As you may recall, under the Obama administration, the Department of Labor passed the Fiduciary Rule which addressed the standard of care that an advisor has to their clients in regard to retirement plan accounts. A fiduciary standard means the advisor is ALWAYS required to act in the client’s best interest, whereas a suitability standard…
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Most people do not even know what NAPFA stands for let alone why NAPFA advisors are recommended. As a NAPFA advisor since 2009, I wanted to take this opportunity to tell you about the organization.
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As a fiduciary advisor, you might already be able to guess what our take is on current market news: Unless your personal goals have changed, stay the course according to your personal plan.
Still, it never hurts to repeat this steadfast advice during periodic market downturns. After all, we understand that thinking about scary markets isn’t the same as experiencing them. So, what’s going on? Why did U.S. stock prices suddenly drop after such a long, lazy lull, with no obvious calamity to have set off the alarms?
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Here are the top 10 action items that will help energize your wealth management efforts and get you closer to reaching those goals of yours.
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Whether the market is in a bit of turmoil or when it has been performing quite well, it’s important to revisit some of the common behavioral mistakes that can potentially derail even the most well thought out financial plans. Below are six behaviors that we should all look to avoid. Fear and Panic Perhaps the…
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As soon as the Thanksgiving dinner is cleared from the table (sometimes even before), conversations center around the holidays – the perfect gift for your spouse, tokens to remember colleagues and teachers, the hottest new games and gadgets for the children, ideas for those on your list who already have “everything.” It’s all about the…
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With Hurricane Irma now in the rearview mirror, I can gratefully say how lucky we were. My home sustained minimal damage and we thankfully never even lost power. However, we had no internet, we had no cable, our cell service was spotty at best and we had no landlines. As we were busy trying to regroup and clean up, we learned that our air conditioners had been leaking, our dryer was the victim of a power surge and our pool heater had sprung a leak virtually draining our pool!
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The way in which we respond and react to events that unfold in our daily lives are often the result of our past experiences. This is especially true when it comes to money. Whether you grew up in an affluent household, you grew up in a home where having food on the table was not a foregone conclusion or you grew up in a home somewhere in between, it is likely that the way you think about money today is influenced by some of these first experiences.
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Many people mistakenly believe that investment management is simply selecting the investment or combination of investments that will generate the highest yield or highest long-term return. In reality, sophisticated investment management is actually much more complicated than that as it integrates several interrelated components of which specific investment selection is only one facet.
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Whether it’s sudden and unexpected, the culmination of a lengthy illness or merely the result of old-age and the normal cycle of life, there’s nothing that can prepare you for losing your spouse.
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