Friday, June 9 quietly marked/will mark an historic day in the financial services world. On that date, all financial advisors will be required to forego any sales agenda and give advice that would benefit their clients or customers—or, if they decide otherwise, to explain how and why they intend to give advice that instead primarily benefits themselves and their brokerage company. This rule only pertains to rollovers from a qualified plan like a 401(k) into an IRA, and to the investment recommendations for that IRA account. But it may be a first step toward something larger.
A client of mine recently suggested that I recommend something like this book, here is the Amazon description:
One of the biggest problems people face when a family member passes is finding and acting on critical information such as final wishes and arrangements, financial accounts, wills, house maintenance records, etc.
My Family Record Book is a complete step-by-step guide that will help you keep tract of and organize: final wishes & arrangements, computer information and passwords, estate planning documents, employment records, insurance policies, tax records, retirement accounts, government benefits, real estate records, house maintenance and more!
Much more than a check list of information, this guide helps you convey how and why decisions were made so others can make informed choices about such items as:
• How to keep the household running smoothly
• Where to get cash and how to access financial accounts
• How to get into your computer and access passwords
• How and when to downsize
• Which ongoing services to stop and which to keep going
Whether you are planning for retirement, have aging parents, or are a caregiver or estate executor, this book will help you organize important information so everyone will feel in control and know what to do during a stressful time.
My Family Record Book is the easiest and best way to organize your records and instructions for you and your family. Most importantly, it provides you with peace of mind knowing that vital information is easily accessible and is a loving and important gift for those you care about most.
Order a copy of this book today and empower your loved ones with knowledge!
The good news is if you are a Kindle Unlimited subscriber the book is free, otherwise it’s only $3.95. If you want the physical copy it will set you back about $15.
I’ve not yet read the book, but after reading the glowing reviews, I suspect I won’t have much issue with it. Now if only there was a simple online system we could use to implement much of this!
Scott Dauenhauer, CFP, MPAS, AIF
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Giving to a charity is easy, right? You write a check and send it off to your favorite 501(c)(3) organization, and get a full deduction for the amount on your tax return, up to 50% of your adjusted gross income.
The U.S. Federal Reserve Board’s Open Market Committee just raised the Fed Funds rate from 0.75% to 1.00%—the second rate hike in three months. So what should you do with your investment portfolio in light of this change?
The current bull market in stocks will reach its 8th anniversary tomorrow, and for about the last four years, professional investors and financial planners have been scratching their heads. The markets have gone up and up and up, and we all know that they won’t go up forever, which means there’s a correction looming somewhere on the horizon.
You’re starting to hear people talk about “if” there’s a bear market during the Trump Administration, when the real truth is they should be talking about “when.” And it won’t necessarily be triggered by a poorly-worded tweet, a global-trade-stopping new tariff regime or tax and entitlement reform. Every presidential cycle has its share of market drawdowns, seemingly regardless of presidential policies.