LearnVest

[LisaLou]

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Has anyone used LearnVest or other online financial advisors? I am looking for some help with making some financial decisions fairly specific to my family's situation (e.g. rolling over a 401k into a Roth even though this will be the only year my income allows me to contribute to a Roth, which additional retirement plan offered by my hospital I should contribute to, saving for imminent mortgage downpayment versus paying off student loans, etc.). I'm in a somewhat rural area and the few financial advisors in this area seem to be commission-based. I'm hoping for someone who will look at my situation and numbers and basically tell me where to put my money for now. Not really looking for a long-term advisor or someone to manage investments. My ideal would be a LearnVest-type company who specializes in physicians, though I don't think that exists. Thanks!

 

[The White Coat Investor]

Has anyone used LearnVest or other online financial advisors? I am looking for some help with making some financial decisions fairly specific to my family's situation (e.g. rolling over a 401k into a Roth even though this will be the only year my income allows me to contribute to a Roth, which additional retirement plan offered by my hospital I should contribute to, saving for imminent mortgage downpayment versus paying off student loans, etc.). I'm in a somewhat rural area and the few financial advisors in this area seem to be commission-based. I'm hoping for someone who will look at my situation and numbers and basically tell me where to put my money for now. Not really looking for a long-term advisor or someone to manage investments. My ideal would be a LearnVest-type company who specializes in physicians, though I don't think that exists. Thanks!

Sounds like you need to spend a few hours with a good hourly financial planner. They don't need to be local. Try the Garrett Network or perhaps Allan Roth. Other things to research based on your post include:

http://whitecoatinvestor.com/backdoor-roth-ira-tutorial/

http://whitecoatinvestor.com/student-loans-vs-investing/

http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/

 

[krl7044]

Has anyone used LearnVest or other online financial advisors? I am looking for some help with making some financial decisions fairly specific to my family's situation (e.g. rolling over a 401k into a Roth even though this will be the only year my income allows me to contribute to a Roth, which additional retirement plan offered by my hospital I should contribute to, saving for imminent mortgage downpayment versus paying off student loans, etc.). I'm in a somewhat rural area and the few financial advisors in this area seem to be commission-based. I'm hoping for someone who will look at my situation and numbers and basically tell me where to put my money for now. Not really looking for a long-term advisor or someone to manage investments. My ideal would be a LearnVest-type company who specializes in physicians, though I don't think that exists. Thanks!

Hi Lisa,

Jim (White Coat Investor) has a lot of great resources, so you might want to visit his blog (and definitely buy his new book, which I would highly recommend). My firm offers hourly/retainer-based comprehensive financial planning services using a subscription model (basically, a monthly flat fee for all inclusive and on demand advice). So for a single flat fee we would put together a financial plan that will address your entire financial situation, and we'll update/review it as often as necessary. It is rather simple to work remotely, thanks to Skype and dropbox (to share documents securely).

I specialize in working with small business owners, including physicians and dentists, and I can address financial situations of any complexity. Because physicians and dentists have many moving parts to their finances, they typically require a lot more attention than an average person, so in order to provide the best service to them, I offer advice on many topics including (but not limited to) investment management and asset allocation, debt repayment, after-tax investments, retirement accounts and plans, tax planning, estate planning, insurance planning. While LearnVest might be a good solution for simpler financial situations, it might not provide the type of advice necessary for a physician, as the quality is only as good as the person offering the advice. Because I don't sell any products or get paid by third parties, I always act as a fiduciary in the best interest of my clients.

 

[LisaLou]

Thank you for the tips. White Coat Investor, I had read a lot of your posts while lurking on this board and I had actually just bought your book just a day or two before this post. So all of the time you spend answering questions here got you my 20 cents of royalties ;-) Thank you for taking the time to be so helpful to so many of us!