#I am not a financial advisor or fiduciary | Explore Tumblr posts and blogs

goldstone-financial-group · 3 months ago

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What Does Goldstone Financial Group Do?

Goldstone Financial Group is a company, based in Chicagoland and greater Nashville in America and its mission is to make financial products available to the people. And so it is under the law that any fiduciary including Goldstone Financial or anyone who started the firm must use all their efforts in their best interest for the benefit of the clients. What emerges from this is that they are all in so many ways different that if one has to be an advisor the undertaker is subject to special fiduciary responsibilities in comparison to individuals who are not.

It is not wrong to accept that managing and keeping money or funds is not a small task today in this world which is so competitive and expensive. At least I am relieved that there are companies such as Goldstone Financial Group that help one in matters concerning finances tax and investment.

Goldstone Financial is an organization that advises people on what should be done about retirement and income and indeed wealth maintenance. The key goal will always be oriented towards customer satisfaction as we also seek to always ensure that the client earns more profits in the future for which we have to ensure that costs pertaining to such profits are minimal and have to be paid on demand.

Goldstone Financial is one of the most successful organizations to offer services on personal and retirement plans and investments in the final phase of employment. Compared to the majority of organizations where the emphasis is made on the investments, Goldstone Financial does not emphasize merely the investments: Still, Goldstone services consider the five segments.

Here are the five areas of planning:

Health Care Planning.

Tax Planning.

The downgrade of Pension and Tax Revenues Demography has affected the life of Dennison and has lowered Pension and Tax Revenues.

Portfolio Construction and Administration.

As much as possible Goldstone Financial Group seeks to offer its clients the advantages of these policies.

Much of this organization is being driven by two brilliant leaders. By participating in its management as the CEO, Anthony Pellegrino concretely and effectively offers the necessary means in order to achieve the general proactivity of the company and by extension the project objectives of his client. That is why Anthony is the founder of the company. He determines how the organization should function and offers a guide in attaining better and more reliable profits.

However, it was not magic until the year 2011 when Brian Korienek got into the financial.

industry. I was working in an agricultural commodities firm and my position at the Chicago Board of Trade was an analyst. It is something that puts a smile on Brian's when he develops the right Investment strategy right from the personality of the clients and has been doing it to near perfection for most of his career to produce whole and not to mention meticulous clients.

That much, Goldstone Financial Group does for you to assist you in accomplishing this objective as per your aspiration in regard to the stability of your financial status. This is like having an abundance of good income and taking care of anything that you can think of with regard to consuming your income and wealth. Cultivates develops, exists and adds on, and maintains them.

#anthony pellegrino #brian korienek #goldstone financial #goldstone financial group #How old is Anthony Pellegrino #anthony pellegrino nashville tn

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bitchesgetriches · 4 years ago

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The Smokey the Bear School of Decision-Making

Most of the questions we get boil down to “How do I make this financial decision for myself?” Or even just “Please make this financial decision for me.”

And while I would love to enable our readers to let this cup pass from them… I can’t!

For I am definitely not a professionally trained and credentialed financial advisor, educator, or fiduciary. I’m self-taught! On the internet. Which probably means you should do the opposite of what I say at any given time??? It definitely means I can’t legally make financial decisions for anyone else.

To misquote illustrious American icon Smokey the Bear: Only you can make financial decisions for yourself.

Researching, asking questions, and gathering resources to help you make those decisions is wise. Necessary, even! But if you’re looking for someone to just do your homework for you… you’re going to have to pay a nice fat fee for the service. You can’t bully them into doing it by threatening to dunk them in the trash can during fourth period.

And even if you pay a professional to do your money thinking for you, there’s no guarantee they’ll get it right. Because they aren’t you. They don’t know your hopes and dreams for the future. They don’t know your weird hang-ups and insecurities. And they certainly don’t know what you’re comfortable with. All the financial education in the world can’t bestow telepathy on a fiduciary.

For the most part, you’ve got to Smokey the Bear that shit.

#personal finance #adulting #money #money advice #decision-making

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investmenthub-blog · 6 years ago

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I Love Selling Money

Welcome to my blog on Tumblr. I’m a Financial Advisor and Mortgage agent that comes from the world of construction as a Certified Gas Technician(G2). Professionally I used to install kitchen appliances commercially and residentially. The most fulfiling experience in the industry was seeing happy customers. Being able to accomplish something as a licensed technician and seeing the appreciation on my clients face is second to none. Quality workmanship is everything to me and it’s how I trained my employees.

Entering the world of finance I bring these philosophies with me for the benefit of my clients and their friends and family. So what does this mean to you? It means you are doing business with someone that adheres to your needs, desires, financial goals, fiduciary responsibility and policy.

I am an excellent researcher. I forensically analyze the products insurance company offer on your behalf to understand what best suits you and your lifestyle. When it comes to finding you the best mortgage for you the same remains to be true, I research and implement for you based on your needs and capacity to owning a home and/or multiple properties.

