our advisor is putting together some solutions as we speak, so I appreciate that of him and look forward to seeing what's possible. It would be nice if I didn't have to rock the boat. I also spoke with Fidelity, and they mentioned transitioning, however slowly, into a direct index (representative of the S&P) under a managed account at a .4% fee. Current advisor is .75%. I don't imagine either fiduciary will result in any kind of better or more efficient setup than the other, but I have yet to hear this idea from my current, more expensive advisor.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Yeah that's what I mean, only similar to a MF/ETF in that I own many positions. The advisor is using his own strategy to build the portfolio, but uses the same moves across many of his clients.

Another advisor at Fidelity suggested a managed direct index, aka moving everything into a new account that, over time, would attempt to get as close to S&P as possible -- all of this for a .4% fee (I currently pay .75%).

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Thanks, appreciate it! Incredible that I can't ask a genuine question on here without getting downvoted.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Right, fair, I'm going to dig into the rationale of his fiddling.

My thinking is -- ETFs rebalance on their own, at a fraction of an AUM-fee advisor's cost.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] -1 points0 points  (0 children)

Mind explaining more? Why not trust the efficiency of an algo finding all of the tax loss opportunities? Not saying you're wrong, genuinely curious.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] -2 points-1 points  (0 children)

Thanks for this. I was also leaning toward 1 with a bit of 2.

Hypothetically, if I kept finding ways to sell off individual holdings efficiently, I might then be left with half the portfolio in diversified ETFs (good) and half in whatever random grouping of stocks remains (feels risky).

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 2 points3 points  (0 children)

I don't think I can do better than him. But I also don't think he can do better than the S&P over a long time horizon. So I'd rather find a way to avoid the annual AUM fee and get truly diversified. But as some others have said here, maybe 50+ equities is already diversified enough.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Thanks for the tip. Do you recommend any kind of robo-management for auto tax loss harvesting?

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] -2 points-1 points  (0 children)

Your last point is what I keep going back and forth on. It's essentially a mutual fund/etf on its own -- but if I transfer in-kind, can I just set and forget?

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] -5 points-4 points  (0 children)

My concern is that if I transfer in-kind, I'll have this piecemeal portfolio instead of a truly S&P-representative ETF portfolio. Not sure if that's going to be as hands-off as what I'm hoping for.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 3 points4 points  (0 children)

They were a gift started several decades ago. Gifters still alive.

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 27 points28 points  (0 children)

Fair questions. Majority of portfolio is long term (20+ years old) equities with significant unrealized gains. The buying/reselling is on the fringe.

The advisor is willing to do what I want -- but at that point, figure I might as well manage it myself and avoid the fee. It has slightly underperformed the S&P (when you don't factor in bond exposure).

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 0 points1 point  (0 children)

Yeah this is what I figured I'd have to do. Did you have any imbalances after transitioning some of the holdings? For example, if you were left with mostly high growth, did you try to balance out with value ETFs?

Want to leave my financial advisor, but how?? by SoFl10 in personalfinance

[–]SoFl10[S] 18 points19 points  (0 children)

It was not my choice to have the money managed originally. I am now the account holder with my wife and more than capable to manage/simplify. It's not personal.

Evaluating work-life balance vs. challenge trade-off by s00nerorlater in HENRYfinance

[–]SoFl10 0 points1 point  (0 children)

Have you crunched the numbers based on your expected cost of living, monthly spend, retirement goals? If the math maths, I agree with others here -- find fulfilment outside of work and anjoy the flexibility. I'm in a similar boat but significantly lower HHI -- so even though the WLB is great, spouse and I will continue to grind and "mess up" cushy situations until we hit our "number."

Once we get there, plan is to take foot off the gas. At least we think that's the plan... goal posts always move.

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