Evan M. Levine, ChFC's Answers and Guides
Level 20 Contributor
111 Answers and 23 Guides
There are definitely " Pros and Cons". Like everything in life, its a matter of weighing them against your particular situation. Here is an orderly way to do that:
http://www.completeadvisors.com/2012/03/08/ignore-life-insurance-at-your-own-peril/
I think out of the gate, an initial decision should be considered; Do I want to invest on my own, gathering information from various sources as I go along, but ultimately becoming the steward of my own investments?... or do I want to seek out a wealth
...(more)
I think out of the gate, an initial decision should be considered; Do I want to invest on my own, gathering information from various sources as I go along, but ultimately becoming the steward of my own investments?... or do I want to seek out a wealth advisor that I can partner with and then delegate much of the oversight to? There is no right or wrong to this question... it's just a function of comfort level and philosophy. Alexander's information is only as good as the extent to which it is followed and implemented according to your unique situation. And then monitored and adjusted accordingly as things change. And if you are not comfortable with implementation and staying on course on your own, you should consider outsourcing to an advisor that you like and trust. Good luck!
hide
Blair and James are right on the Mark. Let me add a gentle reminder that when Life Insurance is owned by an individual, the proceeds are included in the owners taxable estate. A strategy that is relatively easy to implement would be to transfer the ownership
...(more)
Blair and James are right on the Mark. Let me add a gentle reminder that when Life Insurance is owned by an individual, the proceeds are included in the owners taxable estate. A strategy that is relatively easy to implement would be to transfer the ownership of the policy to an irrecoverable trust or adult child thus removing the proceeds from the owners taxable estate. But don't try any of this at home! Find a good estate attorney that you like and trust - if possible.
hide
Maybe. If they are affiliated with a " Broker - Dealer" it's tricky - and it may be the Broker Dealer who is serving as the fiduciary not the advisor. If they are a registered investmnent advisor and thier documents acknowledge 3(21) / 3(38) it's more
...(more)
Maybe. If they are affiliated with a " Broker - Dealer" it's tricky - and it may be the Broker Dealer who is serving as the fiduciary not the advisor. If they are a registered investmnent advisor and thier documents acknowledge 3(21) / 3(38) it's more straight forward. A good ERISA attoreny can be helpful on this matter.
hide
By finding the right financial advisor to do it for you.
Probably half and half but it really doesn't matter that much. What's most important is how much you invest and starting asap. I recommend at least 6% up to the max if you can. Best of luck.
Marcel,
That is a very general question and topic. If you can finds a local financial advisor or planner to work with that would be ideal. You may want to work with an attorney as well. Best of luck. Evan
Lena, I would advise you to form a relationship with a CPA. Filing a tax return is complicated and the rules are changing all the time. The right CPA relationship can also all serve you has an broad advisor , sharing views on budgeting, investing, estate
...(more)
Lena, I would advise you to form a relationship with a CPA. Filing a tax return is complicated and the rules are changing all the time. The right CPA relationship can also all serve you has an broad advisor , sharing views on budgeting, investing, estate planning and even life in general. I am an investment advisor and rely heavily on my own CPA for guidance in many areas- and advise my clients to do the same. Best of luck!
hide
I agree with Marty completely, It's that simple. My only modification would be if you have a family and are buying a house - or starting a business, 6% is an O.K start. Then ratchet it up until you get to the holy grail of 10%... and one day you will
...(more)
I agree with Marty completely, It's that simple. My only modification would be if you have a family and are buying a house - or starting a business, 6% is an O.K start. Then ratchet it up until you get to the holy grail of 10%... and one day you will wake up financially secure!
hide
I don't think so. When you initially interview an advisor, are they focusing more on " You " or " Your Money"? If it's the latter, that's probably what they are mostly interested in. Also, are they using financial jargon that you don't understand?
...(more)
I don't think so. When you initially interview an advisor, are they focusing more on " You " or " Your Money"? If it's the latter, that's probably what they are mostly interested in. Also, are they using financial jargon that you don't understand? - that's not a good sign. And are they going your pace or theirs? You can also ask them if they will disclose all compensation and conflicts of interest - in writing. And if they are able to serve you as a " Fiduciary" as defined by federal law. Designations are nice, but not a main factor in my view- there are so many of them and some can be acquired by sitting through a three hour course. Take as much time as you need and consider your gut instinct as to whether they are placing your interests ahead of theirs. Best of luck! Evan
hide
