Forty-six percent of those leaving a job in 2008 tapped into their 401(k), maintaining an “alarmingly high” rate of people cashing in since 2005, Hewitt Associates said. Sixty-percent of those cashing in were in their 20s, and 33% were in their 50s.
If you are in the unfortunate position of having lost your position recently, I urge you not to cash out your qualified plan dollars. A seemingly small amount in these accounts now WILL become a substantial amount when it comes time to retire. If you want me to do a quick calculation on what your "small" 401(k) balance will become by the time you will truly need it, drop me a quick email.
Friday, October 30, 2009
Wednesday, October 28, 2009
Industry Groups Urge Congress to Oppose Watering Down a Uniform Fiduciary Duty
Stacy Schultz published this article in Financial Planning Magazine:
"Six leading industry groups wrote a joint letter to the House Financial Services Committee throwing their support behind a fiduciary duty that would cover all who offer investment advice. The organizations also voiced their concerns that new legislation could weaken the current standard stated in the Investment Advisers Act, the accepted highest standard in the industry today.
The groups, in their letter, also called an amendment offeredby the American Association of Life Underwriters "particularly harmful.”
The letter was written and signed by the CFP Board of Standards, the Financial Planning Association, the Investment Advisers Association, the North American Securities Administrators Association, the National Association of Personal Financial Advisors, and the Consumers Federation of America.
In the letter, the groups urged Congress to add a strong provision to the proposed Investor Protection Act, that would hold all those giving financial advice to the fiduciary duty standard set up in the Investment Advisers Act.
Independent registered investment advisers currently adhere to this standard. A fiduciary must act in the “best interests” of a client. But registered representatives generally rely on the “suitability” standard. That is they can recommend products that are deemed suitable for a client.
The groups pointed to several concerns over the proposed legislation. First, they expressed concern over the phrase in the proposed act that says, “when providing personalized investment advice.” The groups fear that phrase might be used to argue that so-called “hat switching” by brokers is allowed. “By ‘hat switching’ we are referring to the common practice where the same financial intermediary provides investment advice under a fiduciary duty and then executes the recommended transactions under a lower suitability obligation,” the groups said in the letter. “Brokers have consistently sought to limit the fiduciary duty so that it would not apply to the sales recommendations intended to implement the advice.”
Second, the groups, in their letter, pointed to the language requiring rulemaking by the Securities and Exchange Commission that addresses personalized advice to retail clients. “Currently, an advisor’s fiduciary duty under the Advisers Act does not vary depending on the type of client served. We do not believe it is appropriate to have different standards for different types of clients. All investors receiving personalized investment advice should benefit from the protections of the Advisers Act fiduciary duty,” the groups’ letter stated.
The groups, in their letter, also called an amendment being put forward by from the American Association of Life Underwriters “particularly harmful.” That amendment, the letter said, “would limit the definition of ‘investment advice’ to situations in which commissions are not part of the fee paid to the services provider.” The groups complained that the amendment “would allow brokers to provide investment advice under the lower suitability standard. It would also restrict the options available to investors by eliminating the ability of investors to receive a combination of fee-based investment advice and commission-based implementation all subject to a fiduciary duty. We urge you to strongly oppose this or any similar amendment that may be offered."
"Six leading industry groups wrote a joint letter to the House Financial Services Committee throwing their support behind a fiduciary duty that would cover all who offer investment advice. The organizations also voiced their concerns that new legislation could weaken the current standard stated in the Investment Advisers Act, the accepted highest standard in the industry today.
The groups, in their letter, also called an amendment offeredby the American Association of Life Underwriters "particularly harmful.”
The letter was written and signed by the CFP Board of Standards, the Financial Planning Association, the Investment Advisers Association, the North American Securities Administrators Association, the National Association of Personal Financial Advisors, and the Consumers Federation of America.
In the letter, the groups urged Congress to add a strong provision to the proposed Investor Protection Act, that would hold all those giving financial advice to the fiduciary duty standard set up in the Investment Advisers Act.
Independent registered investment advisers currently adhere to this standard. A fiduciary must act in the “best interests” of a client. But registered representatives generally rely on the “suitability” standard. That is they can recommend products that are deemed suitable for a client.
