[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Why am I me" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
Why Am I Me?
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Choices. You don’t know what you have!
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It’s been my experience that many Americans don’t always appreciate what we have and tend to take a lot of things for granted. Many Americans have not visited other countries that are not so benefit rich, and therefore have no appreciation for simple things like clean fresh drinking water, flushing toilets, cars, gas, and best of all… American grocery stores.
In my international travels over the years it didn’t seem to matter whether it was Europe, Africa, Asia, or wherever, the local amenities were lacking, compared to right here in the good old U.S.A.
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Access to fresh drinking water and food is a biggie in my book. I was amazed when some foreign friends arrived for a visit and to spend time in my home. They simply could not get over the fact that you could just drink water coming out of the spigot in the kitchen. “You don’t have to purify the water first”? They exclaimed! Their other big shock was a visit to the local grocery store. They thought we had access to a “special store” and it was only when we took them to several grocery stores that they realized all grocery stores were so abundant in what was stocked. The wife could not get over the fact that you went shopping once for all your groceries for the week! She has to shop daily on her way home from work for dinner every day! The butcher shop, the cheese shop, vegetable stand, bakery, and dry goods shops were all separate. Additionally, the other astounding thing was American refrigerators, they are so big! My guest’s ice box in their home is a small affair holding only a few cubic feet of food items.
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Another thing I appreciate may sound silly, but its American toilet paper! In other parts of the world the texture is more like cardboard or sandpaper! Talk about being thankful!
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Growing up poor in America is still like middle class in other countries. I personally appreciated every single thing I received from a free education, free music lessons, art, to sports, which were all part of the local public school system where I grew up. Many American kids today do not take advantage of the choices they have offered at school. Unfortunately, they seem to be more interested in the latest fad or music rock group than learning how to read a map or get an education. Sadly the “entitlement attitude” is prevalent amongst our youth. In third-world countries, kids are lucky if there is even a school to go to. With no education, poor perpetually stay poor due to the lack of choices or opportunity.
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It’s not all gloom and doom as there are always the people who recognize opportunity when they see it and grab it and run with the chance to improve themselves. These are the people who succeed because they know what they have! They make choices!
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Take a fresh look at what you have because it’s all about choosing from everything available. At times you don’t know all your choices, and that’s when you seek out advice from experts. Your education in areas of Medicare, Retirement Planning, Wills, Trusts, “Power of Attorney”, and “Do not resuscitate” orders? Don’t know? Call us we can help!
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Featured Story June 2017
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Featured Story" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="June 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
I met with a good friend and learned quite a bit!
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By David P. Schaeffer
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I have always been a fan of less regulation and more innovation. That may have been a slogan we all may have heard in an election campaign or two.
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To the point, my friend is one of the top estate planners in the United States. Most CPAs, estate planning attorneys, and certainly most financial advisors, cannot measure up to his ability to see challenges and propose solutions before trouble ensues. He can see through most rhetoric and conversation and get to the root of a challenge instantly and accurately.
The challenge for me is when a talented advisor is faced with few prospects to serve; a “scarcity” mentality takes over. For the advisor this would mean that their decisions seem to favor an attitude of “better make the most I can” from this client while they are in a buying mood. This is contrary to the way we run our practice at American Retirement Advisors. I was shocked to realize so many financial professionals manage their practices in this manner.
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Our firm’s mantra has always been ‘do what’s right for the client’ even if we are not compensated for our efforts. Most folks in business and especially in the financial services industry, to this day, look at me like I’m crazy. Even my best friend in the business.
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Then it hit me. We take a completely different approach to our practice. We operate with an “abundance” mentality. We give most of what we earn back to our clients. Not in cash, but in personal service. We have three client service professionals per advisor. The industry suggests ½ service person per advisor. We see on average 6-11 clients per day per advisor. Most How are professional, full-time advisors, supposed to get good at what they do if they don’t have any prospects or clients work with? They answer is, most will fail and leave the business in three years or less. Which feeds the “get what you can while you can” behavior.
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Here’s the bottom line… the fiduciary rule, which is scheduled to go into effect in June, is supposed to regulate the financial advisors’ recommendations to just what was in the best interest of their clients. Unfortunately, the challenge remains, they need to feed their families. The cost of the new regulations will be paid in lower returns or service levels for clients, or out of the advisor’s pocket.
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Our firm is thriving!We see continued growth in all areas of our practice; Medicare planning, long-term care planning, legacy and estate planning, and in retirement income planning. We really didn’t have to do much to prepare for the new fiduciary rule, because we have always provided more care and consideration for our clients’ needs than any previous, current, or future regulation mandates.