As a Financial Advisor, I DO NOT BELIEVE IN MUTUAL FUNDS! There are many Financial Advisors that have built their careers with your money through mutual fund investments. When the market is doing well everyone is winning. When the market is doing poorly the Financial Advisor is still winning. When you do business with me as your Financial Advisor you win all of the time.

My goal with each and every family I work with is to put more money into your pocket in the short term and the long term. My main focus in on your financial goals, health, safety and security. I am your Risk Manager on the insurance side, investment side and Mortgage side of your life.

I am not motivated by commissions offered by my partners that create the products you invest in and/or purchase. I am motivated by your needs and financial goals. I am motivated by your determination to build generational wealth and retire with dignity.

What do you want? More importantly, what do you need? What do you plan to achieve with your money?

Call me, email me, msg me on Facebook, LinkedIn, and Twitter and let us start planning your future and building your wealth together.

#LifeInsurance retirementplanning Insurance Mortgages Finance MIC CriticalIllness HealthInsurance Investments Investing

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pinercad · 2 years ago

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California tax brackets 2021

#California tax brackets 2021 plus

$121,579.83 plus 12.3% of the amount over $1,250,738.įor other the California Income Tax Rate for other filing status visit the Franchise Tax Board site. $60,789.92 plus 12.3% of the amount over $625,369.Ĭalifornia Tax Brackets for Married/Registered Domestic Partner (RDP) Filing Jointly Taxpayers (and Qualifying Widowers) Tax rate That’s hardly enough income to call yourself “ rich.” Your federal taxes are paid to the IRS, while your California taxes are paid to the Franchise Tax … SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGESĬapital Gains Taxes in California are sky-high. LOS ANGELES TIMES VIA GETTY IMAGESĬalifornia state tax rates and tax brackets California Tax Brackets for Single Taxpayers I am putting quotes around high because you get hit with a 9.3% capital gains tax at just $61,215 of income if you are single. Employing tax-saving strategies are imperative for a resident of California with “high” incomes. I am a huge fan of tax planning and tax loss harvesting. This is often a surprise to the tech millionaires working at companies like Tesla TSLA -1% TSLA -1%, Apple AAPL +0.2% AAPL +0.2%, Airbnb, or even SpaceX with substantial stock options. With California not giving any tax breaks for capital gains, you could find yourself getting hit with a total state tax rate of 13.3% on your capital gains. Your state tax-filing status and the overall amount of income you earned for the year determine at which rate you will be taxed. This is a Mental Health Services surtax that isn’t included in the marginal tax rate schedule. Being a progressive state with a progressive income tax system, there is an additional 1% tax on incomes above $625,370, if you file as single. The tax brackets in California range from a low of just 1% to a high of 12.3%. Determining Your 2021 California Income Tax RatesĬalifornia taxpayers are subject to nice progress marginal tax rate brackets. How California taxes capital gains make it imperative that your work with a fabulous financial planner to do proactive tax planning. This means your capital gains taxes will run between 1% up to 13.3%, depending on your overall income and corresponding California tax bracket. It does not recognize the distinction between short-term and long-term capital gains. Simply put, California taxes all capital gains as regular income. Understanding California capital gains tax rate obligations can help you make proactive money moves to minimize your taxes owed to the Franchise Tax Board. It has been my experience as a Los Angeles financial planner many people ignore state capital gains taxes when doing their tax planning (that is, assuming they are doing any tax planning at all). Capital gains tax rates range from zero-percent up to 37%, depending on the type of capital gains being taxed. In contrast, the Federal Government will differentiate between long-term capital gains and short-term capital gains for tax purposes. This means you could get hit with surprisingly large tax bills on your investment accounts if you live in California. The more taxes you pay, the harder it will be for you to build wealth.Ĭalifornia taxes all capital gains as regular income. Taxation of capital gains in California is no less well taxing on investors’ budgets. California has one of the highest costs of living in the US and is one of the highest income tax states. The hurdles to be financially successful in this state are high. With more than 40 million people officially living in California, the great weather and beautiful beaches, mountains, Palm Springs must be doing something right. By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™ Whether you are in Palm Springs, West Hollywood or even San Francisco you will likely owe … GETTY IMAGES FOR LAND ROVER Keep reading to find out how much California will be taxing your investment gains. As a long-time Los Angeles Financial advisor, who does a ton of tax planning for my clients, I’d be willing to bet most people in CA have no idea what the California capital gains rates are.

#California tax brackets 2021

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stewardshipmatters · 3 years ago

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Kingdom Advisor Explained from Scott Thomas on Vimeo.

