Tag: financial advice

What Makes Women’s Planning Needs Different?

While both men and women face challenges when it comes to planning for retirement, women often face greater obstacles.

Women, on average, live longer than men.  However, women’s average earnings are lower than men, according to a recent article in “Investment News,”  in part because of time taken off to raise children.  What this means is that on average, women tend to receive 42% less retirement income from Social Security and savings than men.

The combination of longer lives and lower expected retirement income means that women have a greater need for creative financial advice and planning.  The problem is finding the right advisor, one who understands the special needs and challenges women face.

A majority of women who participated in a recent study said they prefer a financial advisor who coordinates services with their other service professionals, such as accountants and attorneys.  They want explanations and guidance on employee benefits and social security claiming strategies.  They want advisors who take time to educate them on their options and why certain ones make more sense.  Yet many advisors do not offer these services.

Men tend to focus on investment returns and talk about beating an index.  Women tend to focus more on quality of life issues and experiences, on children and grandchildren, on meeting their goals without taking undue risk.

If your financial advisor doesn’t understand you and what’s important to you, it’s time you look for someone who does.

registered investment advisor

Registerd Investment Advisors: 7 Services that a Registered Investment Advisor (RIA) Provides

Registered Investment Advisior Suffolk & Virginia Beach

Investing is serious business.  How well you manage your investments can make the difference between a comfortable retirement and working ‘till you drop.  Most people use a financial advisor of some kind.

Back in the day, people opened an account with a major investment firm and used a broker who would call and make recommendations to buy or sell.  They were essentially stock and bond salesmen whose loyalty was to their firms.

That has all changed.

The trend now is away from the major firms and toward Registered Investment Advisors – RIAs.  RIAs are fiduciaries whose duty is to put their clients’ interests ahead of their own.  They help people plan their future and take over the every-day investing decisions for them.

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Registered Investment Advisor

What can an individual expect from an RIA?

  • Asset management. This means creating a portfolio appropriate to the client, making changes in the best interest of the client, and reacting to market conditions.
  • Financial planning. Organizing a client’s financial affairs.  Determining the best way of achieving the client’s objective.  Reviewing the client’s insurance and estate planning needs.
  • Reporting and record keeping. Maintaining the organization of finances.  Performance reporting.  Maintaining cost and purchase data.
  • Life planning. Helping the client uncover what they really want to accomplish and creating a roadmap to getting there.
  • Retirement planning. Providing a path to living well once the paycheck stops and people are dependent on fixed income sources and their personal savings.  Retirement is a major life change.  RIAs typically offer comprehensive retirement plans that help people decide when to retire and what how well they can live.
  • Estate planning. Leaving money to heirs and charities must be carefully planned or large portions of an estate can go to taxes or the wrong individuals.
  • Concierge services. This can include attending meetings with attorney, accountants or bankers.  It can include services such as buying cars, arranging for travel or hiring someone to pay bills.  Relations between an RIA and a client are often so close that they are even consulted on issues such are marriage or divorce.

registered investment advisor

The Challenges in Achieving Financial Security

We put together a new research report that looks at the challenges in achieving financial security for today’s investors and how creating a financial plan can help.
It wasn’t that long ago that achieving financial security was a relatively minor challenge and that financial planning was thought of as a discipline that only applied to the very wealthy.  Consider the fact that, just a few decades ago, the average life expectancy was 74 years.  At that time, a three-legged stool of Social Security, personal savings, and guaranteed pensions supported the majority of retirees.  It is no wonder that so few people were concerned with outliving their money!  However, much has changed since then.
This easy-to-read research report looks at the current investment environment, the challenges most people face that, if not addressed, can impede their financial well-being, the importance of setting financial goals, what financial planning really is, and how creating a financial plan can help you achieve financial security for you and your family.
If you’d like a free copy of this report, click here now to download it.

What to do if you win the lottery

Lottery winners so often end up broke that it’s become a common story. If you want to break the curse of the lottery winner here are a few simple things you can do.

1. Lottery winners usually go on a spending binge because they now have more money that they ever imagined. This leads them to believe their new-found wealth is endless. It’s not. Kings, potentates, even countries (see Greece) have gone broke; even billionaires can run out of money. The financial object of a lottery winner should be to insure that then never end up broke, even if they live a long time. There are ways of insuring that you won’t run out of money. The first thing you need to do after receiving that check is to get a good, honest financial advisor.

2. Lottery winners attract people like bees to honey. These can be relatives, friends, strangers who heard about the winner’s good fortune. They want gifts (and you want to give them), they expect you to pick up the check. The most dangerous are the people who come to you with “deals” that will make you even richer. One of the best ways to handle this is to refer everyone to your financial advisor; explain that he’s the person who’s handling your finances. That way you are not the one turning anyone away.

3. Lottery winners have tax issues that they never had before. Before accepting that check, it’s a good idea to organize a small team – quarterbacked by your financial advisor – that includes a including a CPA and an attorney.

Buying a lottery ticket is not a wise investment. If you beat astronomical odds and win, you are the same person you were before even though people will suddenly find you incredibly witty, smart and good looking. But if you must buy a ticket – and win – keep these ideas in mind.

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