- I Have $2 Million Invested With My Financial Advisor and Pay a 1% Fee. Am I Paying Too Much?
Paying a 1% annual fee to a financial advisor for managing a $2 million investment portfolio is pretty typical, but that doesn’t necessarily mean it’s the right amount for every investor. Even small-sounding financial advisor fees can seriously erode long-term returns when compounded over years or decades. A 1% annual fee on a $2 million… read more…
- Ask an Advisor: We’re 56 With $1.2 Million in Investments and Savings. Can We Afford to Withdraw $60k-$80k Per Year in Retirement?
My wife and I are both 56. We have around $1.2 million saved – approximately $450,000 in company 401(k)s, $650,000 in a managed account, and approximately $70,000 in personal stocks. We also have approximately $22,000 in savings. Our home is worth $700,000 or more and we owe $197,000 with a 3.875% interest rate. Our advisor… read more…
- Ask an Advisor: My Advisor Sold My Nvidia Stock When I Hired Him, Costing Me $50k in Potential Profits. How Do I Deal With It?
I’ve had a financial advisor, who is a certified financial planner (CFP), since December of last year. I really find his advice super valuable, but I can’t seem to get over the fact that he sold all of my Nvidia stock when he took over as my CFP. I had bought $20,000 worth of Nvidia… read more…
- Ask an Advisor: I’m 60 and ‘Feeling Hopeless’ With Just $15k Saved. What Can I Do Now to Increase My Retirement Savings?
I am feeling hopeless. I am 60 years old and have only $15,000 saved. I will get a 80% pension from the state of Massachusetts and be able to retire in three years. What can I possibly do to increase my savings now? – Joy There’s no question that $15,000 is a small amount of… read more…
- Ask an Advisor: I Have $1 Million and Want It to Work for Me. How Do I Maximize Passive Income and Minimize Taxes?
I have a million dollars and I want to put it to work for me. Where can I put it to make the most amount of passive income from it? Also, how can I minimize taxes on that to be able to keep more of that money? – Andrea While today’s high-interest rate environment has… read more…
- Ask an Advisor: We’re in Our 60s and Have $2.4 Million in an IRA. ‘Do We Really Need a Financial Advisor?’
My wife (62) and I (60) have $2.4 million in our Edward Jones IRA account and have no mortgage payment and our children are out of the house. Do we really need a financial advisor (at 1%) or could we go with a less expensive option like Vanguard? We don’t see any adjustment with our… read more…
- What to Include in a Financial Advisor Cover Letter
A cover letter isn’t just an add-on to your job application. It effectively highlights and sells your skills and experiences as a financial advisor. Your cover letter is your first opportunity to demonstrate how you can be a good fit for a job. Here are the key components and and tips that could help your… read more…
- What Licenses Are Required to Sell Variable Annuities and Why?
Understanding which licenses and processes are required to sell variable annuities is an essential step for financial professionals–including financial advisors, brokers or insurance agents–who are looking to grow their services with product offerings. Here’s an overview of the steps you’ll need to take to secure these licenses, why they’re necessary and how selling variable annuities… read more…
- Ask an Advisor: I’m 67 With $218k in an IRA. Should I Start My Withdrawals Now to Reduce Future RMD Taxes?
I’m turning 68 shortly and plan to wait to claim my Social Security at age 70 to maximize the monthly benefit. I also plan to retire at the end of the year, if not sooner (so in three months or less). Does withdrawing from my traditional IRAs (current balance is $215,000) to reduce the income… read more…
- Ask an Advisor: What’s the Benefit of Having a Trust vs. Will? We Own 2 Homes, Have IRAs and Another $600k in Assets
What is the benefit of having a trust versus a will? We own our home, have a rental property and we have no debt. My husband and I are retired and both have IRAs, over $500,000 in the stock market and approximately $100,000 in CDs. We have three grown children – one is a stepchild.… read more…
- What Is the Average Net Worth of a 50-Year-Old?
The typical American household led by a 50-year-old has an average net worth of $897,663, according to Federal Reserve data. This stage of life underscores the importance of consistent wealth-building efforts. Comparing net worth benchmarks by age can serve as a useful reference point for assessing your financial standing. By implementing strategic planning and maintaining… read more…
- Common Net Worth Statistics You Need to Know
Measuring your own wealth can be a tricky thing but seeing how you compare with other households can be a useful way to assess your finances. The real financial benchmarks to measure, however, are your own. Are you achieving your goals? Are you on track to keep doing so in the future? Here are a… read more…
- Ask an Advisor: I Have $680K in a 401(k), a Monthly Pension of $1,600 and Another $150K in Cash. Can I Retire at 62?