The groups pointed to several concerns over the proposed legislation. First, they expressed concern over the phrase in the proposed act that says, “when providing personalized investment advice.” The groups fear that phrase might be used to argue that so-called “hat switching” by brokers is allowed. “By ‘hat switching’ we are referring to the common practice where the same financial intermediary provides investment advice under a fiduciary duty and then executes the recommended transactions under a lower suitability obligation,” the groups said in the letter. “Brokers have consistently sought to limit the fiduciary duty so that it would not apply to the sales recommendations intended to implement the advice.”
Second, the groups, in their letter, pointed to the language requiring rulemaking by the Securities and Exchange Commission that addresses personalized advice to retail clients. “Currently, an advisor’s fiduciary duty under the Advisers Act does not vary depending on the type of client served. We do not believe it is appropriate to have different standards for different types of clients. All investors receiving personalized investment advice should benefit from the protections of the Advisers Act fiduciary duty,” the groups’ letter stated.
The groups, in their letter, also called an amendment being put forward by from the American Association of Life Underwriters “particularly harmful.” That amendment, the letter said, “would limit the definition of ‘investment advice’ to situations in which commissions are not part of the fee paid to the services provider.” The groups complained that the amendment “would allow brokers to provide investment advice under the lower suitability standard. It would also restrict the options available to investors by eliminating the ability of investors to receive a combination of fee-based investment advice and commission-based implementation all subject to a fiduciary duty. We urge you to strongly oppose this or any similar amendment that may be offered."
Tuesday, October 27, 2009
6.6 Million Americans Age 65 or Older Unemployed
The following article was published by Money Management Executive:
While the recession has forced many Americans to delay retirement, one of the hardest hit are those already retired in search of work. There are 6.6 million Americans age 65 or older who have lost their jobs in the recession, 61% more than the 4.1 million unemployed in this age group in 2000, The New York Times reports.
This is five times the number of people in this age bracket who were unemployed in the Great Depression. Making matters worse, many older Americans still owe money on their mortgages.
In terms of percentages, 6.7% of older Americans are out of work. While that’s below the 9.8% national average, it’s far higher than the 1.9% who were unemployed earlier this decade. And among those who successfully find other gainful employ, it takes an average of 36.5 weeks, or more than nine months. That’s 40% longer than other unemployed folks.
According to the Congressional Research Service, the median income for those 65 and older is $18.208, with nearly 25% of this population receiving $11,139 or less a year. The average Social Security benefit is currently $12,437 a year.
This information emphasizes the importance of a financial plan. First, unemployed individuals age 65 and older with written financial plans likely have sufficient emergency funds to support themselves through their job search. Second, individuals who have been guided by a written financial plan are much more likely to have established considerable savings, making finding new employment more a luxury than a necessity.
While the recession has forced many Americans to delay retirement, one of the hardest hit are those already retired in search of work. There are 6.6 million Americans age 65 or older who have lost their jobs in the recession, 61% more than the 4.1 million unemployed in this age group in 2000, The New York Times reports.
This is five times the number of people in this age bracket who were unemployed in the Great Depression. Making matters worse, many older Americans still owe money on their mortgages.
In terms of percentages, 6.7% of older Americans are out of work. While that’s below the 9.8% national average, it’s far higher than the 1.9% who were unemployed earlier this decade. And among those who successfully find other gainful employ, it takes an average of 36.5 weeks, or more than nine months. That’s 40% longer than other unemployed folks.
According to the Congressional Research Service, the median income for those 65 and older is $18.208, with nearly 25% of this population receiving $11,139 or less a year. The average Social Security benefit is currently $12,437 a year.
This information emphasizes the importance of a financial plan. First, unemployed individuals age 65 and older with written financial plans likely have sufficient emergency funds to support themselves through their job search. Second, individuals who have been guided by a written financial plan are much more likely to have established considerable savings, making finding new employment more a luxury than a necessity.
Monday, October 26, 2009
Stocks and Gold Team Up
So far this year, an odd couple has emerged as big winners in the financial market. The Dow Jones Industrial Average is up 14 percent, while gold futures are up 19 percent.