Utilizing biblical timeless truths to finances and life. Financial industry typically is all about collecting more assets under management and not about asking questions to thrive and flourish in life. Neither does industry properly deal with taxes in a proactive fashion. Kingdom Advisor is global and the premier group for financial advisor community to connect biblical truths to finances and how to guide and meet the needs of people of faith. You as investor and as the "Steward" decide what is best and do that in informed and educated format and process rather than only look at the numbers as the only value. Money is temporary tool. Money can be a test. Money is a testimony of what you value as you invest it and save and spend it. Most people of faith are surprised to learn that Jesus talked about money more than faith or of heaven. You are more than a number. The Steward's Manifesto "I believe God is...the Creator and Owner of the earth and everything in it. I believe Scripture is...the inspired Word of God and therefore the authoritative and timeless source of wisdom for all decisions. I believe I am...trusted steward, responsible for managing God's resources. I believe money is...a tool used to accomplish God's purposes and to reveal where I've placed my faith, hope and trust. I therefore commit to live as a steward -applying God's wisdom in my financial decisions, using my resources to pursue the purposes of God, setting my hope on eternity and encouraging others to do the same." Kingdomadvisor.com has a search engine to find certified Kingdom Advisors near you. I offer Zoom calls and online coaching as well as fiduciary services in risk evaluation of investments. What is a Kingdom Advisor is quick introduction and it up to you to reach out to me or Kingdom Advisors website for more.

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financeopinions · 3 years ago

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How to pick a Best online monetary consultant

Financial preparation is a vital task for everybody because it relates to your future, the money that you have made using a great deal of initiative. When it describes cash you need to be careful before choosing your cash specialist. Lots of people assume precisely about how to handle money to see to it that it can offer a straightforward return. Online monetary consultants are available in a variety of kinds it depends on you to select the finest one among all.

If you worked with an economic professional for day-to-day online monetary preparation advice like supply ideas and likewise product pointers, the really initial inquiry arises whether you are pleased or otherwise? Is your option proper or otherwise? It is a crucial variable that your financial investment consultant needs to have all the top qualities that lead your money from bottom to top. Financial investment effectiveness is based upon 2 elements very initially your total contentment and second your frustration from your consultatory firm, so take care concerning the alternative of an expert for your financial investment. See when it refers to cash, we can not predict a solitary point, nonetheless, who we choose to manage it, matters a lot. Listed below I am going to notify you concerning a couple of aspects of how you can select the most effective online financial investment advisors for you. 1. Qualified Monetary Coordinator - If you are more than likely to hire your cash money organizer after that search for a registered organizer just. You need to search for a financial coordinator that is a qualified monetary coordinator (CPI) in addition to SEBI signed up likewise. Your monetary coordinator should be accredited and also completed all the needed classes related to economic preparation. 2. Fiduciary person - Fiduciary suggests an individual supervises of benefiting his consumer interest that is responsible for placing his customer's interest ahead of his really own passion. It needs to expose with his face. You need to be mindful when you are picking a professional for you. he has to prepare to work for your wellness and his goal is to provide an excellent amount of refund to you. 3. Coordinator's pay structure - How much do they charge for their solutions? This is in addition a vital point to think of, you need to check the payment structure of your coordinator. Please check their preparation charge, whether they bill on settlement based or per hour based. It will certainly help you to set apart financial coordinators. Visit below 4. Review the code of values your financial expert adheres to - You need to examine carefully concerning your economic organizer's language, mindset, and past tasks along with the crucial factor is he ought to be straightforward along with devoted in the direction of his consumer. 5. Check out the background of your financial organizer - Ask a number of concerns by yourself-- is this the most effective individual that can handle your cash money? Initially, you must inspect past events regarding a details company or individual. Go here To get about much more info:-. bank guarantee providers 6. Be cautious of fraudulence individuals - various individuals prepare to trick you by providing incorrect warranties. To recognize those rip-offs individuals. Choose a business that offers a complimentary trial to clients for offering trading guidelines like product pointers, supply futures guidelines, and supply concepts. So once you have done with all the above aspects after that accomplish your monetary organizers make them comprehend concerning your economic investment objective, your circumstance, and also each and also every little thing. Financial consultants assist you to handle your cash money, it is your part to be wise, examine all planner-free Articles, separate them and also pick the finest amongst all. Find out more

#monetary consultant

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bitchesgetriches · 5 years ago

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So I am planning on attending a free meeting with a financial advisor from my Navy Federal branch. Do you have any tips or recommendations for how to prepare?

1. Ask them if they’re a fiduciary. In general, banks that serve the military like Navy Federal and USAA are pretty good, but you still want to be careful. A fiduciary is required by law to give you advice in your best interest. A financial advisor who is NOT a fiduciary is under no such legal obligation, and therefore could advise you to buy financial products that will enrich their personal commission and their company, rather than be the best thing for you.

2. Forewarned is fore-armed. Study up on our articles about basic retirement funds and investing so you don’t come off as completely ignorant. It’ll save them the time of educating you on the basics, and let them know that you’re ready to level up into more aggressive financial management.

3. Be clear on your goals! That will determine the advice they give you. So if you want to buy a home, pay off student loans, retire at a specific age, decide that now and your advisor can help you figure out how to accomplish the goal.

Good luck, bb!

