Saturday, September 02, 2006

My date with Merrill (Lynch)

Has anyone seen "My Date with Drew"? I thought it was a cool movie, shows how someone can achieve what seems to be impossible on nothing but desire and tenacity.

I spent over an hour interviewing a financial advisor from Merrill Lynch's private client group. The goal of the meeting was to find out what Merrill could do for me, and his proposal for financial strategy.

I had given him a list of some of my mutual fund holdings, and he went through some analysis for me. His goal was to convert me from mutual funds to managed funds and hedge funds. Here are some key points that I've gleaned from the meeting, my own past experience with managed funds, and some discussion with an ex-Merrill Lynch client:

1. Minimum account they're willing to work with is ~600K. Typical managed fund and hedge fund minimums are 100K, so 600K would be enough to start 3 managed funds and 3 hedge funds, all with different management styles.

2. Average account size in this private client group is $2M.

3. Managed accounts allow you to tax loss harvest at the end of the year. You can advise the manager of your tax situation (i.e. that you have capital gains you want to offset), and instruct them to take individual stock losses against your gains. This is something you wouldn't be able to do with a mutual fund, since you have no control over the underlying fund assets.

4. You purchase the underlying shares in the managed account, so your cost basis is the actual share price on the date of purchase. When those shares are sold, you are taxed on actual gains (or losses). For mutual funds, when you purchase the mutual fund, the fund already holds those underlying shares, likely with a cost basis lower than the market price at the time you made the purchase. When the mutual fund makes a distribution, you are taxed on the gains the fund made from its original purchase price, not at the price you paid. Your fund could have lost value, but you'd still have to pay capital tax on the distribution. This is awful, and so is another big benefit of managed funds.

5. Management fees. Merrill charges its own 1+% fee, and the managers charge another 1-2%, so the fees add up. However, mutual funds have hidden fees besides the management fees shown on Yahoo finance, including transaction costs and taxes. www.personalfund.com has more details of all the costs associated with a particular fund. Depending on the fund, Merrill's fees may actually work out to be lower. But if you're going for lowest costs, ETFs or Vanguard funds would be good bets.

6. Tax complications. If you own hedge funds, you will probably have to file for tax return extensions every year, because you don't receive final tax documents (K-1s) until after April 15.

7. Hedge funds did well in 2000-2002, but many of them seem to be lagging the market from 2003-present. This is probably related to the huge amount of money being poured into hedge funds the last several years. One thing I like about hedge funds is that their volatility seems to be generally lower than the overall market.

8. They don't offer tax liens or real estate deals. Need to go with Citibank for those.

My conclusion? If you've got all the time in the world, it's better for you to do your own research and manage individual stocks. For those with net worth less than a few hundred K and no time, stick with ETFs, mutual funds, and some individual stocks. For those with net worth > $1M and no time, it's still kind of a toss-up, fund selection is key whether you go with mutual or managed funds. For those with net worth > $5M, you pretty much need someone to help you diversify.

I'm going to stay the course and not go with Merrill yet. Will interview more financial advisors. It's a time-consuming task.

50 comments:

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Hey, I'm glad I found your blog. I have been looking for a personal finance blog that focuses on high net worth topics.

When I first made some money, I spent a lot of time talking to financial advisors, private banks and PCS groups, and the bottom line is that the fees are just too high, and their interests are seemingly always at odds with yours. I do some business with all those types of people but only for products that are harder to get like muni bonds. I would never pay 1% a year fee for stock management. But I had a career on wall street, so I know somewhat more than the average person about investing. I don't think it really takes more effort to diversify a multimillion $ portfolio than it does to diversify a small one. It is just a lot scarier because daily swings can be month or sometimes a year's salary. My biggest problem is getting over fear caused by these swings. Because I have the mindset of someone who is not rich, I freak out about tiny percentage moves because they are large to me on an absolute basis.

By the way, one product I really like which you may be interested in but are quite hard to find are municipal inflation-indexed bonds. They're like TIPS but tax-free. They usually yield 1% above CPI and are good if you worry about inflation like I do.

Rags 2 Riches said...

Thanks for stopping by. I don't have strong feelings either way about whether or not to use a professional portfolio manager. It strongly depends on the particular individual you are dealing with (whose interest do they really have?), and your own interest in finances (i.e. how likely are you to actually invest money rather than just let it sit around). I also think that your opinion of a financial advisor would depend on whether you met them during a bull or a bear market. Co-workers' opinions of financial advisors vary over the entire range. I talked to several who used Merrill, one just fired them, one pays no attention to them and lets them do whatever, one is happy with them, and one is unhappy but too lazy to change.

Also, a financial advisor can be very useful if you're not familiar with financial topics: they can recommend techniques for tax avoidance and other advanced topics (charitable remainder trusts, diversification without sale of stock, use of life insurance, etc).

Diversification helps a lot with the fear of big swings. My portfolio still swings by more than my annual salary pretty much daily, but having a huge cash cushion helps a lot with that fear. With diversification, it's a rare day that all my portfolio assets head in the same direction. Having a mixture of assets decreases risk while hopefully providing asset growth. The acct manager at Merrill showed me a chart of risk vs diversification, and as you would expect a portfolio of all munis is riskier than one with a mixture of munis + stocks.

For me, greed and fear were both big factors. In 2000/2001, my portfolio was swinging by a few million dollars a day. On the most volatile day, it increased by almost 10 million dollars. You can kick yourself as much for selling stock too early as well as hanging on too long. I guess that experience has helped me to become pretty blase about swings of a few hundred thousand dollars.

Anonymous said...

Your meeting sounds sooo familiar. Deja Vu. Do these people read from a script. I had similar experiences with couple of ther financial advisor. Result - decided to manage it myself. Also its kind of fun.

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