Your financial advisor should be giving you advice in your best interests. Unfortunately, some “advisors” are only salespeople who are selling investments that result in high fees and commissions for themselves, lining their pockets rather than maximizing your retirement savings.
Colorado State legislators are pursuing House Bill 17-1253, Protect Seniors From Financial Abuse Concerning the 'Protection of Vulnerable Adults from Financial Exploitation Act'.
“Is the death benefit from a life insurance policy owned by an individual considered income tax-free?” This is one of 38 questions posed by the American College of Financial Services in a retirement literacy quiz. The ACFS presented this quiz to over 1,200 retirement-age U.S. adults who have at least $100,000 in household assets.
If you’ve ever seen the movie Moneyball starring Brad Pitt and Jonah Hill, you may remember Pitt’s character Billy Beane say, “I hate losing! I hate losing more than I even wanna win!” Of course, he was talking about baseball, but there’s a more valuable loss that hurts investors: losing money.
As financial advisors we receive many of the same questions from investors. We also hear some questions that make us wonder what investors have experienced in their past with investing. Here are a few questions we believe are bad to ask your financial advisor. We believe these questions are ‘bad’ not because the investor is in the wrong, but because these questions come from a misinformed way of thinking about investing.
Investors can often find themselves in the trap of comparison. The market goes up, investors tend to look at their portfolios. The market goes down, even more investors tend to look up their portfolio, a number of which make knee-jerk financial decisions. This is often driven by myopic loss aversion.
President Trump signed a Presidential Memorandum on February 3rd asking the Department of Labor to reconsider the Fiduciary Duty Rule in its current state. Senior Managing Director Kris Tower was one of two advisors invited to speak with the White House Office of Management and Budget regarding the Presidential Memorandum on the Fiduciary Duty Rule.