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kurtsaltrichter · 4 years ago

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Kurt S. Altrichter - More Volatility Ahead But Not Necessarily a Correction

“Stock prices have reached what looks like a permanently high plateau.” – Irving Fisher, 1929

Last week was moderately volatile in markets but the net result wasn’t much as the S&P 500 saw a small decline, and I think last week was a good representation of the current macroeconomic set up, one that likely brings more volatility but not necessarily any meaningful declines.

Last week I stated that, after a year of constantly digesting positive events (Fed backstopping everything, CARES Act, electoral clarity, second stimulus, third stimulus, vaccination progress) the markets are transitioning to a new paradigm where 1) There isn’t a majorly positive event looming every three months, and 2) Some of the stimulus etc. will be dialed back, and that transition will be a process of starts and stops, and it likely will cause more volatility. And we got a taste of that last week.

General inflation fears are a headwind on stocks, and they will be until it becomes clear that inflation is a temporary phenomenon. Similarly, the Fed will have to transition to tapering of quantitative easing (QE), and how that transition is handled will go a long way to deciding whether the next 300 points in the S&P 500 are up, or down. Finally, after having that constant stream of “good” news to push stocks higher, we’re seeing a market that is in search of a positive catalyst to send the S&P 500 to 4400-4500, and right now there’s not an easily identifiable candidate.

But while those are legitimate concerns, the fact remains there are powerfully supportive forces for stocks still very much in play. The economy is roaring, and corporate earnings are breaking records. Consumers’ personal balance sheets are very strong (which makes this very, very different from other recoveries and makes this almost like a “post war” recovery), meanwhile the Fed is keeping rates low for years into the future and likely will not reduce QE until very late in 2021 or early 2022. That set up is very supportive of stocks, so while there are uncertainties and unknowns, support for stocks at these levels remains very strong.

As such, I continue to view the next several months as more volatile than we are used to, but volatility does not necessarily mean corrections. If these fundamentally positive supports for stocks are in place, and we do not have 1) Evidence that implies the Fed is getting behind the curve on inflation, 2) The Fed make a policy mistake (tapering too soon, or not soon enough) and 3) A resurgence in COVID, then the risk of a major decline in stocks remains generally low.

Now, we are still lacking a positive catalyst, but given the generally reduced downside risks I continue to think it makes sense to essentially “hold” in stocks and weather any uptick in volatility, using dips in cyclicals and value to add exposure and create a more balanced investment portfolio. As I have been preaching since November of 2020, these sectors are financials, banks, industrials, infrastructure, natural resources, materials, and commodities. I am not advocating against all tech. My preference for tech has been more towards “old tech” such as (FB/ AAPL/AMZN/NFLX/GOOGL/MSFT) - longer term investors don't often get the chance to buy these names at their current discounted multiples. I am not a fan of “next gen” tech/momentum (high growth, high return potential, but minimal earnings).

When it comes to investing, I consider myself a weatherman. I can’t tell you if you’re going to get into a car accident, but I can tell you when conditions are suggesting you should slow down.

“The one fact pertaining to all conditions is that they will change.” – Charles Dow, 1900

Yes, things can go wrong (as I listed above) but we will be watching for them, every day, and if it looks like things are going sideways, we will make the appropriate moves for you. Until then, expect a more volatile market—but at this point strong policy support for stocks remains very much in place, and that is a good thing.

As always, if you have any questions, please reach out to me directly.

Kurt S. Altrichter, CRPS®

Fiduciary Advisor | President

Direct: 952.828.5336

Email: [email protected]

#markets #stocks #kurt altrichter #economy #stock market

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financeopinions · 3 years ago

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How to select a Best online financial advisor

Financial planning is an important job for everyone since it is related to your future, the cash that you have made via a lot of effort. When it refers to money you have to be careful before picking your money expert. Many people think exactly about how to manage cash to make sure that it can give a simple return.

Online financial advisors are available in a variety of kinds it is up to you to select the finest one amongst all.

If you hired a financial consultant for daily online financial planning advice like supply ideas and also commodity pointers, the very first inquiry emerges whether you are satisfied or not? Is your choice proper or otherwise?

It is an important variable that your investment advisor needs to have all the top qualities that lead your money from bottom to top. Financial investment efficiency is based upon 2 components very first your complete satisfaction and second your frustration from your consultatory firm,

so take care concerning the option of an expert for your investment.

See when it pertains to cash, we can not predict a solitary point, however, who we pick to manage it, matters a lot.

Below I am going to inform you about a few elements of how you can select the best online investment advisors for you.

Certified Monetary Coordinator - If you are most likely to hire your cash organizer then search for a registered organizer only.

You need to try to find a financial organizer that is a certified monetary organizer (CPI) as well as SEBI registered also. Your financial organizer should be licensed and also finished all the necessary classes associated with economic planning.

Fiduciary individual - Fiduciary means an individual is in charge of working for his customer passion that is accountable for placing his client's interest ahead of his very own interest.

It has to reveal with his face. You need to be cautious when you are selecting a consultant for you. he has to prepare to work for your well-being and his goal is to give a good amount of money back to you.

