When someone is looking for a financial advisor, they may hear from friends, talk show hosts, or newspaper columnists recommending a NAPFA advisor. However, most people do not know what NAPFA stands for, let alone why NAPFA advisors are often recommended. As NAPFA advisors, we wanted to take this opportunity to tell you about the…
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While tax preparation and tax planning are both critical components of managing your financial health, they serve distinctly different purposes. It’s essential to understand the difference between these two processes. Tax preparation focuses on reporting past financial activities. This involves compiling and submitting tax returns to the IRS to report income, deductions, and credits for…
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When seeking a financial advisor, you might come across recommendations from friends, podcasts, or online forums to look for a NAPFA advisor. But what exactly does NAPFA mean and why are its advisors highly regarded?
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Choosing a financial advisor is an important decision, as he or she will play a critical role in helping you achieve both your personal and financial goals. When considering a fee-only financial advisor, there are a few key questions you should ask to ensure you find the right advisor for you. What services do you…
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Relationship Your advisor’s sole, continuous duty across your entire relationship should be to advance your highest financial interests (even ahead of their own) as a FIDUCIARY. Primary Role Your advisor should understand and account for your total wealth interests and advise you accordingly. Understanding all components of your financial situation and how they interact is…
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If you have ever met with a financial advisor, it is likely that they have several letters after their name. As a consumer, it is important to understand exactly what these designations mean – they are not all the same and they do not all indicate the same type of expertise or accomplishment. Some require…
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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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Setting goals are important. It gives you something to work towards. But there is a huge misconception about goals that most people don’t figure out until it is too late. Achievement of your goal will not bring you happiness. Having a certain amount of money in the bank, getting a promotion, owning your dream home, retiring at age 50 – those may be your goals, but what happens once you get there? Then what?
DetailsThe DOL Fiduciary Rule, requires that all financial professionals who work with retirement plans or provide retirement planning advice must act as a fiduciary.
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