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How I helped a doctor set up a 401k plan
Setting Up a 401k Plan Dr. Smith is a client of mine. He is a facial plastic surgeon with a booming solo practice supported by five non-essential staff members. His staff turnover is very high; no one...
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The Perils of Chasing a ‘Hot’ Fund Manager
Bill Miller's Legg Mason Value Trust On November 17, Bill Miller announced that he would step down as manager of Legg Mason Capital Management Value Trust (LMVTX). From 1991 to 2005, under Miller’s...
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How to Tell if Your Financial Advisor is a Crook? Very Easy!
This week, a business woman came to my office for a second opinion financial review. She explained why she came to see me: she bought a permanent life insurance policy because her financial advisor...
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A 2011 Investment Recap
My investment approach can be summed up by three principles: Globally diversified Small cap value tilt Short duration tilt This approach endured extraordinary challenges in 2011. 1. Globally...
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Government Retirees Beware: Your Financial Advisor May Not Be Your Friend
I have a client (Let’s call him John) who retired 12 years ago from the government. He had a pension, and he had the option of taking out a lump sum of about $800k or drawing a monthly check of more...
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An Investment Rule for Young People
“Only a fool invest without rules” – Jason Zweig Young People A client of mine asked me to teach his young son how to save and invest. The following are some rules I wrote down for him. 1. How much to...
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Can Morgan Stanley Financial Advisors Beat the Market?
Morgan Stanley Smith Barney Recently, a number of people came to me for advice with one thing in common: they all had a financial advisor from Morgan Stanley Smith Barney. These advisors all promised...
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Juggling Investment Odds
Investors crave certainty, but the future is never certain. Prudent investment requires juggling odds. Here are the types of odds that go into my decision making process. January Barometer Effect When...
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The High Cost of Fee-Based Financial Advisors
Many people think that fee-based financial advisors are those who charge their clients fees for service; therefore, they have more transparency and less conflict of interest. That’s exactly what the...
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Successful Entrepreneur, Personal Finance Failure
They don’t necessarily overlap I met Joseph in a startup networking event. He was trying to attract investors for his latest venture. He has an impressive resume: he founded a tech company that was...
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Facebook Scam Hits Close to Home
Facebook Scam Two months ago, I got a call from client of mine, who asked my opinion about an opportunity to invest in pre-IPO Facebook shares. He explained that he and his business partner were...
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Unbridled Optimism Can Be Bad for Personal Finance
Leap of faith Recently, I went to the monthly meeting of the Chicago Booth Entrepreneur Advisory Group. The group is made up primarily of University of Chicago alumni, and it provides a forum for...
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Why you need to do estate planning
Judge’s gavel Why do I need an expensive lawyer to do estate planning for me? Why can’t I just write my will on a piece of paper with two people as witnesses? This is a question I got from a woman who...
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Why financial advisors should not charge incentive fees
Is a round of golf all the value you get from your financial advisor? Why do you charge me 1% every year regardless how well you do for me? I would rather not pay you anything for the first 5% return...
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Can a major Wall Street firm help you beat the market?
New York Stock Exchange When talking to prospective clients, I am upfront about what I can and can not do. I can NOT beat the market. Recently, that straightforwardness caused me to lose a prospective...
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Wealth Management Round Up: September 2012
Here is a selection of the best wealth management articles around the web for September: 5 reasons your portfolio is too complicated, by Kyle Bumpus Why analysts are scratching their heads over QE3, by...
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2012 year end tax tips: Accelerate income and capital gain recognition
Tax planning tips In the past, I have advised my clients to defer income recognition and capital gain realization so that they can pay taxes later. Not this year! Under current law, major tax changes...
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Fiscal Cliff Deal: What does it mean for high income/high net-worth families?
Approaching the fiscal cliff The cliff deal struck between Vice President Joe Biden and Senate Minority Leader Mitch McConnell is a good deal overall for high income folks. Make no mistake, some of...
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The reward of a financial advisor
Recently, a client of mine fell, broke his hip and ended up lying on the floor for 20 hours before he was rescued. I went to visit him in the hospital a couple of times. The good news is: he is out of...
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Tax advantaged oil and gas investments? Be very skeptical
Oil and Gas Investment Scam In the last month alone, I’ve gotten calls from two clients asking me if they should invest in tax advantaged oil and gas investments being pitched to them? Both of these...
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