Coordinator's pay structure - How much do they charge for their services? This is additionally an essential point to think about, you need to inspect the repayment framework of your organizer.

Please check their preparation charge, whether they bill on payment based or per hour based. It will assist you to differentiate economic coordinators.

Review the code of ethics your financial advisor adheres to - You have to review carefully regarding your economic coordinator's language, attitude, and past activities as well as the essential point is he ought to be straightforward as well as faithful towards his customer.

Examine the history of your economic organizer - Ask a couple of questions on your own-- is this the best individual who can handle your cash? First, you should inspect past events about a specific firm or person.

Beware of fraudulence individuals - different people are ready to deceive you by giving incorrect guarantees. To recognize those scams individuals. Choose a company that gives a complimentary trial to customers for offering trading pointers like commodity tips, supply futures pointers, and supply ideas.

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So once you have performed with all the above factors after that fulfill your financial organizers make them comprehend regarding your financial investment goal, your circumstance, and also each and everything.

Financial consultants help you to manage your cash, it is your leading role to be smart, analyze all planner-free Articles, separate them and choose the finest among all.

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#top crypto trading platforms us

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darcyfarber · 5 years ago

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Blooom Review: Affordable Online 401k Management For The 99%

I was 23 years old and getting ready to start my career as a firefighter.

It was a twelve week long academy where we would spend 50 hours per week fighting fire, pulling heavy hoses, climbing ladders, learning how to safely rescue a trapped victim, and how to not get killed inside our dangerous profession.

In addition to everything I just mentioned, we also spent one hour at the very end of a long academy going over our retirement plan.

One whole hour.

Table of Contents

Did this Happen to You too?

Why Would They Want to Confuse Us?

What Can You Do About It?

Do it Yourself

Self Directed Option

Blooom: Professionally managed for $10/month

How Blooom Does It

So, How Does Blooom Work?

What Does This Look Like?

The Story Behind Blooom

When Blooom is NOT a Good Fit

Questions I had for their founder

Do I have any control over my 401(k)?

Just 401(k) plans?

How long does it take for Blooom to do a free analysis?

How long does it take Blooom to fix my 401(k)?

Does Blooom notify me when they make a change to my investments?

Is it all done by computers or by people?

Is there someone I can actually talk to at Blooom about my 401(k)?

Are the any other fees?

Do I have to move my 401(k) anywhere?

Is Blooom a fiduciary?

Next steps for you

Did this Happen to You too?

You started your career and spent five minutes going over your 401(k) plan with your HR department during employee orientation?

This is all too common and today I speak with so many people who are saying things like:

“I have a 401(k)…I think.”

“I should be contributing to my retirement, but I don’t.”

“I think my employer is saving for me.” (Sadly, many are not.)

“I looked inside the pamphlet they sent me and it was really confusing.”

“I’ll just save for my retirement later.”

“I don’t know how my retirement is doing because I’ve never looked at it.”

The problem isn’t you, the problem is the system is completely broken and you are left to figure it out all by yourself.

This may be a little bit conspiracy-ish, but in his book Unshakeable, Tony Robbins interviews the world’s top 50 investors, and what he discovers is shocking to say the least.

In a nutshell, our 401(k) plans are designed to be as confusing as possible.

Why Would They Want to Confuse Us?

Well, as Tony Robbins describes in his book, the less you know the more they make (for themselves).

Think about it – the mutual fund companies inside your 401(k) are required to send you a prospectus each quarter, but have you ever opened one of these up and peeked inside?

Do yourself a favor and try reading through the next one that comes come in the mail. I have friends who are licensed financial advisors with decades of experience who will tell you they don’t even have a clue what is going on in there.

Not to mention, it’s also 50-pages long and written in a very hard-to-read light gray ink with a size 6 font!

I don’t think these things were ever really meant to be read.

What Can You Do About It?

There are some great choices you can take to have a better chance at a rewarding retirement, and each one of them comes with it’s pros and cons based on your level of experience.

Do it Yourself

According to the CNBC, there are on average 25 investment options for you to choose from inside your 401(k). These can be made up of mutual funds, stocks, bonds, company stock, money market accounts, target date funds, and more.

In addition to these options, you still need to identify the pros and cons for each of your investment choices in terms of fees, performance, and any underlying rules that are unique to a fund.

If you don’t have an investment background and you don’t want to dive in and learn, I would not recommend you use the DIY method when saving for your retirement and your future.

Pro: You have complete control inside your 401(k).

Con: Unless you have an investment background, this can often be overwhelming for the majority of plan participants.

Self Directed Option

The majority of 401(k) plans offer a self-directed account (SDA) into a brokerage account. This allows plan participants to still save pre-tax dollars inside their 401(k), but opens up their investment options to a whole universe of funds versus the limited funds inside the employer-sponsored 401(k).

Pro: You are no longer limited to the pre-determined investment choices inside your 401(k) and your financial advisor can now help manage your 401(k) plan via a Schwab brokerage account for example.

