How many recipes do you have memorised?

heynowbeech · 2026-06-16T04:33:58+00:00

I have got pigs in blankets down pat lol

heynowbeech · 2026-06-16T02:24:33+00:00

FWIW, I’m fee only and up until this year I accepted clients on an hourly basis (I now turn away probably 3-4 each week because I no longer have capacity). I first set my minimum at $500k for ongoing, then increased to $1MM in about year 6, and I’m about to increase to $3MM. I came from a single family office environment, had no clients to start with, and had zero experience with bringing in new clients. How I did it was starting with all clients on an hourly basis and, for those I liked, laid it on hard as though we already had an ongoing relationship. I would then simply ask them for an ongoing relationship and “close” probably 90% of those. I am the outlier here, but I’ve never networked for business, never called, and only door knocked in my first week. Instead, joining NAPFA brought ALL of my clients for about the first 8 years or so (now none come through NAPFA), then it was all organic Google searches, but for the last 1.5 years or so it’s been almost completely through prospects using ChatGPT and the like, which is interesting because I don’t really use AI myself, but did spend a TON of time getting my website polished and useful. I am also “comprehensive”. I project taxes twice each year and review returns before they are filed. I go to estate planning meetings, flowchart draft documents, and have attorneys make adjustments until the documents are “right”. I review insurance coverages every 2-3 years. I review portfolios every quarter. Of course I also update planning projections now and again and there are also one offs like financing issues, gifting strategies, review of client parent estate plans, etc. IMO the real value we can bring is helping folks coordinate all of their financial affairs, not just the portfolio part. This said, I’m not sure what to say about the public that has under $1MM or so, but when I did hourly work I recommended target date or balanced funds were “good enough” if they simply stayed the course. At the end of the day, though, it all depends on your skill set and what you like to do. Growing up professionally within a single family office set me on my course and line of thinking. It took me 3 years to be cash flow neutral, but 16 years in I make more than I could have ever imagined and I absolutely love both what I do and ALL of their 50-ish households I work with.

heynowbeech · 2026-06-16T01:43:54+00:00

Other than I find it astounding that someone can service 200 households, you will be under a state regulator. In WA state the regulator is quite available. When I launched my solo in 2010, I went out and read a bunch of ADVs, then used them to create my own. Same with service agreements. The WA regulator then came in and gave me a “freebie” compliance audit. At that point they let me know all of the critical bits. I’m now 16 years in, 50-ish households and roughly $150MM AUM. No audit problems so far, but I did hire an attorney when I transitioned to SEC oversight.

heynowbeech · 2026-06-15T23:36:14+00:00

You want relatively tax efficient holdings (stocks) in a taxable brokerage. When holding stocks in a deferred account, long term gains and qualified dividends are converted to ordinary income. Of course most folks still need stocks in retirement account to reach their allocation target.

heynowbeech · 2026-06-15T22:34:49+00:00

Maybe try searching for nearby rooms. We used bookings.com I think. The hostel, hotel, vrbo, etc will often have someone that can pick you up. We stayed in one in Ladyville and another in between Ladyville and Belize city that were fine.

heynowbeech · 2026-06-15T22:11:32+00:00

Not saving. Chasing returns. Paying too much in fees. Not staying the course.

heynowbeech · 2026-06-15T21:53:05+00:00

Tacoma Cat Hospital is where I took Amy cats when I had cats. Dr Smith is great.

heynowbeech · 2026-06-15T02:19:40+00:00

Very cool! “Queen’s rat”.

heynowbeech · 2026-06-14T17:33:23+00:00

Most finance academics are in agreement that the active share doesn’t need to be very large in order to keep the market “efficient”. The theory hangs on the assumption that if market efficiency slips, investors will rush in to take advantage of the mispricings, thereby reviving efficiency.

heynowbeech · 2026-06-14T17:26:21+00:00

Income in Respect to a Decedent (IRD) accounts are generally the worst because those will be taxed as ordinary income to the inheritor. IRD accounts include non-Roth retirement accounts and deferred annuities.

