harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have about 1/2 of our net worth with a CFA, an old friend of the family. He's a great guy, and has done decently by us over the years, but I've never been comfortable with the investments he's advised for us. I've argued with him, and he's done some things I wanted, and I've done some he wanted. I've also been in a number of investments with him that I never really understood, and again, wasn't comfortable with. Over the 20 years or so he's handled our investments, he's come to understand that I'm fairly conservative, so he tries to work with that. He hates bonds, though, and always talked me out of investing in them. To him, conservative means things like annuities and large cap equities. Not what I meant.
Anyway, when we sold our old house and I rolled my work 401(k) into an IRA, I put all that money into Vanguard. I was going to, over the years as my tax sitch allowed, liquidate various investments with him and move them into Vanguard, slowly taking complete control. However, since the market has experienced this little hiccup, I think I can sell quite a bit of it without cap gains hits.
So I called him, explained what I was planning, and asked him to help me figure out the tax implications on various investments so I can make educated decisions. I told him I really liked him, but I just wanted to control my own finances, and that over the years I had realized I was an indexer. He disagreed (of course) and thinks active management is what will get us out of this hole in the future. But he's going to get on it.
This was hard to do. I like the guy a lot. There will be some investments I can't get out of right away, but the die is cast. I'll let you all know how it works out.
Anyway, when we sold our old house and I rolled my work 401(k) into an IRA, I put all that money into Vanguard. I was going to, over the years as my tax sitch allowed, liquidate various investments with him and move them into Vanguard, slowly taking complete control. However, since the market has experienced this little hiccup, I think I can sell quite a bit of it without cap gains hits.
So I called him, explained what I was planning, and asked him to help me figure out the tax implications on various investments so I can make educated decisions. I told him I really liked him, but I just wanted to control my own finances, and that over the years I had realized I was an indexer. He disagreed (of course) and thinks active management is what will get us out of this hole in the future. But he's going to get on it.
This was hard to do. I like the guy a lot. There will be some investments I can't get out of right away, but the die is cast. I'll let you all know how it works out.