Cons: Since you now have access to a universe of investment options, it can become extremely overwhelming to choose where to invest. In addition, if you choose to have a your 401(k) managed by a certified financial advisor, you will be paying an added management fee which can eat into nest egg over time.

Blooom: Professionally managed for $10/month

Blooom (yes, with three o’s), takes the best of both worlds – professionally managing the available funds inside your 401(k) for a flat fee of $10/month.

How Blooom Does It

Blooom attaches to your 401(k) plan and uses a proprietary algorithm to analyze and optimize your investment portfolio.

So, How Does Blooom Work?

Free Review of your current allocations: They have a free feature which is as simple as it gets. Once you create a free Blooom account and connect your employer sponsored plan via their software, they do a full analysis of your 401(k) plan.

To make it as user-friendly as possible, they use a flower symbol to show you the health of your current 401(k) performance and even gives you recommendations to improve it. If you chose to be a do-it-yourselfer, you can take their advice and optimize your 401(k) at no extra cost to you.

Checking Your Current Expenses: As mentioned above, your 401(k) plan offers limited investment options and many of them have hidden high fees. Blooom takes a look at all of your plan’s investment choices and breaks each one of them down into one of 14 categories.

Blooom then uses their proprietary software to analyze your proposed retirement date versus your expense ratios (fees) for each fund, and creates the optimal low-cost portfolio inside your current 401(k).

What to Expect:

First Blooom will analyze your current 401(k) asset allocations and will show you what how good or or bad your 401k is doing

Blooom shows you what is the best option for you using their proprietary software.

They have a simple slider for you to drag to help determine your risk tolerance.

There is also a tool to show you what you need to do to retire earlier

Also, Blooom allows you to add in other 401(k) accounts and you can compare both managed and non-managed funds inside the dashboard.

Access to Financial advisors: You will have access to one of their financial advisors, but only via email and/or online chat. Blooom’s founder told me their financial advisors are available to answer any questions – even those outside of investing into your 401(k) (paying off debt, planning a budget, and preparing for life events).

The Cost: Similar to Netflix – $10/month and it’s month-to-month.

This may be my favorite piece of the pie because today’s fees inside your 401(k) are completely out of control.

According to the Motley Fool, “a typical worker — earning the median income and paying the average 401(k) fees over their lifetime — will be assessed a total of $138,336 in fees. And the cost is much more severe for high-income workers, who, assuming a starting salary of $75,000 at age 25, are projected to pay an estimated $340,147 over their lifetimes, thanks to the fee structure of the average 401(k) plan.”

Blooom not only charges a $10/month flat fee, but they also don’t take that $10 from your 401(k) account. Instead, they charge your credit/debit card on file and you can start/stop at anytime.

What Does This Look Like?

I am going to use the 1% average fee you would pay your financial advisor via a Self Directed Account to a brokerage account as the example.

Account Balance: $100,000

Annual cost with SDA: $1,000 per year

Annual cost with Blooom: $120 per year (0.12% vs 1%)

Account Balance: $50,000

Annual cost with SDA: $500 per year

Annual cost with Blooom: $120 per year (0.24% vs 1%)

Account Balance: $25,000

Annual Cost with SDA: $250 per year

Annual cost with Blooom: $120 per year (0.48% versus 1%)

Account Balance: $10,000

Annual Cost with SDA: $100 per year

Annual cost with Blooom: $120 per year (1.2% versus 1%)

Account Balance: $2,000

Annual Cost with SDA: $20 per year

Annual cost with Blooom: $120 per year (6% versus 1%)

The Story Behind Blooom

When Blooom is NOT a Good Fit

As you can see from the fee breakdown, Blooom uses a flat monthly fee which which does not make sense for 401(k) accounts with a lower account balance.

For example, if you had a balance of $10,000, you would be paying more to use Blooom since the $10/month represents a higher percentage (1.2%) versus the traditional 1% model in terms of fees.

If you find yourself in this category, I would recommend utilizing Blooom’s free services to analyze your current portfolio until your balance has grown to a point where the monthly cost is an actual savings versus an added expense.

Get a FREE Checkup On Your 401(k)

and a free month to start

Questions I had for their founder

I had Chris Costello on Episode 71 of the Money Peach Podcast to learn as much as I could about Blooom and ask some questions about their service.

Do I have any control over my 401(k)?

Yes, you maintain full control of your account at all times.

Just 401(k) plans?

No. Blooom can work with 401k, 403b, 401a and 457 accounts.

How long does it take for Blooom to do a free analysis?

Approximately 5 minutes.

How long does it take Blooom to fix my 401(k)?

Within 10 – 30 days your account will be adjusted.

Does Blooom notify me when they make a change to my investments?

Yes, they will send you an email anytime a transaction is made.

Is it all done by computers or by people?

Blooom mainly uses an algorithm (computer) to determine how your investments are managed, but they also have registered advisors continuously testing and reconfirming the algorithms.

Is there someone I can actually talk to at Blooom about my 401(k)?

Yes, you can log into your account and connect via live chat, through email, or by calling 1-888-550-9956

Are the any other fees?

