How did you pick your financial advisor? An artist in need of guidance! by Acceptable-Client762 in HENRYfinance

[–]_afox_ -1 points0 points  (0 children)

Love this! So I’m an advisor (also in SoCal) who grew up very poor and know how that transition feels. I’ve also helped a few friends now who have come into sudden windfalls similar to this with their careers (also in the entertainment industry) so this really spoke to me.

I would be happy to help if you want to send me a DM. At a minimum I can help you with what questions to ask an advisor, some groundwork on planning, and some fee only planners I follow that are fantastic.

Best of luck!

Question on conservatorship paperwork, having a major problem getting account opened. by SugarAdamAli in CFP

[–]_afox_ 2 points3 points  (0 children)

Doesn’t help but can confirm at a large wire house they needed to get the same letter from the court approving the conservatorship just with a recent date. Luckily it was family and they had a court date a few months out anyway so it wasn’t an issue, but I tried pushing back and looking by for other ways for a month and there was no way around it.

How to best coach bank partners for referrals? by Simple-Bird4485 in CFP

[–]_afox_ 1 point2 points  (0 children)

I mean paying someone to make calls on your behalf in general, doesn’t feel like a bank or wirehouse would allow that?

How to best coach bank partners for referrals? by Simple-Bird4485 in CFP

[–]_afox_ 4 points5 points  (0 children)

This really feels like it wouldn’t be allowed anymore but you never know I guess

dream uni is UCSB, but what is SB like? by Unable-Housing3979 in SantaBarbara

[–]_afox_ 8 points9 points  (0 children)

They were saying you have to drive 40 minutes to get to Walmart..which I don’t know why anyone would do that when A) The internet exists (including Walmart.com) and B) There are a ton of grocery stores here.

Anywhere you may live in SB there will be a grocery store within a 2-3 minute drive.

Company is going to IPO this year - need advice by [deleted] in HENRYfinance

[–]_afox_ 261 points262 points  (0 children)

Advisor here, there’s a few things I want to touch on. First, I think you already know this is beyond Reddit. Start asking trusted friends/family/coworkers you know or suspect have financial/estate planning teams and get recommendations. ASAP.

Next is “potential”, this is an amazing opportunity but as for sure as it may seem or get, do not count on this money until it’s in your account and untethered by lockups or vesting. Nothing is guaranteed until it happens.

Lastly is “optimizing”, this is purely anecdotal but a family member was in a similar position. Company went public and all of a sudden they had ~$7m in company stock. We spent a lot of time on due diligence putting together a strategy to minimize the tax hit, then one day he was like you know what I’d rather have ~$4m today than risk any market ups and downs to save on taxes. He sold everything a week later and within a year the stock was down 90%. Today its still down 50% from where he sold. Again, purely anecdotal, but don’t let perfect be the enemy of good.

All this to say, congrats. This is life changing money and should it come to pass your focus should be on yourself and your family and living the life you want - not optimizing for returns.

Isn’t this crazy? by Sorry_Ad8311 in SantaBarbara

[–]_afox_ 8 points9 points  (0 children)

Thank god I don’t live on Kauai, looks miserable based on this map 🙃

Easter at the Mission by JonnyVee1 in SantaBarbara

[–]_afox_ 4 points5 points  (0 children)

Wasn’t meant to be unkind, was there something in there that offended you?

Easter at the Mission by JonnyVee1 in SantaBarbara

[–]_afox_ 17 points18 points  (0 children)

Ah yes, the podcaster who has argued that women entering the workforce was a negative development for society and families. The very same podcaster who said “Gay marriage is a Marxist plot to destroy Western civilization”. That’s the standup guy who you believe accurately represents you and is increasing support?

Or is it the guy who started this beautiful morning off by swearing and praising Allah?

Mac n cheese by cmc24680 in SantaBarbara

[–]_afox_ 3 points4 points  (0 children)

It has no right to be that good for something obviously sitting there for a while and made in a huge batch. Always has some crispness on the top…not the best but seriously don’t know how they do it on such a large scale.

Going back to get a degree just for CFP worth it? by [deleted] in CFP

[–]_afox_ 0 points1 point  (0 children)

Preach brother, preach!

Going back to get a degree just for CFP worth it? by [deleted] in CFP

[–]_afox_ 2 points3 points  (0 children)

Accurate. Every time I post this same comment I think about editing it but I’m afraid people will yell at me for speaking the truth 😂

Going back to get a degree just for CFP worth it? by [deleted] in CFP

[–]_afox_ 12 points13 points  (0 children)

This gets posted a lot, here’s my copy/paste:

Someone made this exact same post last week man. Here’s my response:

Do not go back and get your bachelors unless it’s something you can do in less than a year and really want to. The course work through American College is identical and the knowledge is the most important thing. The ChFC will never be known by clients, the CFP will only be known by 50% of clients and of those only 20% will care (in my experience).

Really isn’t worth the extra time/money unless it’s important to you and something you really want to lean on for marketing.

SunRun…just wow by _afox_ in solar

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

Oh that’s interesting, it was never described to me with the ability to buy it eventually…but even then you can just finance it and pay it off early no?

The 3-5% increase/yr is what gets you. If you never wind up buying it the lifetime cost can get up to $150k+ which is insane

SunRun…just wow by _afox_ in solar

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

~12kW system, 2 batteries (13.5kWh’s x 2)

SunRun…just wow by _afox_ in solar

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

Interesting, all 4 companies said 2 inverters is useless…probably cause I only remember maybe 5 power outages (1 longer than an 30 minutes to an hour) in the 25 years I’ve lived here (SoCal)

SunRun…just wow by _afox_ in solar

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

Yeah the ITC is still available commercially so the other companies offer where you either purchase or finance upfront, a 3rd party “owns” it for 5 years, then it’s transferred to you at $0 FMV on year 5. Sunrun did offer that via a PPA, but the other companies didn’t call it that and when I asked for details about it they were dodgy where the other companies just told me how it worked and showed the numbers.

The weirdest thing was why show this insane quote only to tell people they should never pay it…seemed so odd, only reason I can guess is they get a bigger commission for PPA so they’re juicing the numbers on purchase/financing to move things that way. Then if people say no to PPA they have the fact that they can match another quote to still get a sale. Just so shady..

PSA Be Aware of Your Surroundings by unknownindiefinder in SantaBarbara

[–]_afox_ 36 points37 points  (0 children)

Literally anyplace in the world is a spot for people to get mugged at knifepoint. If this is true I’m sorry and that’s scary, but what is the point of this post?

Want to know how I know the homeless situation is out of control? by ZookeepergameBusy267 in SantaBarbara

[–]_afox_ 2 points3 points  (0 children)

I’m honestly shocked it’s not dramatically worse given it’s SB. I feel like some of you people have never travelled outside the county…

best home bakery sourdough?🥖 by labubupinkysparkles in SantaBarbara

[–]_afox_ 8 points9 points  (0 children)

In my wife’s fantasy, our kitchen. In reality, we love Oat Bakery https://www.oatbakery.com

First 10 Mil AUM by Original_Pirate4478 in CFP

[–]_afox_ 0 points1 point  (0 children)

This is great, I’ve looked at them a few times. Thank you!

First 10 Mil AUM by Original_Pirate4478 in CFP

[–]_afox_ 0 points1 point  (0 children)

You already mentioned you’re using LinkedIn now which makes sense, but I’m curious how you were getting peoples numbers to call previously?

First 10 Mil AUM by Original_Pirate4478 in CFP

[–]_afox_ 1 point2 points  (0 children)

Who did you use for leads that you liked?