Nate Tomkiewicz, CFP ®

Thoughtful multi generational planning ✔️. Thoughtful use of gift ✔️. Happier as a result ✔️. Yet some want to say this is bad decision lol.

@David5437893194 @MeasureTwiceMNY @Rmalloy15 As always it depends. Roth can be right for a lot of people, especially with big future earnings ahead. But many retired are keeping 95 cents on the dollar going pre-tax and will not pass money to heirs because they’ll need it all.

@nate_tomkiewicz @MeasureTwiceMNY @Rmalloy15 You keep 88/100, never pay taxes again, plus your heirs get ten years? Pretty close to a no brainer to me. Maybe if you were leaving all your asset to charity. . .

Roth vs Traditional 401(k) is so interesting to me. On one hand deferring taxes at higher brackets to withdraw when taxes are low is easy to explain and resonates well. But, inherently that creates complexity. Maybe Roth should the default while Traditional is a strategic tool?

@David5437893194 @MeasureTwiceMNY @Rmalloy15 Many retirees are well under a 12% effective federal rate so even at 12% it’s not a no brainer.

@MeasureTwiceMNY @Rmalloy15 Traditional at a high bracket should be the default. At 12%, should be Roth.

@callieabost Nailed it😂

I'm so in love with my kids. I'm so excited to get back to work soon.

@FiSurgi Sometime back I was asking if anyone was building like this for physicians. Tools everywhere for financial advisors to be independent, I would love to see it in medicine too.

Finally someone listens. Great idea. Send me a pitch deck . I’m interested.

@FiSurgi @grok Seems about right for this app

@nate_tomkiewicz @grok Oh it hasn’t. I definitely know the numbers but just wanted to demonstrate them to the ridiculous folks on this app who’d rather listen to an AI versus an actual doctor telling them the answer

Hey @grok what’s median physician pay adjusted for inflation for the last 50 Years?

@FiSurgi I like to frame home buying as an investment into your family and what matters to you. Because financially homes are just bad investments above what is necessary to live.

As someone purchasing a home, I can with 100% certainty say this isn't a financial decision, even though I would prefer it to be. Emotions play a greater role than one might initially hope.

@robbiehendricks Exactly, the fairy tale is the biggest issue. There’s no free lunch.

I remember chatting w/an investor last year. They were comparing our deal to Blue Owl and Golub, who at the time were paying about 9% annualized dividends. Convo went like: LP: these firms are basically paying 9% risk free…why would I settle for an illiquid 8% cash on cash with your firm? me: well…first…there is no such thing as 9% risk free. second, you’re making a more specific bet on us as operators and our mastery of our submarket rather than a blanket bet on a private credit firm and their underlying loans. LP: hmm. but Blue Owl is first position debt - my advisor says there is essentially no risk - and I can get my money out quarterly whenever I want me: respectfully, there is no such thing as an evergreen liquid, risk-free, 9% return in this world…maybe for a time, but the music CAN come to a stop…returns can go down, liquidity can dry up, and risk can turn way up LP ended up going with private credit. Can’t blame them…was an easy pitch at the time. Fast forward 24 months: Our deal is cash-flowing 12% and we had a 43% return of capital refi And Blue Owl has suspended redemptions. Liquidity goes poof…who knows how long that capital will be tied up. Don’t get me wrong - private placement real estate investments like ours have risk. They blow up too, so not suggesting every private RE deal will outperform anything. However, the moral of this story: Anyone promising you 9% risk free with evergreen liquidity is selling you a fairytale.

@stevenfcpa Writing about this very thing right now.

You are a negligent advisor if you sell stock on behalf of a client, and don't inform them that they are going to have a gain of well over $500k. Had you advised them properly, or sold a better selection of stocks, they could have avoided a $100k tax shock.

