I came across a very compelling and thoughtful post from a thought leader in the insurance arena I respect. In a recent post, the author, Brantley Whitely, asks are 134 fees better than commissions? I think that the gist of his comment is that a 'fee is a fee is a fee' regardless of what it's called. And whether it's a commission or a fee, it's all paid by the client in the end (though the CFP ... Read More
insurance
Choosing a Financial Advisor: Bad Luck or Just Another Salesman
Question for the Boston Money Coach: I've had bad luck with a financial advisor. I paid $600 and got a folder of charts depicting my financial situation and a sales pitch for a roster of insurance products. How can I ensure that my next advisor is worth his/her commission? Response from the Boston Money Coach - Steve Stanganelli: Regardless of the type of advisor you select or the way you ... Read More
Homeowners Insurance Versus You – Protect Yourself
No doubt about it. This has been a very rough winter that we lived through here in the Boston area. While the calendar has turned to spring, many of us are still trying to fix the damage left behind by snow and ice from so many winter storms. As I write this it still seems like we have imported the weather that Seattle or Portland, Oregon might be know for (even if it is true that Seattle has ... Read More
Money Coach Back in the Saddle with More Money Tips
I know that it's been a while. And for those who have been dropping by, I appreciate your continued support. Hopefully, others will find their way back and find the fresh perspective enlightening. In a world of confusion, my mission continues to be to bring to light fresh ideas on how to plan better and wiser for college funding, divorce, retirement and investing. As I noted in my last post, I ... Read More
US Tax Policy and Debt: Too Good To Be True for Long
Lately, the media has been dominated by the compromise on US federal tax policy that has been brokered by President Obama that will lead to an extension of current income tax rates, lower estate and payroll tax rates and an extension of unemployment benefits. It is very likely to pass almost intact and free up the logjam that has hampered this lame duck session of Congress. Uneven Recovery From ... Read More
Ask the Adviser: What are the biggest issues new retirees tend to underestimate?
It's easy to get tripped up in retirement. I'm reminded of the expression by the octogenarian to the recent newlywed fretting about life but rejecting out of hand the advice of his experienced senior: A long time ago I was where you are now. And later you'll be where I am now. But just as you haven't been your age before, I've never been old before. So for new retirees who "not been there or ... Read More
Retirement Income Planning – The Impact of Emergency Withdrawals
Recent academic research by Gordon Pye on the impact of emergency withdrawals on retirement planning may put into question the rule of thumb used by many advisers to determine a safe, sustainable withdrawal rate. For many investors and their financial advisers, the accepted rule of thumb has been to withdraw no more than 4% of an investment portfolio in any given year to provide a sustainable ... Read More
Ask the Money Coach: What Do I Need to Know About Medicare Advantage?
November is around the corner. Besides worrying about turkey dinners and seating arrangements for Thanksgiving, it's that time of year again to review your health care options. If you're retiring, already retired or have an elder parent in this category, you should get familiar with the options available for health coverage. Since most health care dollars are used by seniors for doctors, medical ... Read More
How I Made My Fortune
The entrepreneur was being interviewed after a long life. He had made it through the Great Depression and was looking back. As he warmly reflected, he straightened up and with a twinkle in his eye told the world the secret of his success. "It was really quite simple. I bought an apple for five cents, spent the evening polishing it, and sold it the next day for 10 cents. With this I bought two ... Read More
Beware the Siren Call
Like the mythical siren's call, the pitch is enticing - a seemingly perfect investment. Investors can buy into a contract offering a minimum return with the potential to capture the upside of increases in the stock market while avoiding portfolio value declines if - and when - the market goes down. This blend of promises can be found in 'equity-indexed annuities" or EIAs offered by insurance ... Read More