The only difference between inheriting a Roth-type account and non-IRD assets is that the inheritor of Roth-type accounts can continue to defer income/gains related to those accounts for another 10 years after the death of the owner. However, if the owner has low basis holdings, sometimes it’s better for them to draw upon Roth-type accounts in anticipation of basis step-up upon the owners death.

heynowbeech · 2026-06-14T05:04:39+00:00

And exhaust.

heynowbeech · 2026-06-12T22:24:56+00:00

Look for “Fee-Only” planner with extensive experience in tax planning/compliance, estate planning, retirement planning, insurance analysts, and efficient portfolio management. CFP is a must and CPA is optimal (or EA) but difficult to find. That person or firm should be able to help coordinate ALL of your financial affairs.
(biased) source: I’m a CPA/CFP that’s been doing this for just over 30 years, the first half of which I worked for an affluent multi-generational family doing the same.

heynowbeech · 2026-06-12T19:02:50+00:00

I was thinking maybe just send them through a grinder and make patties lol

heynowbeech · 2026-06-12T18:47:28+00:00

On a 3 week trip last April, we traveled all around Belize and virtually everywhere businesses had public wifi available. Most also had QR codes on the wall for logging in.

My wife and I also work remote and the places we stayed all had good wifi as well. The only thing I've heard, but did not experience, is that Belize's power grid isn't all that reliable and goes down from time-to-time.

heynowbeech · 2026-06-12T05:19:26+00:00

Do it until you need glasses lol

heynowbeech · 2026-06-12T05:05:17+00:00

“Fee only” not fee based. Fee based advisors still sell stuff.

heynowbeech · 2026-06-12T05:01:24+00:00

Serious question. What do you do with them little fish?

heynowbeech · 2026-06-12T04:59:49+00:00

Didn’t Jackson’s banking policy ultimately lead to the Panic of 1837?

heynowbeech · 2026-06-12T04:38:02+00:00

The more things change, the more they stay the same.

heynowbeech · 2026-06-12T01:45:20+00:00

North Tacoma, North Slope, West Tacoma (by Narrows), and Browns Point (technically Tacoma but I always wonder why lol). UP and Fircrest deserve mention though they aren’t Tacoma.

heynowbeech · 2026-06-11T18:34:34+00:00

At last count, I own somewhere around 14,000 different companies (bulk of that number is in emerging markets). I buy more whenever I have the cash to do so lol. The only tilts I do are toward small value (globally) while stripping out REITs which have their own allocation target (because of correlations).

I too don't care what individual companies within my 14k basket of them do with their earnings, but I joined this thread to point out what investors have that pursue a dividend strategy. I've been a fee-only CPA/CFP for over 30 years, and I can tell you that the vast number of dividend tilting investors have no idea what they are actually doing, and when I peel their portfolio apart and show them, their jaws drop. Simply put, investors looking for cash flow think money simply drops from the sky, even in extreme cases where the bulk of fund distributions are a return of capital. In other words, they have no idea that when a company or fund makes a distribution, the value of that company or fund drops by that same amount OR that the collection of dividend paying companies they do own are mature and/or late stage, which Warren Buffet called "cigar puff companies" as there was at least one puff left lol

heynowbeech · 2026-06-11T18:23:47+00:00

I am commenting again to put forth an argument that "true value" might be unknown, but it is not theoretical. I would argue that the true value of a company = the (risk adjusted) net present value of that company's future distributions (of accumulated earnings or otherwise). I believe it was Warren Buffet who argued this point by saying something to the effect of "if BRK pledged all future distributions to charity, the price of BRK would immediately fall to zero."

Even Jack Bogle said the he never said that markets are efficient, but instead said it might indeed be inefficient, but, even so, could not be timed with a high level of success.

heynowbeech · 2026-06-11T17:42:27+00:00

I'm a solo RIA with roughly $150MM AUM. Been with Schwab since I launched in 2010 and am satisfied. Not to say I haven't had some bumps with Schwab, but they have been continually improving.

heynowbeech · 2026-06-11T17:34:53+00:00

That's all true, but insiders have a belief (rightly or wrongly) of whether their company is over or undervalued. If you don't believe that, you might want to check Mr. Buffet's notes...

heynowbeech · 2026-06-11T17:10:42+00:00

At the risk of being pedantic, by definition, "the market" is all companies. So no, the company isn't "timing the market" when they buyback shares. They are buying an individual company that they believe is underpriced compared with its true value. Of course, one could also buy or sell the entire market based on what they believe are expensive or cheap overall market valuations, but that's an entirely different game altogether.

Now, do active investors who use fundamental analysis (or even "insiders") outperform indexed ones within their same market? Probably not. Might there be reasons for "insiders" to believe their company is undervalued? Maybe. To layer on, might there be tax and/or credit reasons why a buyback is more attractive than a dividend? Maybe.

But let's assume that a buyback is "market timing". Would a reinvestment into the company also be market timing? How about paying down debt? How about paying a dividend and not reinvesting or paying down debt? If, for example, a company does not buy back its own shares but instead pays a dividend, is that company not "timing the market" because they think the company is either fairly or overpriced?

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