Some of the largest employers in Utah have traditionally included pensions, also known as Defined Benefit or Cash Balance plans, for employee retirement. These plans pay retirees a set amount of money monthly for the remainder of their (and possibly their spouse’s) life.
As an experienced financial planner, one of the most common questions I get asked is, “Do I need to purchase umbrella insurance?” The short answer, most likely, is yes. Adequate umbrella insurance can save you millions, especially if you are a high-earner, have sizable assets, or are in a career where you could be liable for the accidents and injuries of others.
Countless people have chased after the idea of becoming a “millionaire,” only to fall short. While a million dollars today buys much less than it once used to, desires to be financially comfortable and independent are undiminished. So, what are individuals that have a high net worth doing right? Surely, they have unlocked some secret to financial freedom and success.
About a year ago, Congress passed the “Tax Cuts and Jobs Act,” enacting one of the largest set of tax changes in decades. Most of these changes are now in effect for the 2018 tax year, and you will notice the differences as you file this April.
Here is a roundup of the most important things to know about the recent tax changes.
Most people do not like to hear the word “risk” anywhere near the word “finances.” Nevertheless, risk and reward are closely correlated. On average, markets reward investors who accept more risk. On the other hand, lower risk investments may yield smaller returns, but also assure smaller losses. Successful investors understand this relationship and build portfolios that reflect their personal tolerance for risk. Creating this balance in your own investment portfolio will ensure you can stand by your investments in every kind of market.
No bull markets last forever. While, by some measures, we are in the thick of the longest bull market in history, the end always comes. So, investors must always be prepared for bear markets, both emotionally and within their portfolios.
At TrueNorth Wealth, we know that, for long-term investors with appropriate diversification and portfolio construction, bear markets can actually be quite beneficial, if handled appropriately. Consider these four ways to manage the next bear market like a pro, whenever that may be.
Your financial advisor should be capable, experienced, and properly trained. Most importantly, they should be ethical and worthy of your trust. That’s an extremely hard qualification to identify with exactness, but an effective substitute is to make sure that your adviser’s incentives align with yours.
So, as you look for a financial advisor, you should first investigate how they receive compensation for their services. There are three primary methods of compensation in finance: commission-based, fee-based, and fee-only.