@alt_w_v_g Bravo😂

Met with a financial advisor today My wife set it up She wants "a professional opinion" on our retirement Nice office Glass desk Diploma on the wall from a school I've never heard of The advisor was 23 Maybe 24 He had a pullover vest and a rehearsed handshake He handed me a pitch book It had someone else's name on it I chose not to mention that He said "based on your risk profile I'd recommend a 60/40 portfolio" I said "what's the fee?" He said "1% annually" I ran the compound drag over 25 years in my head Said the number out loud Then I said it again slower His smile went away I said "what's the tax strategy?" He said "we review that annually" I said "what's the Roth conversion ladder? The asset location framework? The blended expense ratio on the underlying funds? Why wouldn't I just buy VOO for free and do this from my phone?" He opened his mouth Closed it Excused himself Came back with his boss Same vest Bigger watch The boss said "I hear you have some concerns" I said "not concerns. Questions. Your 23-year-old couldn't answer them. That's my concern." My wife kicked me under the table I kept going The boss said "the value is in the relationship" I said "that's what my therapist says too. She charges $250 an hour. You're charging more and doing less." The boss looked at my wife My wife looked at the ceiling I've now been to a therapist, a realtor, a car dealership, and a financial advisor this month My wife has walked out of every single one I asked her in the car what she thinks the common denominator is She said "you" I said "interesting. Not sure how to model that." Plz fix. Thx. Sent from my iPhone

@andreacpa0 Yes and also can we just get rid of the income limits.

hey! how about personal finance influencers stop telling ppl to max out their Roth IRAs without mentioning that there are income limits?! *SCREAMING* im fine

@MrNQDC @CPATaxTeam I’m not totally against PE, but how many are really vetting properly

@nate_tomkiewicz @CPATaxTeam That’s why crooked advisors and investment managers consider PE funds a better mouse trap … for them

Prospect: You won't be able to do anything with my financial advisor. He has me locked into PE funds and I can't do anything. Thoughts @MrNQDC?

@CPATaxTeam @MrNQDC Trapped by unrealized gains. Till the next bear market. But of course then redemptions can be halted.

@MrNQDC @nate_tomkiewicz Seems like it. The new guide to creating sticky clients.

@Wealth_Mgmt_Guy Have a day kid!

Today will be a day of days. 8 inches of snow on the ground Daycare closed 3 year old woke up with a fever Wife headed into work (because people NEED to go to urgent care I guess) 4 month old in a deep sleep regression GOOD

@AndyHVandenBerg I feel this in my bones.

VDB Wealth Business Building Update: I'm ~7 months into building a boutique wealth management firm. My goal is to serve 25–40 clients and manage more than $100M in assets. What's the TLDR? I love the day to day and I'm providing a lot of value to my clients. I believe I'll meet my goal in 3-4 years, but I want to get there in 1-2 years. The good: - I have 8 clients onboarded and an additional 3 in the onboarding process. - I enjoy getting to chose the people I work with. I'm particular about long-term relationships and am more than happy to invest in clients earlier than other firms would. I am lucky to be building for the next 25 years, and not worrying about the next 2 years. - I'm adding a ton of value for clients (and prospects). There is just a lot of bad service happening out there. - I'm increasingly excited about future technology in this space that will enable me to do my job better and more efficiently. I'm sure I'll have to swap some tech over the next few years, but that's largely a distraction for me right now. - I'm starting to build relationships with others in the same situation as me. There's real camaraderie in the trenches. The bad: - Growth isn't where I want it to be. I'm confident I'll get there in 3-5 years, but I can't shake the drive to compress that timeline to 1-2. - The bigger concern is lead generation. I'm active on a lot of fronts but have little clarity on where results will actually come from. I've talked to plenty of advisors and the honest answer is that everyone finds their own path. I need to find mine.

@nobletaxhelp The RMD boogeyman isn’t that bad for most people, sheesh.

Despite being told not to by his financial advisor and myself, this client did a Roth conversion for 700k in the same year that he sold his primary with a taxable million dollar gain. Taxable income is usually under 100k and he is only 60. Maybe he would have taken AI advice...

@NotGoKGreen This drives me nuts, same business day most of the time and 24 hours tops. The bar is too low.

My parents emailed their financial advisor asking to do an in-person meeting LAST WEEK Today is Friday, a week later, they still have not heard from their advisor Who they chose to work with so they could 1) support local and 2) meet IRL

@KennethKirkPC Oh man, computer share the things nightmares are made off!

I tell my clients: don't buy stocks through Computershare. It's a nightmare getting them transferred when the owner dies.