Blooom only identifies the investment fees in the account, there are most likely other administrative fees included that blooom will not identify. Plus, blooom is limited to the investment options in the employer sponsored retirement plan and will seek out the most cost-effective options from what is available and what is most appropriate for the client’s time to retirement.

Do I have to move my 401(k) anywhere?

No. As long as you have online access to your 401(k), Blooom simply connects to it just as you would logging in from your computer.

Is Blooom a fiduciary?

Yes. This term means they are required by law to act in your best interest, no matter what. Currently only 10% of financial advisors are fiduciaries.

Optimize Your 401(k)

Investing in your employer sponsored plan is an absolute must because of the pre-tax advantageous, the tax-free growth, and the company match if your employer has one.

Once you have your 401(k) operating as efficiently as possible, it’s time to start thinking about your next step – starting your ROTH IRA.

Next steps for you

Investing in your employer sponsored plan is an absolute must because of the pre-tax advantageous, the tax-free growth, and the company match if your employer has one.

Once you have your 401(k) operating as efficiently as possible, it’s time to start thinking about your next step – starting your ROTH IRA.

Related Posts You May Like

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Blooom Review: Affordable Online 401k Management For The 99% published first on https://mysingaporepools.weebly.com/

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googlemirror-blog1 · 5 years ago

Text

4 Leadership Qualities to Live By: Elite Advisor Profile #Robert Scherzer Pensionmark

An incredibly strong work ethic — yet an equally disciplined work/life balance — makes Robert Scherzer an elite advisor after a relatively short time in the business (at least on the consultancy side).

“I became an advisor five years ago after working with a recordkeeper out of college for 26 years,” Scherzer, managing director with Pensionmark, says. “I am the luckiest guy I know. I don’t regret one day of working with my last company for 26 years, and I don’t regret one day of leaving to start my own business for the past five years.”

While we’d argue luck had little to do with it, we understand and appreciate his humility. But it was his preparation that got him to roughly 60 plans and $2 billion of AUA.

So, what does he do right, what could he do better, what does he do different and how does he rest and recharge in order to stay on top? He took time to describe it all.

What do you feel you do differently than the average advisor?

Every employer is different. Some want a 401k plan to attract and retain employees and view it as a key difference maker. Others just have a 401k plan because everyone else has one, and they don’t want to be sued.

I find most employers are somewhere in between extremes. Once we know their goals, we can craft a program that best fits what they want to accomplish as an employer.

Even if they “don’t really care,” I find that everyone actually does at some level. When they say they “don’t care,” it usually means that they don’t want to spend money and time on the plan. They have other priorities.

We can work with that and reduce costs and time, but still make a difference to their employees.

If you could start all over again, what would you do differently?

Not much. I spent the first 26 years of my career working on the provider side. I saw what the best advisors did and was able to model my business after them to some extent.

The one thing I would do differently would be to partner with a firm like I found in Pensionmark instead of starting my own RIA.

Having them handle my back office for a small fee frees my team and me up to spend time a lot more with our clients. I should have done it sooner than I did.

Lessons Learned: What worked well and/or didn’t work well?

Again, handling the back office is not my strong suit. Often, things that needed to be done, such as billing clients as an example, would fall to the back burner.

What worked well is being able to relate my experience on the provider/platform side to our clients. I can explain to them that all providers on the record keeper side can “do the math,” as an example, but there are big qualitative differences.

Provider A might be perfect for one client, but terrible for another. Same thing with provider B, etc. Being able to tell them the “experience” they will have is a strong suit.

What software, apps, or tools do you use and how do they benefit you?

Pension mark provides us with Salesforce, which is a great CRM tool. They also provide us a custom investment scoring tool that coordinately perfectly with an IPS we provide.

We also have a customized fiduciary tool called GMAP that we’re rolling out to our customers now.

As an AIF, we have access to their tools as well, which are also helpful. We received training for this designation, and it’s been helpful to us and our clients.

What is your office environment and/or culture like?

We are a boutique, with large company resources.

Locally in New York, we have 3 consultants. Typically, there is a lead [advisor] on any given clients, but many times one, two or all three of us are involved.

We also have two admin/internal resources in our NY office. The home office at Pension mark is critical. We have many investment, proposal, compliance and plan design resources that we use, and our clients use.

They also provide our clients with a financial wellness program, and we are now offering fiduciary investment advice and financial planning as an optional service, spearheaded by the home office team.

What about your client events?

We offer WebEx and online education to our clients. We don’t do too many local events, but we interact with all of our clients throughout out the year very directly, so we haven’t really needed to do much outside of that.

We are in touch via phone, email, and in person with all our clients so we are very present with them.

Where and how do you successfully network?

I’ve belonged to a strong networking group in New York City for close to 15 years.

We meet every other week throughout the year, but also have frequent “house calls” where we discuss our businesses.

We also will be in touch with other industry professionals (ERISA attorneys, etc.). Being in my early 50s, I also have a lot of friends/acquaintances that are senior decision makers at companies. I’ve been fortunate enough to work with several on their businesses.

