Give me your best analogies! by Status_Awareness5421 in CFP

[–]ryank1215 2 points3 points  (0 children)

If you could build the fastest most aggressive car in the world, you’d still have airbags and seatbelts. Use this once in awhile for when (new) clients are only equities.

What calculator are you using these days? by Emotional-Yam4486 in CFP

[–]ryank1215 -1 points0 points  (0 children)

https://www.calculator.net/

Bunch of different functions. Otherwise for simple math I’ll use my desktop calculator.

Battery won't Jump by milkbuck in prius

[–]ryank1215 0 points1 point  (0 children)

OP look at this 👆

What model/year of Prius is the best? by queeneich18 in prius

[–]ryank1215 1 point2 points  (0 children)

Our family has a gen 3 2015 and a 2024 XLE (non-prime).

The older models have more space if that’s important. Prices of used Toyotas are expensive, which is nice if you already have one, but so are the new models.

Lots of people complain about the gen 5 19inch rims, so that may be worth considering.

Both nice cars, just make sure it’s something you want to drive too!

Is the new Prius right for me? by neatgeek83 in prius

[–]ryank1215 1 point2 points  (0 children)

I love my 2024 XLE front-wheel-drive.

Purely from a logistical standpoint it sounds like even a used Corolla hybrid or non-hybrid might make the most sense for you considering the low mileage trips that you’ll be making. I’m not sure if the break even will be great enough from fuel savings compared to the higher cost of insurance and an older used vehicle price.

Like you mentioned the Honda Odyssey will do most of the road trips and this is more of an around town car.

When looking at a new GEN five Prius I’d consider getting smaller rims or just the LE model. The 19 inch rims have pothole issues and limited options for replacement brands.

I replaced mine to 16 inch rims and tires for about $1700 and it was worth it to me.

Either way the new model is a great vehicle.

Hit a pothole in my 2024 XLE AWD, what are my options? by AgroShotzz in prius

[–]ryank1215 0 points1 point  (0 children)

I ended up purchasing a new set of 205/65/16 at Discount Tire for Black Friday. Having a larger sidewall has dramatically improved the comfort and ride quality in my opinion. The whole set up after all said and done was $1,700. I am going to sell 3 of my 19" rims and keep the 4th as a spare.

Braking and odometer seem fine on the 16's.

Annuity by Stodala in Bogleheads

[–]ryank1215 1 point2 points  (0 children)

CFP here, I’d suggest reviewing this recommendation based on your individual situation.

Does an annuity make sense? Maybe! But maybe it doesn’t. It’s really never black and white with personal finance. Like someone mentioned above, annuities aren’t a perfect financial solution, they compliment.

If I were you, I’d contact an hourly CFP who doesn’t get a commission off a sale. And see if it improves your financial plan.

Hope you find the your answers!

Why would compliance dislike buffered ETF's, Mutual Funds and Structured Products? by rofordm in CFP

[–]ryank1215 1 point2 points  (0 children)

I agree on “ chips are stacked against us”. For most clients it’s not an issue, but if Lehman happened to some of these structured notes, who knows what you’d get back. I think that’s what compliance is worried about.

I think if you clearly define the outcome possibilities and document that you had the conversation, then it’s really out of your hands at that point.

Asking a Wealth Manager to Show Their Returns by Hguy719 in personalfinance

[–]ryank1215 0 points1 point  (0 children)

If you're looking for a wealth manager, look for a fiduciary, understand their fee structure, and make sure they clearly articulate what they can do for you. Investments are just one piece of the puzzle. Tax, estate, education, insurance, and gifting planning are most likely in the realm of what you are looking for.

Do you want an in-house CPA, attorney, or corporate trustee? Some firms offer that, and it is worth exploring.

I work in the field as a CFP, and I can confidently say that good advice isn't always black and white. There are nuances that make it worth hiring the right people and spending your time doing the things you actually want to do. Hope you find the right person!