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Guess what… my buddy, after spending a week in the Scottsdale office and observing our practice, sees our business in a different light. Abundance allows an advisor the freedom to plan without concern for compensation because we make a little from each client and give back!
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Why am I me! April 2017
Good old Golden Days
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By David Edge
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As we begin to solve a problem, we often find ourselves going back to the basics. What is the root of the problem and what is the best course of action to resolve it?
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Sometimes we make a list of the pros and cons of the issue so that we can review a written version and start eliminating ideas, one at a time, as we think through the solution process. You take that sharp pencil and draw a line through it. There! One more decision made, bringing you that much closer to a solution.
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But going back to the basics is what made you, you!
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Just what were those basics that we were taught those many years ago? Can you remember sitting in that small wooden desk in first grade? There were chalk blackboards (sometimes they were dark green), and dusting erasers, learning to count, memorizing your multiplication tables, ABCs, and how to use a pair of scissors and glue. Somewhere in the classroom was the American Flag, a map of the USA, and usually a globe. Is the picture getting clearer?
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The teacher handed out practice sheets of problems or tests, and those copies were printed on a mimeograph machine! Remember the purple ink and the smell? There were pop quizzes, and recess, and snacks. After lunch there was a nap! But the nap time was for first graders; by the time second grade rolled around we were big boys and girls.
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Those were simple times with simple solutions as we look back to that period in our growing up years. But some things were just ingrained into our small grey matter during that period. Can you remember that first grade teacher? Even to this day I can…….. Mrs. Lambert.
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We are a product of the total experiences of our lives. Each event, experience, teacher, coach, or boss, has shaped us into what we are today and has affected the way we make decisions.
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When going back to the basics, determine your objective. This should be the first order of business when making a decision on any subject. Gathering information is the second step to your process. Be careful with this one because there is such a thing as paralysis by analysis of too much information. Self-evaluation of your skills and ability to make this decision is next. If this is a complex issue you have to ask yourself, “do I need outside helpwith this decision making issue? Selecting help is next. I’ve always explained to clients, “you have to like the people who are going to help you”. Never be afraid to check around and review several sources before deciding who you want help from. Remember the old adage “two heads are better than one”. When resolving the issue, keep in mind that you will have personal likes and dislikes about the answer you are trying to reach. Subjective thinking is the like or dislike of a personal preference, but you must maintain an objective thought process to reach the most appropriate decision.
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One last note on this topic; Procrastination is your biggest enemy when making decisions. Work through the process until it’s complete! Whether it’s creating your retirement financial plan, a medical decision, setting up a Will, Trust, or a fund for that grandchild’s college education. You sometimes just might need a cheerleader or a task master to get you to finish the process.
We know where you can find such a person! Call us, we can help!
April Fools 2017
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By David Edge
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April is usually the greeting for spring weather, but April is also known for “April Fool’s Day.” There are some who wonder, “How did this day of pranks, jokes, and gags begin?” Well, there are many stories of the origin of this goofy day, which in itself makes for a funny story.
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If we look historically, a prank was first written in Chaucer’s The Canterbury Tales from 1392. A fox tricks the proud rooster, Chauntecleer, on “syn March bigan thritty dayes and two.” Now we know there are not 32 days in March, so was he thinking April 1st? This is the first hint of a foolish day.
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April 1st soon became an international day for gags. Whether gags were simple or elaborate, they always end with “April
Fools” being shouted at the victim.
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Some of the earliest April Fool’s jokes were started in where else, but England! The trick would start with a sealed envelope being given to a trusted friend on an important errand. “Please go to (another trusted friend) and deliver this important message!” Upon arrival to the friend, they opened the envelope only to find the message told them to tell the errand person that this grave matter involves another friend, thus placing the same message in another sealed envelope so that the messenger was still clueless about the message. The errand person might see several friends with the message until someone would finally save him from the important” errand.
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Other countries celebrate by placing a paper fish on someone else without them knowing. But, some pranks are truly inspirational. The BBC ran a story about the Swiss having a bumper crop from the spaghetti plants with film showing farmers harvesting spaghetti. The BBC was flooded with calls from people wanting to know how they could get a spaghetti tree!
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Burger King ran a commercial touting the left-handed hamburger. Hundreds of customers asked for this burger! Taco Bell announced that it had bought the Liberty Bell and renamed it the Taco Liberty Bell. Outraged Americans called the White House and wanted to know if it was true! The White House press director (who also had a sense of humor) added that they had also sold the Lincoln bedroom to the Ford Motor Company and it would now be called the Ford Lincoln Mercury bedroom.
