Tag: Korving & Company

Financial Planning in the Shadow of Dementia

Alzheimer’s, the most common form of dementia, is an epidemic. More than 5 million Americans are living with Alzheimer’s. It’s irreversible and fatal although some may linger for up to 20 years. And the number is expected to soar.

The Alzheimer’s Association has created a list of the 10 warning signs. These range from memory loss, through confusion to severe mood changes.

Because of the widespread nature of this disease, for people with Alzheimer’s and their families there are a number of things that should be done. Plans should be in place well before the onset of the symptoms.

• Review your insurance policies, especially your Long Term Care policies.
• Talk with your family and your financial advisor to make your wishes known.
• Review your wills and trusts.
• Appoint an advocate who has the legal authority to act on your behalf.
• Make sure you have provided for an appropriate Power of Attorney.

Research shows that declining financial skills is one of the first symptoms of the early stages of Alzheimer’s. This includes anything from difficulty in balancing a checkbook to being victimized by criminals who prey on the elderly. This usually leaves family members to take responsibility for the individual’s finances.

In some cases, people assume these responsibilities without having experience handling money or dealing with financial issues. This is the time to bring in a trusted financial advisor. We can provide practical guidance on both day-to-day and long-term financial decisions.

For a report on this subject, contact Korving & Company – the Financial Planning and Investment Management experts.

New Website for Korving & Company

Hello!
I’m excited to announce our newly redesigned website with lots of new features designed with our clients in mind. The address has not changed, it’s still www.korvingco.com.
It has a new look and many new features. Go there and you’ll find:

  • A link to our book: BEFORE I GO. You can even download the first three chapters.
  • My interview on “The Hampton Roads Show.”
  • Our latest blog posts. These are updated regularly. Our blog was recently recognized as one of the top financial blogs.
  • Our latest research paper “8 Tips for a Better Retirement.”
  • Online appointment booking – schedule phone calls or reviews with us online, when it’s convenient for you.
  • A form to send us a message.
  • A link to your Schwab account.
  • A link to your Lock Box.
  • Links to our social media pages.

We’ve worked hard to make this a website our clients can use and visit regularly. It has even been “mobile optimized” to show up better on your cell phone or tablet computer. Feel free pass this e-mail or a link to our website to family and friends. We still have some room for the right kind of clients.
If you belong to a group that’s looking for speakers, let us know. We’ll try to provide an entertaining and educational experience.
As always, we welcome your comments or suggestions for improving our service.

What do younger investors want?

Schwab did a study about affluent investors aged 30 – 45.  The study wanted to determine what matters to this group, how they make decisions and their attitude toward investing.  That age group controls nearly $3.5 trillion in investable assets.  Schwab is interested because they are the top custodian for independent Registered Investment Advisors (RIAs) like Korving & Company and believe that RIAs are best able to service this group.

So what do these investors have in common?

  • The study revealed that they are anxious and insecure about the future because they have already experienced a couple of major economic crises, domestic terrorism, unemployment and several financial bubbles.
  • They don’t trust the industry, believing that they recite corporate talking points and don’t really care about them.
  • They are short-term focused and like to keep large amounts of cash as a safety net they can trust.
  • Success for them is “having the freedom to avoid hardship and to not be a burden to others.”

I should add that people in this age group are less likely to work for a company that offers a pension, making them more dependent on themselves for retirement.  Except for that, in many respects, this generation is not very different from preceding ones, except that they are more apt to rely on digital communication and the Internet, having grown up with computers.  Many in this group cannot differentiate between types of financial advisors, and do not understand the difference between the independent RIAs and the brokers that work for the “big box” stores.

Schwab’s conclusion:

“Our findings reveal that Generation Now investors want a trusted guide with expert knowledge who deeply understands them and their unique needs.  We believe independent advisors fit that need, but this generation just doesn’t know it yet.”
“Their ideal financial advisor relationship is with one whom they can build a trusted and transparent relationship, based on empathy and understanding of the whole person, not just their financial goals,” Schwab says.
“They want their advisor to provide planning and financial advice alongside expert advice in other related areas, such as tax or insurance.  Generation Now also expects to be heavily involved in decisions regarding their investment strategy.
“Advisor accessibility is important to this group.  They want to be able to communicate with advisors whenever, wherever, through a combination of in-person meetings as well as voice, text, e-mail and videoconferencing.”

It sounds as if this generation is looking for firms like ours.  Check out our new website.

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