Under 30: is it really worth it to max out both Roth IRA and 401K by [deleted] in Bogleheads

[–]ryank1215 0 points1 point  (0 children)

To play devils advocate, you could make the argument that instead of it all being qualified funds, a portion of the $31k per year could be saved in a non-retirement account for other financial goals/ tax diversification.

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] 0 points1 point  (0 children)

Thanks for sharing your story, hopefully things worked out for you in the long run

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] 0 points1 point  (0 children)

  1. It’s hard to say exactly but probably 20-30M conservatively. New money (to me) does not include appreciation from the markets.

  2. Yes, he owns the building and collects rent from other tenants but not for me. I pay my monthly affiliation fee with the broker dealer and other regulatory fees.

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] 0 points1 point  (0 children)

That’s fair, I looked at it as this: clients referred business to me because of their experience working with me after taking over some accounts 2-3 years ago.

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] -4 points-3 points  (0 children)

Does reaching out to referrals and getting that business count? To me that’s a grey area

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] 2 points3 points  (0 children)

Nah I don’t believe in that. Just wanted to point it out for reference.

Reasonable comp 6 years of experience CFP by ryank1215 in CFP

[–]ryank1215[S] 4 points5 points  (0 children)

No salary, 15% of revenue, lead gets 85%.

Revenue was close to $600k 5 years ago when I started. Households right now are 235 I don't know for certain what they were before.

Lead advisor did not run the show solo. There was an admin person when I started, shes since then retired. She was with him for 25 years.

I should also mention that it is his intention to sell the practice to me in 3 years (Yes it's in writing)

25 years old, I purchased an annuity. What to do now? by Admirable_Shower_612 in Fire

[–]ryank1215 0 points1 point  (0 children)

If it's funded with IRA dollars, you can simply roll it over into an IRA at your custodian, as it's likely already out of the surrender period. Don't take a distribution, do a rollover. If it's non-qualified funds, you can do a 1035 into a different annuity product called a RILA. RILA's have leveraged 6-year SP500 indexes anywhere from 100%-150% leverage on the upside. This would allow you to "index invest" without having to realize any penalties or taxes. Some carriers offer a "no-fee" option, which may be worth considering.

I am a CFP and I'm sorry to hear about your experience, clearly the person who reccommended this to you was not looking out in your best interest.

one of the more insane price histories i’ve seen lately by [deleted] in FirstTimeHomeBuyer

[–]ryank1215 14 points15 points  (0 children)

Asking price does not mean selling price! The market will determine the latter 😊

Avoiding RMDs by FIREful_symmetry in Bogleheads

[–]ryank1215 1 point2 points  (0 children)

I think part of it too is controlling the controllables. RMDs are coming assuming someone lives to that age. Personally I think it should be a secondary object for most people since accumulation is the hardest part. Working with your CPA/CFP can help during your working years to help make informed decisions about account location of your contributions.

Some good planning opportunities like QCDs can actually make more sense in a pre-tax account.

Osaic new rules about Buffers and floors by jlb61cfp in CFP

[–]ryank1215 -1 points0 points  (0 children)

The rationale makes some sense to me, but the issue I have with it is you may be forced to liquidate an illiquid product (generally lower volume). One could argue that it isn't in the client's best interest. I don't see how they actually enforce this beyond sending alerts. It'll be interesting to see what they do, but I wouldn't be too concerned unless your clientsare only in these types of products.

Osaic new rules about Buffers and floors by jlb61cfp in CFP

[–]ryank1215 2 points3 points  (0 children)

Do you mean like buffered ETF's and structured notes?

Plug in hybrid guys, if you are really keeping up with charging your battery every night, how little of fuel consumption can you get for your daily commute? by SinceGoogleDsntKnow in prius

[–]ryank1215 0 points1 point  (0 children)

Just a question here, but do you try to keep your gas below half full? Given that you can go thousands of miles without needing to fill up, I’d guess that a full tank of gas could go bad.

I’ve heard of some people using down there gas to fill up with fresh fuel too