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Of course all of these were later revealed as the hoaxes that they were, and the nation had a good laugh!
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Health Tip of the Month
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Health Tip of the Month" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
Water, water everywhere…
how much should I drink?
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By Sharon C. Groves
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Water is one of the most important resources on earth. All plants, animals, and living beings must have water to survive. 71% of earth’s surface is covered in water, with our oceans holding approximately 96.5% of all earth’s water. If there was no water, there would be no life on earth.
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We must constantly add fresh water to our body in order to keep it properly hydrated. An adequate amount of water daily can be a cure for some problems like headaches, fatigue, and joint pain. It can even affect our ability to focus and perform simple tasks. Water lubricates our joints and muscles for better movement and plays a very important role in nearly every bodily function. We can go for weeks without food, but only three days without water.
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Water is essential for absorption of nutrients and proper digestion which carries waste from our bodies. It’s important for proper circulation in the body and to carry oxygen throughout. The more oxygen in our bodies, the more fat it will burn for energy and the more fat will be flushed from our systems.
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Interesting water facts:
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Removes toxins & fat. If you’d like to shed some extra pounds, drinking a
lot of water is a MUST
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Success Story of the Month
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Success Story of the Month" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
More for Less?
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By David Edge
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While recently meeting with a client who was a young grandmother with three beautiful grandchildren, she was lamenting the fact that she wished she had more to leave the grandkids when she passed. I pressed her for more information on exactly what was she concerned with? She replied that while she was OK with her retirement income she only had a small amount of money in a bank savings account and that each child would only get about $10,000 when she passed.
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I was glad she brought it up so that we could have the opportunity to help her with this dilemma.
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“How would you like to leave them $20,000 or maybe even $30,000 each?” I asked.
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“Impossible!” was her immediate reply. “Au contraire”, I said. “There are ways to make the money worth two or even three times the face amount”. I could tell I had her undivided attention.
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There are insurance products on the market that you can purchase with the cash in your savings account that are guaranteed to pay out upon your passing to any beneficiaries you direct. The cash in your saving account is paying you pennies on the dollar in a low -yield bank account while it just sits in your bank. Let’s look at some ways to make that cash more valuable.
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We then had a discussion on a Single-Premium life insurance policy. This is a product that will take your one-time payment, and guarantee you a payout larger than your one-time payment. There are factors that affect exactly how much of a multiple the payout will be upon your passing. These factors generally have to do with qualifying for the policy and usually only have a simple blood test by a nurse who usually comes to your office or home.
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But for a simple example, you take the $30,000 that’s in your savings account; purchase a single-premium life policy that would have a guaranteed death benefit of $60,000. This is what legacy planning is all about. You are making decisions now that will affect your family later. Your three grandchildren will get $20,000 each instead of $10,000. It would take your bank savings account around 30-35 years at 2% interest to grow to that amount of money. Instead, you’ve doubled the money by just purchasing a policy, instantly.
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What’s great about this policy is that the money is fully funded, it’s safe and secure, as an efficient way to transfer wealth. It’s flexible, as many of these policies have value added living benefits and liquidity features with access to the death benefit or cash values should the policy holders’ financial needs change.
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She was stunned that these products existed and her family financial planner had never discussed this with her before. I merely reminded her that at American Retirement Advisors we look as all aspects of your retirement and not just sell you products. Grace was more than just a little happy as we reviewed her new options.
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Concerned that the small amount of money in a savings account isn’t going to be very much to pass along to your family in the event something happens to you? Call us we can help!
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March Turns Green
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By David Edge
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The most popular holiday celebrated in March is Saint Patrick’s Day on the 17th. The Patron Saint of Ireland is honored for bringing Christianity to Ireland around 400 AD. So fast forward a few hundred years to New York City, where in 1762 the first Saint Patrick’s Day Parade was held! You might wonder why the first parade wasn’t held in Ireland. Well, there are approximately 34 million Americans of Irish descent in America, and that is approximately 7 times the population of Ireland. Oh, BTW, you’ll hear the phrase “Erin Go Braugh” probably more than once on St. Paddy’s Day as
it means “Ireland Forever”!
