Federal Retirement Advice by Alexis Hongamen, CRPC

You’ve done well for yourself over the years and you think it’s time you look for a financial professional to help you plan your finances or look over your investments.  Or maybe you are thinking about your federal retirement and want some help determining if you are ready.  There are a host of reasons someone may need help with their finances and is ready to use the services of a financial professional. Whatever your specific situation may be, looking for the right financial adviser may be an overwhelming and dreaded task.  You are going to trust someone with your life savings and your future. You’ve heard horror stories   here   and   there   about bad advisers and shudder at the thought of selecting one. So, how do you go about it? How do you select a financial professional that will be right for you? Here are some ways to go about it: Referrals The tried and true method of getting someone who has been vetted by acquaintances and friends. ...

By now, you may have heard about the new Department of Labor (DOL) Fiduciary Rule.  It has been discussed in various media outlets, including TV and online.  It has certainly caused a lot of discussion in financial circles.  Let’s begin on the meaning of the word “fiduciary”. Fiduciary is someone legally required to act in your best interest.  The DOL passed a new ruling, originally set to take effect April 10, 2017 but was delayed until June 9, 2017, to implement higher standards on investment professionals dealing with retirement accounts.  It may be a surprise to you, but up until now a financial professional was not legally required to act in your best interests.  This gap in ethical service continues on regular investment accounts. You shouldn’t assume someone in the financial industry, a stockbroker or insurance agent for example, is acting as a fiduciary on your behalf.  Up until now, they have been held to a lower standard. One in which th...

There is never a bad time nor is it too early to engage a financial planner. In fact, the earlier the better. Even if you are early in your career and don’t have many assets, you can still benefit from estate planning.  Here are some of the instances where a Financial Planner can help even a young person with limited assets: Importance of a Will. Virtually everyone over 18 needs a will.  If you die “intestate”, meaning not having prepared a will, state law will determine your beneficiaries for you. If you have multiple loved ones, you may want to be the one and not the court that decides how your assets and belongings are split up.  If you have set up your “Payable on Death” (POD), or “Transfer on Death” (TOD) beneficiaries on your financial accounts that is one positive step towards deciding which family members receive your assets without going through court.  Also remember that these PODs or TODs supersede a will’s declarations. Having an Advanced Medical Di...