THE SITUATION Baker Werks is a growing software company specializing in software as a service in the real estate industry. Their employee headcount has grown from 500 to over 800 within the past two years. Baker started an employer-sponsored 401(k) plan ten years ago based upon the executive team’s needs and at the request of their employees. Since implementation, the … Read More
Understanding Risk; Four Ways to Help Your Wealth Management Plan
There are typically three risk profiles that investors are assigned to within the financial services industry, which are conservative, moderate, and aggressive. These categories are usually defined by an investor; These components help to make up what is called your investment risk profile. However, your risk profile may be very different from your risk perception. While your risk profile may … Read More
How to Utilize Life Insurance as a Tool in the Wealth Planning Process
Along with estate planning, insurance planning can be a difficult wealth planning topic that most people would rather not talk about. There are legitimate reasons for this; If you can find an advisor to work with that you trust and who places your interest before theirs, I think most people can get past the first two points. I want to … Read More
Four Tactics to Get the Most Out of the College Planning Process
If choosing to save for your child’s future college education needs is a priority for you, it must be included in your overall wealth management plan. I say choose because you likely have multiple financial priorities, such as retirement, taxes, or other personal savings goals, already tugging at you. Think about being on an airplane; in the event of an … Read More
Unlocking the Triple Tax Advantage
One of the best retirement savings vehicles that many people may not realize is a Healthcare Savings Account (HSA). An HSA is a tax-advantaged account created for individuals covered under high-deductible health plans (HDHPs) to save for medical expenses that HDHPs do not cover. Rather than using these accounts for current medical costs, you should consider utilizing the multiple tax … Read More
Three Factors That Affect Your Social Security Decision
I am often asked the critical question of should I take my social security benefits early or wait until full retirement age or beyond? Issuing a blanket response or answer to that question can lead people down the wrong path, especially on this subject. While many people would benefit the most by waiting until they reach their full retirement age … Read More
What is Asset Allocation and How Does It Impact Your Investments
One of the key drivers of investment performance is asset allocation. Extensive research by Vanguard has shown that 88% of your investment returns can be traced back to your asset allocation. Asset allocation is the balance between three main asset classes, equities (stocks), fixed-income (bonds), and cash and equivalents. As I laid out in the piece, Risk Perception vs. Your … Read More
Four Ways to Protect Yourself from Ponzi Schemes
I had a friend text me this story about Kevin Garnett, a high-profile athlete or entertainer who has come out on the wrong end of some horrible financial advice (see here and here). Within the text, my friend asked, “How does this happen to people?” My response, as long as there are people with money (large or small), there will … Read More
Six Last-Minute Strategies to Save for College
Advising parents who haven’t started saving for college a little too late can be a very difficult conversation. Telling a student who has worked diligently over the last 3 or 4 years to get into a prestigious college or the college of their dreams that they can’t afford to go is gut-wrenching. The Cost of College is Still Increasing While … Read More
3 Tactics to Help Simplify Wealth Planning
The best wealth management plan has nothing to do with “outside forces” beyond your control, but rather everything to do with what’s most important to you. Instead of feeling overwhelmed by the supposed complexity surrounding financial decisions, a straightforward wealth management plan can bring clarity and peace of mind about which strategies will work best for your situation. What, How, … Read More