How do you stay organized and focused?

I try to have a good balance between personal and professional.

Now that most of my kids are in college and only one in high school, I have a lot more free time on my hands. I try to always have a balance between new business prospecting and ongoing service.

We are a boutique, so spending ongoing time with our clients is important to the relationship. We also enjoy it.

That being said, if you don’t consciously spend time developing new relationships your business won’t grow.

In the last year or two, what books did you find the most helpful (professional or personal)?

I’ve read a couple of books on the experience economy after attending a seminar on it.

It’s critical to make sure we are not just a triple F advisor (fees, funds and fiduciary.)

We want our clients to know we always have their back and come to them with new ideas and ways to deliver information to them.

We find it amazing that many advisors have not read Shlomo Benartzi and other works on behavioral finance.

What is your health and wellness routine?

This is an area I have struggled with. I tend to start routines for diets and exercise but have not been as consistent as I would like to be. It’s a definite goal this year.

How do you relax and recharge?

In the past, it was always coaching at the youth level (football, basketball, baseball). I’ve been involved in town for many years. It was a huge time commitment, but I was passionate.

Now that my kids are older, I have not done it in two years. The goal is to get back into it. I tend to not do work on weekends or at home after I leave the office. I’d much rather work until midnight at the office but then turn the switch off when I leave.

What changes have occurred in your life that shaped who you are today?

Being a parent of four kids probably best defines who I am.

I was fortunate that at my last job, before becoming an advisor, I had a lot of flexibility. I was able to work early and late in order to be with my kids and wife.

Although work is obviously important and pays the bills, having a larger family gives me balance, and you realize their success is so much more important than the money you make or what you do at work.

You have time to be successful at both, but my family’s happiness has always driven me.

Have you ever worked with a life or business coach?

I believe in coaching, but other than earlier in my career, I have not worked with one personally.

Although I have been blessed with many mentors over the years. A coach is a waste of time unless you follow the advice they give you.

I know many people that work with coaches and it has helped them immensely. I just have not dedicated the time to it.

What leadership qualities and skill sets are essential for advisors?

A commitment to do the right thing. A few things I live by:

Show up on time, pay attention, ask questions, don’t quit.

These four things will make you successful. Of course, it’s also true that “the harder you work, the luckier you get.”

In the end, your reputation is everything. Always keep your word to your business partners and clients. It’s the foundation for success.

#Robert Scherzer Pensionmark #Robert Scherzer ny #Robert Scherzer Pensionmar

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robert-scherzer-net-blog · 6 years ago

Text

4 Leadership Qualities to Live By: Elite Advisor Profile

Special Post about Leadership because it is more important than social media sometimes.

An incredibly strong work ethic—yet an equally disciplined work/life balance—makes Robert Scherzer an elite advisor after a relatively short time in the business (at least on the consultancy side).

While we’d argue luck had little to do with it, we understand and appreciate his humility. But it was his preparation that got him to roughly 60 plans and $2 billion of AUA.

So, what does he do right, what could he do better, what does he do different and how does he rest and recharge in order to stay on top?

He took time to describe it all.

What do you feel you do differently than the average advisor?

I find most employers are somewhere in between extremes. Once we know their goals, we can craft a program that best fits what they want to accomplish as an employer.

We can work with that and reduce costs and time, but still make a difference to their employees.

If you could start all over again, what would you do differently?

Not much. I spent the first 26 years of my career working on the provider side. I saw what the best advisors did and was able to model my business after them to some extent.

The one thing I would do differently would be to partner with a firm like I found in Pensionmark instead of starting my own RIA.

Having them handle my back office for a small fee frees my team and me up to spend time a lot more with our clients. I should have done it sooner than I did.

Lessons Learned: What worked well and/or didn’t work well?

Again, handling the back office is not my strong suit. Often, things that needed to be done, such as billing clients as an example, would fall to the back burner.

What worked well is being able to relate my experience on the provider/platform side to our clients. I can explain to them that all providers on the recordkeeper side can “do the math,” as an example, but there are big qualitative differences.

Provider A might be perfect for one client, but terrible for another. Same thing with provider B, etc. Being able to tell them the “experience” they will have is a strong suit.

What software, apps, or tools do you use and how do they benefit you?

Pensionmark provides us with Salesforce, which is a great CRM tool. They also provide us a custom investment scoring tool that coordinately perfectly with an IPS we provide.

We also have a customized fiduciary tool called GMAP that we’re rolling out to our customers now.

As an AIF, we have access to their tools as well, which are also helpful. We received training for this designation, and it’s been helpful to us and our clients.

What is your office environment and/or culture like?

We are a boutique, with large company resources.

Locally in New York, we have 3 consultants. Typically, there is a lead [advisor] on any given clients, but many times one, two or all three of us are involved.

We also have two admin/internal resources in our NY office. The home office at Pensionmark is critical. We have many investment, proposal, compliance and plan design resources that we use, and our clients use.