This service is designed for someone who does not want to manage their own investments and who would rather outsource that task to a professional.

Investment Advisory Services


What is my investment philosophy?

There are two main investment philosophies out there: active and passive. Active managers try to outperform some benchmark such as the S&P 500. On the contrary, passive managers invest with the market. They accept the returns of the market because they believe overall, markets are efficient and it’s really hard to do better than the market.

I spent years reading academic papers on investments. Although there certainly are arguments for active management (for example, in bad times, active management beats passive investing), in the end, I will sum up the research in one sentence. Active management is expensive. This usually translates into lower returns to investors. Few funds (and managers) produce enough returns to justify those costs and more importantly, it is really hard to identify successful active management consistently.

 

 

Thus, I am a big believer in investing passively. It’s not that I don’t think an individual can do better than a specific benchmark. We do find people who can do better than those benchmarks, but in the end, does it matter if your investments perform better than some benchmark? How does that affect your life? I care if you get the returns you need to achieve your goals. I am concerned with making sure you have enough money to retire or to send your children to college.

When we focus on achieving your goals rather than on a fixed benchmark number to beat, the normal daily fluctuations of the markets become less important. As far as I am concerned, to someone in his/her 30s or 40s, those ups and down of the stock market are pretty much irrelevant.

HOW MUCH WILL THIS COST?

The standard advisory fee is based on the market value of the account and is calculated as described below. These fees will be debited directly from your investment accounts by Betterment Institutional and remitted to me. The fees are pro-rated and paid quarterly, in arrears.
Account Value Annual Advisory Fee
$0 ‐ $1,000,000 0.95%
$1,000,001 and above Negotiable
WHAT ELSE DO YOU NEED TO KNOW?

In addition to investment management, I also provide financial planning services. For a detailed description, please see the Comprehensive Financial Planning.