November third is fast approaching, and you may be wondering how the 2020 Presidential election might impact your portfolio. Here is what we know from a historical perspective:
October is the financial planning month and a great time to meet with your financial professional to ask questions, review policy and portfolio performance, and make decisions that keep you on track with your goals. Regardless of your age, it may be a suitable time for you to schedule a financial review.
Interest rates can positively or negatively affect the U.S. economy, the stock markets, and your investments. When the Fed changes the Federal Funds Rate (the rate at which banks can borrow money to lend to businesses or you), it creates a ripple effect. In this article we take a look at how lowering the interest rate can impact you.
When people think of wealth, they might think of examples in film, such as Veruca Salt from the 1971 classic Charlie & the Chocolate Factory. Little Veruca had everything she wanted in life but desired one of Willy Wonka’s geese that laid golden eggs. When Wonka refused to sell the little girl’s father one of his prized fowls, the girl broke into song about how she wanted everything… and ultimately labeled a “bad egg” and sent down the garbage shoot.
Your life insurance needs are unique to your situation and can change over your lifetime. For some people, life insurance is to provide assets to raise a young family in the event of early death. Other people may use life insurance to cover their debt to ensure it is taken care of if they die prematurely. In business, life insurance could be a tool to transition ownership when the company sells or to insure a key employee whose death would profoundly affect the business.
On June 30, 2020, Regulation Best Interest, or Reg BI for short, officially went into effect. But what is Reg BI, exactly? Where did it come from, and how does it impact you, the investor? Here’s what to know about the new rule under the Securities and Exchange Commission (SEC).
The CARES Act (The Coronavirus Aid, Relief, and Economic Security Act) contains the legislation for Required Minimum Distributions (RMD) for those over age 70 ½ and have already started RMD.for individuals or beneficiaries of inherited retirement accounts in 2020 due to COVID-19. How will this help investors?
The financial advice industry has changed for advisors with a fiduciary financial planning emphasis in their practice. These advisors have chosen process over product for the benefit of their clients. Additionally, new regulations, technology-enabled efficiencies, and fee compressions will continue to influence the advice industry. They could ultimately lead to higher client satisfaction and asset growth through relationship management. No longer is relationship management considered merely customer service; it has evolved into a crucial element of each client’s experience.
‘Tax planning’ is left to federally-authorized tax practitioners. They prepare tax returns and defend clients pursuing relief from federal agencies for their own tax payments. They also dispute tax payment errors. Financial advisors don’t provide tax advice. They provide information on the tax consequences of specific investments they sell or recommend to clients. This type of advice is within the scope of financial planning. Some financial advisors are CPAs (Certified Public Accountants) or have the CFP (Certified Financial Planner) designation and can prepare tax returns for their clients.
The average American worker stays at a job only 4.2 years. Many had funded retirement accounts they’ve left with the employer’s plan custodian when they moved to a new job. Leaving retirement savings at multiple employers can create higher investment costs to keep the account in former employer plans or create an inconvenience to maintain and rebalance.
This drawback may lead investors to consider rolling over their retirement savings plans or other investments to another advisor to manage or to a new fund custodian. Many times your new advisor will assist you with the transfer paperwork, but what can you do before completing the Transfer Initiation Form (TIF) to understand the process and help ensure a ‘worry-free rollover’?