Firm:
Summit Portfolio Management
Job Title:
CEO
Biography:
Timothy Bock, President of Summit Portfolio Management, grew up in Phoenix, Arizona. Following his formal education in Engineering at Arizona State University, Tim began his career in the investment industry in San Francisco in 1982 where he focused on tax minimization strategies using municipal bonds.
The following year Tim expanded his practice to include full financial planning services and products and went on to become a Registered Investment Advisor and co-owner of a qualified plan consulting firm providing administrative services to 401k plans, pensions, and profit sharing plans.
Through his association with Dimensional Fund Advisors, Tim has had the opportunity to meet and learn from the best and the brightest academic researchers in modern finance. He has attended lectures by David Booth, Warren Buffett, Eugene Fama (Sr. and Jr.), Kenneth French, Rex Sinquefield, William Bernstein, Larry Swedroe, and many others. Tim has been a frequent guest speaker at numerous investment conferences including the Financial Planning Association, American Association of Individual Investors and recently chaired a presentation with James Gottfurcht co-author of Blueprint For Success (2008) on the “Psychology of Money.”
Tim enjoys the challenge of creating optimal solutions to the complex financial situations commonly faced by high net worth clients. Summit Portfolio Management is one of the few firms nationwide to provide “Portfolio Engineering.” Portfolio Engineering encompasses financial planning considerations unique to client circumstances, with the science of investing that utilizes the most current academic research to enhance portfolio solutions.
Assets Under Management:
$100 million
CRD Number:
1031820
This is not a realistic strategy. There is a lack of evidence that investors can "day trade" for a consistent profits. You haven't described what you do when you buy and the stock doesn't go up but instead goes down. The commissions, spreads, taxes and market impact would likely erode any trading profit you might make.
Have you had this discussion with your planner? It seems something is amiss. There should be no reason you should have to wait to invest your funds.
Costs matter. Paying 2% up front and .63% is likely excessive. The best index funds charge less than .10% per year. It also begs the question of objectivity of the advisor when they are compensated by transactional activity and commissions. The (good)track records of actively managed funds is largely irrelevant information(and likely misleading) for decision making since it's impossible to determine skill versus luck among fund managers. A question to ask the advisor is for his(audited) record of his fund recommendations for the past ten years.
You can set up a Beneficiary Trust for your can IRA that can accomplish this. This can be separate from any other trust you have. You should shop for an attorney with good experince doing these as mistakes can be costly.