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Other fun Irish facts;
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Ireland has been the land of superstitions as we tend to think of leprechauns, four-leaf clovers, fairies, rainbows with pots of gold at the end, and no one can deny the wearing of the green on this special day unless you want to get pinched! If your nose itches, someone is speaking ill of you, but if your palm itches you’ve got money coming to you. When you find a lucky horseshoe, you nail it to your wall pointing up so that the luck won’t fall out! Don’t break any mirrors because no one wants seven years of bad luck! There are dozens more of these fun, but irrational beliefs.
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There are more than one or two auspicious superstitions with Irish folk and another popular belief is Kissing the Blarney Stone for good luck. As the story goes, the King of Blarney Castle in the village of Blarney, Ireland once saved an old woman from drowning and in reward, she cast a good spell on the stone where it still resides today. Kissing the stone is a popular belief that it will bring you good luck. Others say kissing the stone will give you the gift of persuasion and eloquent speech.
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You can thank the Irish for popularizing limericks. Irish writer Edward Lear made these little ditties fun and a permanent part of our speech patterns in 1846 when his book “Book of Nonsense” was published. If you decide to try your hand at writing a limerick, remember its five lines of verse, the first two lines rhyme with the fifth line, and the lines are usually humorous. You can visit the fourth largest city of “Limerick” Ireland on your next trip!
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So kick up your heels with a little Irish jig and remember to wear some green!
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Why am I me
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Why am I me" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
By David Edge
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Can you remember the time you first went to a doctor? That experience has made you either afraid of doctors or gave you a warm fuzzy about doctors? Either way that experience was something that has made you, you!
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There are many reasons folks are afraid of doctors. That fear can range from what’s it going to cost, the thought of sitting in a crowded waiting room, to which doctor should I go see? Sometimes it’s a simple fear of something like needles to take a flu shot. Some of us are just afraid of receiving bad news, so we just pretend or ignore the symptoms in hopes they’ll just go away. These simple things can cause panic attacks or night-mares that make people simply not want to go when they need too.
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There’s an actual name for people who are afraid of doctors, it’s called “iatrophobia”.
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Folks who are generally afraid of doctors will get increased heart palpitations, wring their hands, and can actually get physically ill just with the idea of going to the doctor. If you think about it, that’s quite an issue, as the very person who can fix you is exactly who you don’t want to see?
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Some people develop the same attitude towards a doctor visit in the same category as avoiding a restaurant that they had a bad meal or got sick from the food they were served. You just don’t go there anymore. The real difference is that skipping a meal at a restaurant won’t kill you, but not going to the doctor when you’re sick can result in your death.
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So what was your first visit to the doctor and how do you feel about it? Can you remember? I know for me I was about 6 or 7 and was climbing a big old oak tree at my grandparents’ house and made it to the top, only to miss a branch on the way down. I fell the last 10-15 feet, receiving a large cut requiring several stitches. My mom wrapped me in a blanket, threw me in the car and off we went. This was an old country doctor who was very experienced and totally put me at ease by saying that “why this cut isn’t much of nothing” in a very grandfatherly way. All of a sudden my cut didn’t seem like a big deal to me as he gave me a local and the few stitches I needed. I even got a piece of hard candy he just happened to have in his lab coat pocket. So my experience at that young age left me with a favorable impression of doctors.
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Now, I just know, not everybody can relay a nice story about their first experience with a medical situation, and of course that is what makes each of us have our own fears or comforts, and that feeling makes you, you.
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So don’t find yourself wondering about your medical coverage or your share of the financial responsibilities of your Medicare plan. Give us a call, we can help!
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You might even get a piece of candy!
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Financial Tip
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Financial Tip " background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid"]
By David Edge
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Check or Credit/Debit Card?
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While just about any financial transaction we do can expose us to the criminal element, there are checks and balances that can keep us a bit safer.
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You’re standing in line to check out, and the person in front of you pulls out their check book. “How archaic,” you think to yourself. Check writing has decreased by 50% since 2000, but the real exposure to check writers is with fraud. While there appears to be just as much opportunity for fraud with credit and debit cards, the exposure with writing a check may have greater consequences.
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If any theft of a credit/debit card happens, alerts happen very quickly with electronic monitoring by the financial institution. A halt is placed on the card in question and a new card is rushed to the client. Misappropriated funds are replaced, and the retail store shares in the loss for taking the fraudulent transaction. Hence, the recent surge in requiring ID for purchases, as well as more stringent usage policies.
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On the other hand, writing a check still has all the old proven ways to steal your money. You write a check, it has your name, address, phone number, bank name, routing number, account number and signature all on the check. The numerous ways for theft start as soon as you hand the check to the cashier. A dishonest clerk could copy your check. If sent by mail, the check could be stolen and washed. This is a process where the criminal chemically removes the payee and dollar amount of the check keeping your perfectly legal signature, writes a new amount and payee, and then cashes the check!
