David Fink is passionate about being a resource for his clients and ensuring that they and their families are prepared not only for all the good that life has to offer, but also for the unexpected. As a result of losing his father at a young age and experiencing firsthand how a family can be impacted, he is particularly attuned to the importance of ensuring that both spouses are actively engaged in the oversight of their family’s wealth. Importantly, David is able to use his personal experiences to work effectively with widows and their children – both from an emotional and a practical perspective.
In working with families, business owners and young professionals, David is able to bring over 2 decades of experience to bear to assist with a variety of issues ranging from the traditional – investment planning, estate and tax planning – to the not so traditional – balancing work and life, living a life of purpose, evaluating residential and commercial real estate deals, business transactions, private equity, employer/employee issues, etc. The truth is that each client family has different issues that are important – and those issues change over time. David has a unique ability to not only understand what a family might need today but to also understand how those needs might evolve in the future.
David is a Chartered Financial Analyst (CFA) and a CFP® professional. Additionally, he is a Certified Divorce Financial Analyst. He holds a bachelor’s degree in Mathematics and an MBA from the University of Florida. David holds his Series 7, 63 and 65 securities licenses along with his Florida insurance licenses.
David is very involved in his community and has been involved with the following organizations: Lakewood Ranch Business Alliance (Board of Directors, Executive Committee and Past Chair), Manatee County Humane Society (Board of Directors Past Treasurer, Executive Committee Member, and Vice President), Tidewell Hospice (Capital Campaign Committee), and United Way (Past Allocation Committee member). David lives in Sarasota with his wife Debbie and their many animals. He is privileged to serve clients around the country and enjoys traveling to see them both for work and fun.
A fiduciary advisor (an RIA or CFP for example) works with the client's best interests in mind and always puts the client's interests before his/her own - by law. Contrast that with a traditional broker or insurance sales person. Both of these sales people operate under a standard that they have to provide "suitable" products for the client. Unfortunately, a "suitable" product may also be one that pays them a very high commission. Importantly, neither a broker or insurance sales person is legally required to put their client's interests first. They are also not required to inform you how much they might make when they sell a particular product.
The cost of working with a fiduciary advisor will be a function of that advisor's business model. Some work for a percentage of the assets they manage, others work on a retainer basis and still others work on an hourly basis. With the method of compensation is important, it is more important that you find someone who has experience and that you can trust and who is transparent about any costs you might incur.
You raise a very important question. A Transfer On Death (TOD) works in a similar manner to a beneficiary designation on a retirement account. In other words, if you have any account with a TOD, that account will be transferred to the designated recipient when you pass. In many cases, people set up revocable trusts and accounts are titled in the name of the revocable trust, so this is not a necessary addition. However, in others, accounts remain titled in the name of an individual or, as suggested by your question, as a joint account. In these situations, adding a TOD (assuming the institution will accept it) can help avoid probate, which can be both costly and time consuming.
If you are actively considering adding a TOD designation to your account, I would strongly suggest working with your financial advisor, legal advisor and the institution holding the account to make sure that everything is (1) completed correctly and (2) will transpire as you wish it to, should you and your spouse (or other joint holder) pass simultaneously.
One word of warning - if you do establish a TOD, please make a point of reviewing the information regularly. Life is unpredictable, and there are many cases where you might want to designate someone else as the beneficiary/transferee at some point in the future due to a death, divorce, argument, etc.
If you want to be an investment banker, of the options presented, a CFA will take you the farthest; although, an MBA from a top tier school is probably even more important. The Series 7, 63, etc. may ultimately be required, but they are "check the box" type tests that simply permit you to do your job, nobody really cares if you have them ahead of time.
Congratulations on finishing up med school and embarking on your career.
I personally do not like owing money, so your approach to paying down your loans appeals to me, particularly since you have the ability to still save pretty aggressively.
Robo-advisors can be useful to an extent, but you and your wife may find it worthwhile to establish a relationship with a true financial professional. Given your profession and earnings, you likely have issues that extend far beyond "investing" that you may want to consider - tax strategies, asset/creditor protection, longer-term estate issues, etc. You certainly have time, but understanding the pieces and how they all fit together now will help you as you think about a strategy moving forward.
Before I get to your question about investment strategies, I'd like to address your housing comment. I do not know where you live, so it is entirely possible that housing is inflated; however, there are few places in the country where prices are "severely inflated." That being said, the decision to buy a home is a function of a number of factors - economics being just one. In most states, your home will provide you with some protection in the event you are sued (that "asset protection" thing). In some states, that protection is unlimited (i.e., your home cannot be taken regardless of value); while in others, there are limits. Given your profession, that may be a consideration. Home prices also tend to rise at about the rate of inflation. If we have a period of higher inflation coming (your guess is as good as anyone's), a home purchase today can provide a hedge against upcoming increases in rental payments (if things get more expensive, your landlord will certainly raise rent). So, before you completely rule out purchasing a home, it may make sense to have a deeper discussion about the pros and cons.
Now, about your question. First, let me preface this by saying that I cannot and am not making any specific recommendations since I do not know enough about you and your personal situation to do so. To that end, these comments are general in nature.
There are certainly people who will try to sell you a wonderful strategy - hedge funds, private equity, private REITs, market timing, etc. At this stage of the game, however, you may be well-served by sticking to the basics. I am assuming you are relatively young, so an approach where you have long-term investments in U.S., International and Emerging Market stocks would likely be appropriate since you may have more than enough time to weather the ups and downs. You can potentially reduce some of those ups and downs by adding in other things - strategic bond, commodity, and other exposure, for example.
As your portfolio builds, you can explore some of those other strategies, but be very careful. The costs are high, there is very little liquidity, and often the "sales pitch" is better than the real thing. Again, I would be very hesitant to go too far off the reservation without the guidance of a trusted financial advisor.
I will caution you, there are plenty of people who will try to sell you products that sound "too good to be true." Do your research and/or work with someone who is not getting a commission because you do not want to be stuck in a product that ends up being much less than what you expected.
If there are specific questions you'd like to explore, feel free to reach out.
Good luck and Happy New Year.
A letter of intent generally is not binding and is intended to outline the general terms under which you and a counter-party would be interested in engaging in a transaction (such as the purchase/sale of a business). It is typically used as the basis for preparing a more complete and binding purchase agreement. Often, during discussions, one finds that there are certain issues that the parties cannot resolve, resulting in one - or both - walking away from the deal. In other situations, one party simply has a change of mind and walks away from the deal. Since a letter of intent is rarely binding, there is little recourse for the "jilted" party.