Punchline: If anyone has a FA that you've worked with and has shown the ability to show a comprehensive plan as you've aged, and that plan has worked out, please let me know.

My wife and I have struggled with the thought of financial advisors because the few we've spoken to seem to all want to use some standard program that shows - here's where you'll be - in X years and their investment ideas are mutual funds. My take are those funds eat profits through fees. I'm willing to be wrong.

Our situation: I'm 56, wife 53. I want to retire from corporate america next year. About 40% of our $$$ sits in roll-over IRAs and that money is invested in .Multi-Family investments (we're LPs).

50% sits in the stock market.
10% is in house equity.

I'm curious how you all think about the following:

1) Should we transition some of the non-dividend stock to dividend stock. We have very little dividend stock today. I'm heavily weighted in my company stock.

2) With 60% going to be affected by capital gains, how could we minimize the impact as best as possible?

3) What other investment vehicles will help offset stock market gains as losses (is this even feasible)?

4) How do ya'll think about selling stock for income in the future? I know it's going to happen, we just wonder how others are mapping this out.

What part of the world do you live ? We have used Sunbelt Securities. Our advisor was with Paine Webber and Morgan Stanley previously. Been at Sunbelt for about 8 years now. He listens to our thoughts and goals and gives us options on how we'd like to proceed, not one of the pre planned programs.

GenericAggie said:

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Punchline: If anyone has a FA that you've worked with and has shown the ability to show a comprehensive plan as you've aged, and that plan has worked out, please let me know.

My wife and I have struggled with the thought of financial advisors because the few we've spoken to seem to all want to use some standard program that shows - here's where you'll be - in X years and their investment ideas are mutual funds. My take are those funds eat profits through fees. I'm willing to be wrong.

Our situation: I'm 56, wife 53. I want to retire from corporate america next year. About 40% of our $$$ sits in roll-over IRAs and that money is invested in .Multi-Family investments (we're LPs).

50% sits in the stock market.
10% is in house equity.

I'm curious how you all think about the following:

1) Should we transition some of the non-dividend stock to dividend stock. We have very little dividend stock today. I'm heavily weighted in my company stock.

2) With 60% going to be affected by capital gains, how could we minimize the impact as best as possible?

3) What other investment vehicles will help offset stock market gains as losses (is this even feasible)?

4) How do ya'll think about selling stock for income in the future? I know it's going to happen, we just wonder how others are mapping this out.

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I think it would be important to determine what it is you're looking for. From the sounds of it, you'd obviously like some help in making the big transition into retirement (and then having a plan that takes you through retirement and into legacy planning). As you've alluded to, that's oftentimes more nuanced given each particular situation and anybody you hire to assist ought to have a track record of helping and should be able to provide some more details as to how they've helped.

With regard to your questions around over concentrations, mitigation of taxes, and other investment strategies that could help you navigate this, there are absolutely solutions to your questions. The best ones are going to depend on a number of other factors that would be uncovered through a more comprehensive process.

Ask your friends who they use. Search any prospective advisor's name by goggling FINRA Broker Check and reading their history. Click the Disclosure button. If the prospective FA has changed firms more than 2-3 times ask why. Most FA's change early in their careers but if it's later and he's changing it's either due to a desire to be "independent" (whatever that means) or due to a financial inducement (to the FA).
In your case it may be better to use one who charges by the hour and only tells you how to invest, leaving you to go out and do it on your own. Ask your spouse what she wants you to do, telling her you're making the assumption she will have to deal with this money when you "go away" and you want her to be comfortable using someone or dealing with it herself.

Sounds like you need a CPA more than anything.

GenericAggie said:

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Punchline: If anyone has a FA that you've worked with and has shown the ability to show a comprehensive plan as you've aged, and that plan has worked out, please let me know.

My wife and I have struggled with the thought of financial advisors because the few we've spoken to seem to all want to use some standard program that shows - here's where you'll be - in X years and their investment ideas are mutual funds. My take are those funds eat profits through fees. I'm willing to be wrong.

Our situation: I'm 56, wife 53. I want to retire from corporate america next year. About 40% of our $$$ sits in roll-over IRAs and that money is invested in .Multi-Family investments (we're LPs).

50% sits in the stock market.
10% is in house equity.

I'm curious how you all think about the following:

1) Should we transition some of the non-dividend stock to dividend stock. We have very little dividend stock today. I'm heavily weighted in my company stock.

2) With 60% going to be affected by capital gains, how could we minimize the impact as best as possible?

3) What other investment vehicles will help offset stock market gains as losses (is this even feasible)?

4) How do ya'll think about selling stock for income in the future? I know it's going to happen, we just wonder how others are mapping this out.

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I'm biased but my wife works for Schnieder Downs here in Pittsburgh and does exactly this. She's been great at helping people use their assets. As a CFP, she's also a fiduciary.

https://www.sdwealthmanagement.com/meet-our-team/alissa-garcia

Pretty sure all investment advisers have to act as a fiduciary.

The Chicken Ranch said:

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Sounds like you need a CPA more than anything.

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I think we need a CFP and a CPA and ideally an office that has both and specializes in real estate.

LCE said:

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Pretty sure all investment advisers have to act as a fiduciary.

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Not all are... The funds they sell you should be suitable for your situation, but if they aren't a fiduciary, they don't have to steer you to the lowest cost options and can recommend the funds that give them higher commission without any ethical qualms a true fiduciary would have.

Quote:

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Our situation: I'm 56, wife 53. I want to retire from corporate america next year. About 40% of our $$$ sits in roll-over IRAs and that money is invested in .Multi-Family investments (we're LPs).

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Partnership interests (whether private or publicly traded) in a tax deferred account are generally a bad idea unless you like paying UBTI on the non-passive earnings. Do you have a custodian that manages those?

It's funny cause Dave Ramsey isn't a fiduciary in any sense

drakkies said:

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It's funny cause Dave Ramsey isn't a fiduciary in any sense

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Boom! Roasted.

2wealfth Man said:

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Quote:

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Our situation: I'm 56, wife 53. I want to retire from corporate america next year. About 40% of our $$$ sits in roll-over IRAs and that money is invested in .Multi-Family investments (we're LPs).

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Partnership interests (whether private or publicly traded) in a tax deferred account are generally a bad idea unless you like paying UBTI on the non-passive earnings. Do you have a custodian that manages those?

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Solo 401K

I'm looking for someone who charges an hourly rate in the Houston area.

My wife and I have a semi-large age gap but most of our retirement funds are in the younger person's accounts making access tricky.

Any FA recommendations?