I currently have $680,000 in a 401(k), $150,000 in savings and a pension of $1,600 per month. Can I retire at age 62? – Hieu This is a good question and the answer depends primarily on what your expenses are and how much you will collect from Social Security. What we can do here is… read more…
- Why It’s Important to Set Financial Goals for the Future
Planning for your financial future can feel overwhelming, but setting clear financial goals is one of the most effective ways to take control of your money and build lasting security. Whether you’re dreaming of buying a home, saving for your child’s education, or preparing for retirement, having specific objectives helps you stay focused and motivated.… read more…
- Understanding Portability of the Estate Tax Exemption
Estate planning could seem daunting, but it can also be made simpler by understanding key concepts. One of which focuses on the “portability” of estate tax exemption. Portability is a provision that allows a surviving spouse to add any remaining federal estate tax exemption from the deceased spouse to their own. Here’s how it works.… read more…
- Ask an Advisor: I’m 55 With a $3 Million Net Worth and $5k in Monthly Expenses. Can I Retire Now?
I’m 55 and would like to retire now with a $3 million total net worth. I’m assuming my net worth will grow, on average, 5% until I’m eligible for Social Security. My house is paid off and my lifestyle is simple. I can live with $5,000 per month. Am I making the right decisions? – Peter Got… read more…
- What Is Comprehensive Financial Planning?
Financial planning is more than just budgeting or saving for retirement—it’s about creating a clear and holistic strategy to manage your finances in a way that aligns with your life goals. Comprehensive financial planning takes this approach a step further by addressing every aspect of your financial life, from investments and taxes to estate planning… read more…
- Ask an Advisor: How Do I Cover $3,000 in Monthly Living Expenses? I’m 58 With $700k in Retirement Savings, But I Won’t Collect Social Security for 7 Years
I’m 58 and I have $700,000 in 401(k)s and IRAs. I have no credit card debt, no auto loan payments and no student loans. I sold my home in California and paid cash for a house in Texas, so I have no mortgage. I’m retired military and bring in about $2,200 per month after taxes.… read more…
- What Should Your Net Worth Be at Retirement?
Your net worth is a key measure of financial preparedness for retirement, reflecting the wealth you’ve accumulated to support yourself after work. While factors like income and gender affect net worth, age is a major determinant, with net worth typically increasing as you grow older. Comparing your net worth to averages can help you gauge… read more…
- Lifestyle Trends and Problems Facing Ultra-High-Net-Worth Individuals
In decades past, millionaire status was well-known, and the subject of innumerable songs, TV shows, and movies. However, a million dollars is almost a modest sum by today’s standards, and an exclusive echelon known as ultra-high-net-worth individuals (UHNWIs) has wealth extending to the tens of millions. Yet, being a UHNWI entails more than just opulence.… read more…
- What Financial Advisor Clients Value More Than Returns, and Why
It won’t come as a surprise that when investors talk to their financial advisors, their top concerns these days are focused on inflation, market volatility and the possibility of a recession. And while any investor wants to maximize their gains, recent research published by the Insured Retirement Institute (IRI) indicates that right now, investors are… read more…
- Differences Between Mass Affluent and High-Net-Worth Individuals
Though the title “millionaire” may carry less prestige than in the past, achieving seven-figure wealth remains a significant marker of success and stability. Mass affluent individuals form a crucial economic backbone with accessible wealth, while high-net-worth individuals (HNWIs) wield greater market influence despite being fewer in number. Understanding the traits and strategies of these groups… read more…
- What Is a Trade Line and How Does It Work?
When you open a new credit account, financial institutions create what is known as a “trade line.” A trade line is a record of a credit account, including its status and activity, as reported by lenders to credit reporting agencies. It reflects your borrowing and repayment behavior, playing a significant role in shaping your credit… read more…
- How to Find a Financial Advisor for the Ultra High Net Worth
When managing substantial wealth, there are unique challenges and complexities that require specialized attention and expertise. As an ultra-high-net-worth individual, you face distinct financial needs, opportunities and goals. This careful balance demands tailored strategies from expert financial professionals to ensure optimal growth and protection while aligning with your long-term goals. A financial advisor can help… read more…
- Ask an Advisor: My Wife Claimed Social Security at 65. Can She Collect the Max Spousal Benefit When I Retire?
My wife started collecting Social Security at age 65, but it’s a tiny amount. I am planning on retiring in two years at 65 (67 is my full retirement age). Can my wife collect spousal benefits of 50% of my full retirement benefits once I retire? – James Unfortunately, the likely answer is “no,” although… read more…