Steve Sivak

Founder, Innovate Wealth | CFP®
Reformed broker (not that one) | Former Morgan Stanley, UBS | Hopefully better/smarter person today than yesterday.

[Steve Sivak @SteveSivak]

Where is the real value of an advisor? It lies in the real risks.
Tough one to write.

h/t @mullooly_casey @DanielsAshby @morganhousel for helping me think through this...
https://t.co/n6olpho43D

[Steve Sivak @SteveSivak]

@dougboneparth This is crazy dude! Congrats, keep up the good work.

[Steve Sivak @SteveSivak]

@moseskagan @Jacob_Naviaux It wouldn't matter what the person was selling, I would never ever buy it, just on principle.

[Steve Sivak @SteveSivak]

@mountainwesttax Dude...🤦
Sounds like you need a beer

[Steve Sivak @SteveSivak]

@datingbyblaine Well done Blaine! This is a gap filler for sure, love it

[PassiveAggressiveIncome @indexnforgetit]

Dave Ramsey didn't get to be worth $200million by never using a credit card and paying off his home early

He got to $200million by selling that idea to you

[Steve Sivak @SteveSivak]

@morganisawizard

[Kyle Busch @KyleBusch]

We’ve always tried to take the hardest chapters of our life — infertility, loss, setbacks — and use them for good. Today is one of those moments.

We are sounding the alarm on a hidden insurance scam involving policies being sold by Pacific Life and other insurance carriers. These are being pitched as “smart retirement planning” or a way to “set up your children’s future,” but too many families are being misled and left with devastating financial loss.

And it’s not just public figures — it’s everyday hardworking Americans who trusted the system and are now left with little to no way to recover what was taken.

We’re sharing our experience so others don’t have to go through this without warning. We were mislead. If you’ve been approached with a “no-risk” retirement plan tied to an index universal life product (IUL)…. RUN!

Your future matters. Your family’s security matters. You deserve transparency.

[Corey Hoffstein 🏴‍☠️ @choffstein]

I can't believe this guy was operating a ponzi.

Nothing is sacred. Nobody can be trusted.

[Steve Sivak @SteveSivak]

FinTwit really needs a 'chart crimes' type thread for obvious scams exposed years before the Feds catch up... And you're just the man to start it

[Jake @EconomPic]

@MebFaber Poor investors, but this makes me happy

[Steve Sivak @SteveSivak]

@khemaridh This is awesome, so thankful for you sharing... And,, of course, you are always the man! 👊

[Steve Sivak @SteveSivak]

@BrentBeshore Columbia showing off, as usual

[Steve Sivak @SteveSivak]

@mountainwesttax Good tweet.

I see the same every day...but I'd also add: those other people just don't spend as much as you.

Same incomes...but one 30 something household spends it all, then wonders why their net worth isn't growing

[Steve Sivak @SteveSivak]

@antonia_mdprjct Hey! Up for a coffee? Need to get caught up on this!

[Steve Sivak @SteveSivak]

@RachelFintwit Radio bar has the best jukebox... But most places are too damn small for darts
...also, hi Rachel!

[Steve Sivak @SteveSivak]

@EconomPic Limited experience with Vanguard's back office, but damn if anyone says 'recommend Schwab' in the same sentence... That's gotta be very bad.

[Steve Sivak @SteveSivak]

@awealthofcs @EconomPic Wild... the biggest shift of the last decade.

Any fact that doesn't agree with your political side is fake/wrong/fudged/etc

And if it does agree, it's still a fact. And so on... Every minute of their lives

[Steve Sivak @SteveSivak]

One thing that never changes no matter the market, year, decade...

Grifters gonna gift

[Invictus @TBPInvictus]

I know it's early still, but I'm starting to research potential #FCOTY nominees.

[Samuel Lee @svrnco]

Good tweet about high-end wealth managers. I know a lot about them as I'm one myself. But, unlike most advisors, I made 99% of my money via my own investing and don't rely on my business for a living. I do it because it gives me meaning.

What you should expect from an advisor:

1) Investments that mostly mimic a target-date index portfolio with added complexity, worse tax characteristics, higher fees, and commensurate underperformance.

Wealth managers are as a whole bad/mediocre investors. If they could outperform, they'd be portfolio managers. Even advisors from GS, MS, etc. All crap.

The value-add from 99% of advisors is NOT from investment acumen.

2) High touch service. Successful advisors are often high EQ, personable, and mostly sell convenience and peace of mind. Note that most clients are not able to properly assess the true competence of an advisor as those soft skills have no correlation (in fact, maybe an inverse correlation) with hard investing/tax/legal abilities.

As a result, most advisors are salesmen, not experts.

3) Most of the value-add for the typical advisor is avoiding catastrophic tax/estate/investing mistakes and helping you coordinate among the real value-add experts: tax and estate pros. Most intelligent people can do these themselves by finding competent lawyers and tax advisors.

The best approach for most people (yes, even HNW/UHNW) is to index their investments and pay for excellent tax/legal advice.

[Steve Sivak @SteveSivak]

This one drives me nuts too... Opposite sides of the balance sheet... Not the same

[Cullen Roche @cullenroche]

Maybe this wasn’t clear enough. Let me try again.

“Ownership” is reflected by equity interest. If your house appreciates 100% you get all 100% of that equity appreciation because you are the owner. The bank gets exactly $0 of that appreciation because they don’t own the house. If they owned the house they’d participate in the equity upside and downside. They do not. They own a completely separate asset (the mortgage).

It is factually, legally, definitively wrong to say a bank owns your house because you have a mortgage.

Thanks for attending my Ted Talk.

[Steve Sivak @SteveSivak]

@SamanthaTwenty Let's go Bucs!!