Hiring a money manager

[DonButtons]

Any basic tips to steer me in the right direction.

Im looking to get one around december, before the year ends.

Not sure if I need more time to find the right one, or maybe its more easy then I think.

Ideally build a good bond between us that will last a long time. Mostly looking for the money manager to actively manage a portfolio for me. As well as manage my personal finances, how much I should be spending everywhere etc, based on what Im making and what he understands of the current state of online poker, etc. How much of my assets to invest in certain ideas, final judgement on going through with certain ideas, making sure I dont do anything stupid or fall for any scams, etc.

Would like for him to know lil about poker so he knows my situation more and have a clearer picture. But I guess it shouldnt be a big deal since I can explain this, and he can look it up a little anyway.

Not sure if certain money managers have a starting money asset target or incoming money target or what not. Like start with $100k or higher, etc.

Incoming cash flow should be pretty good since I restarted playing poker 40 hrs a week. I pretty much started over 1.5 months ago and moved to europe for 4 months and im coming back fresh in december and dont want to fall into any old bad habits when I move back to miami. (lots of clubbing, had a lambo, stupid spending, etc.)

[DcifrThs]

[ QUOTE ]
Any basic tips to steer me in the right direction.

Im looking to get one around december, before the year ends.

Not sure if I need more time to find the right one, or maybe its more easy then I think.

Ideally build a good bond between us that will last a long time. Mostly looking for the money manager to actively manage a portfolio for me. As well as manage my personal finances, how much I should be spending everywhere etc, based on what Im making and what he understands of the current state of online poker, etc. How much of my assets to invest in certain ideas, final judgement on going through with certain ideas, making sure I dont do anything stupid or fall for any scams, etc.

Would like for him to know lil about poker so he knows my situation more and have a clearer picture. But I guess it shouldnt be a big deal since I can explain this, and he can look it up a little anyway.

Not sure if certain money managers have a starting money asset target or incoming money target or what not. Like start with $100k or higher, etc.

Incoming cash flow should be pretty good since I restarted playing poker 40 hrs a week. I pretty much started over 1.5 months ago and moved to europe for 4 months and im coming back fresh in december and dont want to fall into any old bad habits when I move back to miami. (lots of clubbing, had a lambo, stupid spending, etc.)

[/ QUOTE ]

PM jively.

i think that is his job.

in general, finding a good money manager is pretty hard, but can be done.

wish i could be more help here but i don't know much about finding a financial advisor.

Barron

[Ray Zee]

if he is good enough to do well with your money he would do it with his own.

put your money into index funds and as much into a retirement fund as you can. that will beat whatever he does minus his 2% commission every year of your net worth.

[DonButtons]

barron,

Thanks, I'll pm jively

ray zee,

Time is more of the issue, I was planning on doing it myself but figured I only stick to one area seriously for now, and when Im done with 40hr weeks at poker Ill switch over to managing my own portfolio.

Also I think business/finance advice is a necessity in my case.

[tonybormin]

[ QUOTE ]
if he is good enough to do well with your money he would do it with his own.

put your money into index funds and as much into a retirement fund as you can. that will beat whatever he does minus his 2% commission every year of your net worth.

[/ QUOTE ]

I do believe that the forum motto, 'index funds and profit', isn't enough here. It sounds like the OP needs more of a financial life coach than your average financial advisor.

OP, correct me if I'm wrong but it seems you're looking for someone to help you with not only investments but also personal finance and accountability. If you don't mind my asking what amounts are you talking about here? What kind of value are you going place on someone keeping you out of trouble and putting you on a good financial path?

[pig4bill]

[ QUOTE ]
if he is good enough to do well with your money he would do it with his own.

[/ QUOTE ]

How do you know he isn't already doing that? If he's good at it, he has a marketable skill. Why shouldn't he earn money from providing that service?

[ QUOTE ]
put your money into index funds and as much into a retirement fund as you can. that will beat whatever he does minus his 2% commission every year of your net worth.

[/ QUOTE ]

That's an awfully big assumption. The market average of 11% plus 2% fees is not that hard to beat.

[whyherro]

buttons, this depends a lot on how much $ you are looking to have managed. Also depends on how averse you are to doing it yourself.

I would say your options become a lot more interesting if you are planning to tuck away more than a mil.

[DonButtons]

I have no clue what to pay. I rather pay a small salary then have a bonus based on performance of the portfolio. Though I guess in the long term a % of the assets will want him to keep it growing. What percentage based on assets is standard?

Ill prob. start with around $200k cash, with another 500k in invesmtents which can slowly be liquidated over time, plus plan too keep a small budget on my expenses (prob. 10%-15% of my total income) and plan to throw almost all my incoming poker cash flow into my portfolio.

[stoxtrader]

unfortunately, while the numbers you are talking about are great, especially for someone who is young, they are not going to get anyone qualified excited about helping you with what you are looking for.

you will however, find plenty of CFP/brokers who are willing to sell you their stuff and charge you 1%/yr.

Why not make yourself accountable to this forum? the advice is generally very high level, and people love hearing numbers and if anyone throws something out that is incorrect, it gets quickly quashed.

lastly, index funds and profit is perfect for not paying attention to your portfolio, no danger there in terms of spending too much time on it, and if you are going to be investing into it on a regular basis going forward, and you set even passable allocations at the outset, its near impossible to screw the strategy up.

[pig4bill]

Maybe he can't get Golden Sack to manage his money, but I see advertisements all the time for money managers. They wouldn't advertise that much if only people with a million to invest can hire them, especially fee-based. OP should check around and see what he can find.