If you’re a baby boomer, you most likely grew up with the notion that men are born with a natural ability to be good at managing money and investing.
If you’re a baby boomer, you most likely grew up with the notion that men are born with a natural ability to be good at managing money and investing.
When it comes to professional investment or financial planning advice, clients want to work with someone who is both competent and committed to serving their best interests, someone that honors and values integrity as a core belief. In short, they want someone they can trust. They want a fiduciary.
Maybe you’ve just received an inheritance, or you’ve decided to get your financial house in order by developing a comprehensive financial plan, or you’re preparing for retirement and you’re seeking the guidance of financial planner. Whatever the reason for contacting me, I often get asked the same questions:
I'll warn you up front, the article The Inadequacy Of Our National Savings, appearing in the current issue of Financial Advisers magazine is a long one, but information you really can't ignore.
When was the last time you talked, and I mean really opened up and spent some quality time, with your significant other about your dreams and aspirations for the eventual next phase of your life - retirement or early semi-retirement?
Who could have guessed back in January that Vanguard stock mutual funds would have performed as well as they have year to date?
Based on a recent trip back east to visit my elderly parents and in-laws, I realized that for some, stressing over money never ends. Even though I have reviewed both sets of parent’s financials and showed them they are in fine shape, they still worry that they won’t have enough to last their lifetimes. The one difference is that for both of them, their first priority is making certain the kids get an inheritance. In our case, our parents have plenty of money to see them through the end of their lives, and the inheritances they planned on giving are a reserve to dip into should they need it. I imagine it is part of that generation in having a legacy of giving – so unlike the bumper stickers I often see affixed to RV’s stating “I’m spending my kids inheritances.”
I wrote a blogpost a few months back titled 'Make Financial Integrity #1 When Choosing an Investment Advisor, where I attempted to clearly define the lay of the land in regards to the financial industry - specifically the investment advisor role. Today I came across a similar article written so well, I have to share it with you.
Rueters columnist Mark Miller, in his article 'Shakeup Complicates Finding a Good Financial Adviser, expresses how as a result of recent difficult financial markets and tougher regulations, it is becoming more challenging to find a financial adviser to match you and your needs. He navigates the reader through the process by explaining the differences between financial advisers from brokerage firms and (often independent) fee-only planners. He goes on to describes what an RIA is and what their responsibilities to their clients are. He discusses the future of financial advisers and explains what is going on in the industry. He talks about fraud and enforcement of rules and regulations and then ends his article with a few solid takeaways.
Back in the day, I was a spender - a big time spender actually. It was the late 1980’s, the economy was starting to really take off and President Reagan had just lowered taxes across the board. I was in my late 20’s, earning a six figure income as a partner of a fast growing financial consulting firm. Life was good.