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The main issue with writing a check is that once the bad guy has your check, they can drain your account and we only have to hope you don’t have your checking account tied to your savings account as both accounts can be drained. Question is, “how much money do you keep in your account to be possibly stolen”? Most folks have taken the precaution of keeping a low balance in their checking account just to cover the balance of checks they have issued. Good thinking!
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Retailers are combating the risk, by taking your check at the register and immediate-ly processing the payment and giving the check back to you. Now the check never leaves your sight, and this curtails any opportunity for your personal information to be stolen on the way to your bank.
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Recording all check transactions and regularly checking your bank account online are also smart ways to track your transactions against fraud and keeping your information from being stolen. Why not just avoid the risk?
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We suggest that you minimize or avoid check writing altogether. Use the safe and secure debit or credit card to protect yourself from fraud.
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Toss it against the wall
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Toss it against the wall" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"]
By David Schaeffer
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We have all heard the phrase “throw every-thing against the wall and see what sticks.” Well, our new President made a bunch of promises in the campaign and got himself elected. Many promises sounded good to some; to others, not so much. Our clients’ emotions on the new President range from exuberant to completely freaked out and scared.
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We can all agree, there has been a frenzy of activity in the first weeks of the new administration. Every news cycle has Trump this and Trump that. So much attention, that it was almost like the Super Bowl (what a game!), the Phoenix Open, and our car shows didn’t even happen.
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The market is in a flurry. Up, Up, Up! By almost all accounts the optimism concerning
the markets and consumer spending is very positive. Stories of large employers adding
jobs in the good ole USA abound.
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Our President lets us know his feelings, unfiltered, immediately, via his twitter feed. If you don’t follow twitter, don’t worry… the television news folks will do it for you.
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More importantly, what is not being talked about is the Department of Labor’s fiduciary rule for financial services. It is scheduled to go into effect April 10, 2017. This law will impact every person in the United States with qualified accounts including, IRAs,401k, 403b, 457/TSA, and Roth IRAs. This
rule was created in the spirit of improving the financial care of our citizen’s lifelong savings.
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Unfortunately, this law will force firms to charge more for their services and provide
less choice of investment options. Completely the opposite of the intent of the legislation.
Small investors with accounts less than $1,000,000 will find themselves moving to automated investment services because the cost of compliance is too great. We all have or had mutual funds, the autopilot investments of the past. What happens to your accounts when the market drops? What happens to your income if those accounts lose your money?
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The estimated cost to comply with the new law may be as much as 2% on a small account. Most folks don’t pay even 1% to manage their entire portfolios. Something will have to give; you will either have to pay more or use a robot.
manage their entire portfolios. Something will have to give; you will either have to pay more or use a robot.
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We have never charged our clients for planning services, account reviews, phone calls, changes, account updates, balance inquiries, disbursement requests, mailing statements, going to social security office with you, or exceeding every fiduciary standard of care.
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If the law is not repealed, folks will experience far fewer savings and investment choices for their IRAs and incur new fees that may exceed earnings!
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I really don’t think that was what the past administration had in mind. The story goes, Mr. Obama’s neighbor had all of his lifelong savings in a variable annuity, the type that did not insure his principle and had fees in excess of 3.5% per year. When the market dropped in 2008, his neighbor lost nearly 50% of the value of his annuity. His broker was no longer in the business. He assumed the big-name brokerage firm had an eye on his account. The reality was no one was looking after his money. Mr. Obama looked into it and found that the broker was really a licensed salesman and did not violate any rules. He just did what the firm requested of him. In reality, he was not acting in his neighbor’s best interest, he acted in the best interest of the firm. Mr. Obama asked around and found that there was a type of financial advisor that was licensed to act in the client’s best interest. He then asked the SEC to do something. They did nothing. He asked his friends at the Department of Labor and they acted, creating a rule to protect the average investor. Unfortunately, they failed to ask about the cost of such financial care. Kind of like the “not so” Affordable Care Act. (Sorry. I could not help myself.) To affordably take on the legal responsibility of fiduciary care, most portfolios must exceed 5,000,000 dollars to avoid additional costs above the standard 1%.
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So here we sit, a rule created to care for LARGE portfolios, forced upon most Americans with a portfolio of less than $100,000, but being required to bear the cost of a portfolio 50 times larger.
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