Answers in Advice for Advisors

As a financial advisor, you deal with every day business issues that accompany overseeing a practice. In this section you can learn how your advisor colleagues have solved similar issues and gain insights you can apply to your practice.
4 votes
Peter C. Karp Level 20
Don It is great that your former employer has reached out to you with a nice job offer. You indicated that you have been making withdrawals from your 401(k) without penalties since you turned 55. That indicates that your plan offers an in-service withdrawal ...(more)
1 vote
Hi Don, Are you going to be contracted through your own company? If so then it shouldn't impact your ability to make withdrawals. I would consider rolling the funds into an IRA and then continuing to take withdrawals as necessary. Let us know if this ...(more)
1 vote
Neil Maxwell Level 2
Call your company's plan administrator. Every plan has different intricacies and the only way to be 100% sure is to check with your plan administrator. You could start with your HR department and they should be able to point you in the correct direction. ...(more)
0 votes
Could you clarify the question a bit more? Does your dad need help retiring, or does he need help finding an old retirement account?
0 votes
If you have a statement from your 401k plan, a phone number should be listed. Otherwise, contact the employer who provided your 401k plan and they should have the contact info available.
0 votes
If you have a pension it is very likely you have different options available to you. It is extremely important that you obtain your options from your employer as Troy mentioned. I would also highly recommend you sit down with a independent fee-only ...(more)
0 votes
Every employer plan is different and has its own rules. That being said, if you are 100% vested, then there is a good possibility that you can rollover or transfer your pension into something else. If you're just looking to start generating income, then ...(more)
0 votes
Interview the best divorce lawyers in town (usually they'll give you a free consult or charge you for 1 hour). Then he CAN'T use any of those lawyers. Do some homework - where's all the money - get statements or online access to everything you can (you'll ...(more)
0 votes
Erik, I use a variety of software. 1) I use Moneyguide Pro for Comprehensive Plans. I like its retirement cash flows better than what's available from Morningstar Office. I have been using this 8-10 years 2) I use Morningstar Office for Portfolio ...(more)
0 votes
David P. White Level 9
American States Water Company (SYM: AWR) is a water utility providing service in ten California Counties. I have owned it for clients since the late 80’s as a predecessor company (Southern California Water Company). It has been one of the most consistent ...(more)
1 vote
Tunc Tanin Level 10
In cases like this, I send electronic bills if the amount is slow and ask them to pay through paypal or google wallet.
0 votes
Tunc Tanin Level 10
Having worked on the custody side, there are many different issues to consider for international trades. You have contractual settlement dates and actual settlement dates and these vary due to industry practice. The solution depends on what type of trading ...(more)
3 votes
Peter Cacioppo Level 16
Check out XYLEM to see if it fits your portfolio needs. They are active in the USA but also other countries.
1 vote
I would like to provide a correction to Jonathan answer, the rule 55 apples ONLY if you left the employer with in the year you turned 55 or later then you can take distributions from 401k with out 10% penalty, however if you left your employer lets say ...(more)
3 votes
Hello Mary, I’m sorry you have had to struggle; I know it can be frustrating. But don’t give up! On your accounts – the answer is “Yes and No.” And I’ll throw in an “It depends…” for good measure! But there is some good news and, because of your age, ...(more)
1 vote
Mary, I'm so sorry to hear you were laid off and haven't found a full-time job yet. Withdrawing before 59 1/2 does normally cause the 10% penalty rule, but there are ways around that. If you can find an advisor or CPA to hire for a set fee or per hour ...(more)
1 vote
Generally, you would have to bill the client directly unless the custodian who holds the other accounts you advise on is the same as the 529 custodian. Your client should have signed an advisory contract with you and the contract would stipulate how ...(more)
0 votes
Thanks for the feedback Pam. I really appreciate it.
5 votes
Erik, thanks for your question. The BrightScope forum is focused more on the personal rather than the business side of planning. I recommend you visit the Financial Planning Association website (www.fpanet.org) for information on your question. This ...(more)
2 votes
Best advice is to: A. Contact the HR Department at your previous employer. B. Look for a phone number on your most recent statement C. Find a good, local, Certified Financial Planner to help you with your finances. Best of Luck, Rod
4 votes
Joe Soto Level 15
Absolutely!! No matter who you are; sponsor, employee, or adviser. Get in there and find out what that 401(k) plan is paying. Every long-term investor needs two things to be successful, time and rate of return. With the new fee disclosure legislation ...(more)
4 votes
This is a very complicated question. Having been a recordkeeper myself for 10+ years as part of my 20+ year career has given me a huge advantage because I understand what different firms are trying to achieve when servicing their customers and I can ...(more)
3 votes
Ken Krausman Level 9
Hi William, Depending on the role that this administrator serves with a particular plan sponsor, they may be identified on the Form 5500. If so, there are several search providers that aggregate 5500 data that you can search and export results to an ...(more)
3 votes
Adi Benyishay Level 13
Retirement plans are a complicated issue. You should probably talk to a professional specializing in this. There are a few options for doing this: if your interest in this is in building a practice, your best bet is to join, at least in the beginning, ...(more)
6 votes
This is a continuing problem with reporting systems. Having used Advent Axys for a number of years, it was always a struggle to have internal reporting match that from the custodian. While the internal reporting is accurate, it is difficult to prove out ...(more)
3 votes
James Holland Level 18
Alfred some very good suggestions from some very knowledgeable people above. We run RFPs often for providers so we have vetted quite a few. Important aspects of a good recordkeeping partner. They have the updated technology as Mike mentions a must. FLAT ...(more)
4 votes
Mike Kane Level 15
We developed our proprietary RFP that has over 30 pages. We have responses by 28 of largest bundled record keepers. We incorporated technology questions six years ago. About half the record keepers are losing money. That is the reason that we continue ...(more)
4 votes
Hi Alfred, Record keepers do come in a wide variety with varying attributes; and while some may be more expensive, they also may bring more to the table. For me, it's a 'bottom-up' approach based on client needs. Once a short-list is developed, I would ...(more)
  • posts per page
  • 30