Traditionally, an increase in the stock market reflects a majority bet on an economic recovery, while an increase in gold prices represents a rising fear of instability. Consequently, these two investment options are usually at odds. However, low interest rates and heavy government stimulus have poured cheap money into financial markets, helping stocks. Yet the creation of all that money, together with the Federal Reserve's maintenance of near-zero benchmark interest rates and the prospect of heavy government borrowing to fund deficits, threatens to weaken the dollar and fuel inflation and economic volatility. This, in turn, creates a growing interest in gold.
While many institutional investors place large bets on gold, I believe gold futures should not compose more than 5 percent of a portfolio for an individual who is preparing for or already enjoying retirement. While it's true gold futures have quadrupled to $1,055 a troy ounce from just $250 in 1999, after adjusting for inflation gold would still have to double to $2,291 to reach its 1980 high, indicating this investment has not been a solid long-term investment. If you are interested in gold, be sure to purchase gold futures on a legitimate exchange, not those corny gold coins you see on television.
Of course, these type of investment decisions and building a well-rounded portfolio can get complex, and a financial advisor can help. It's best to speak with an independent fee-only financial planner to make sure your investment portfolio represents your risk tolerance and investment goals before taking any action.
Traditionally, an increase in the stock market reflects a majority bet on an economic recovery, while an increase in gold prices represents a rising fear of instability. Consequently, these two investment options are usually at odds. However, low interest rates and heavy government stimulus have poured cheap money into financial markets, helping stocks. Yet the creation of all that money, together with the Federal Reserve's maintenance of near-zero benchmark interest rates and the prospect of heavy government borrowing to fund deficits, threatens to weaken the dollar and fuel inflation and economic volatility. This, in turn, creates a growing interest in gold.
While many institutional investors place large bets on gold, I believe gold futures should not compose more than 5 percent of a portfolio for an individual who is preparing for or already enjoying retirement. While it's true gold futures have quadrupled to $1,055 a troy ounce from just $250 in 1999, after adjusting for inflation gold would still have to double to $2,291 to reach its 1980 high, indicating this investment has not been a solid long-term investment. If you are interested in gold, be sure to purchase gold futures on a legitimate exchange, not those corny gold coins you see on television.
Of course, these type of investment decisions and building a well-rounded portfolio can get complex, and a financial advisor can help. It's best to speak with an independent fee-only financial planner to make sure your investment portfolio represents your risk tolerance and investment goals before taking any action.
Friday, October 23, 2009
Audit: $636 Million in Bogus Homebuyer's Credit
The following findings were published by webCPA.com:
The First-Time Homebuyer Credit program that kept the housing industry afloat this year also led to hundreds of millions of dollars in fraudulent or erroneous claims.
The program allows a first-time homebuyer to claim a refundable tax credit of up to $8,000. The credit is supposed to expire on December 1, but the real estate and construction industry, and some members of Congress, are pushing to extend and expand the program beyond the cutoff date. However, a new report by the Treasury Department’s Inspector General for Tax Administration (TIGTA) uncovered a widespread amount of fraud or misapplication of the credit.
TIGTA’s report found that 19,351 taxpayers claimed $139.4 million in credits for homes they had not yet purchased, but would allegedly purchase in the future. In addition, 70,005 taxpayers claimed more than $479 million in credits, despite indications that they were not first-time homebuyers. TIGTA also identified 582 taxpayers under 18 years of age who claimed almost $4 million in credits. The youngest taxpayers receiving the credit were four years old.
“Contract law generally exempts children under the age of 18 from being bound by the terms of a contract,” said TIGTA Inspector General J. Russell George in testimony before the House Ways and Means Oversight Subcommittee on Thursday. “Therefore, it is unlikely that these taxpayers would have entered into an arm’s-length transaction for the purchase of a home.”
As of Aug. 22, 2009, over 1.4 million taxpayers have claimed the credit for homes purchased in 2008 and 2009, representing foregone tax revenue of about $10 billion, according to preliminary IRS data cited in a report by the Government Accountability Office. Fifty-nine percent of the taxpayers claiming the credit had an adjusted gross income of less than $50,000 and the credit was disproportionately claimed by taxpayers in the $25,000 to $100,000 AGI range.
If you have questions concerning your eligibility for the credit, it is best to speak with a qualified tax professional or an independent Certified Financial Planner. A fee only financial advisor is also best qualified to help you make good use of the tax credit.
Tuesday, October 20, 2009
Inflation in Check, Education Costs Keep Soaring
According to Joseph Pisani of CNBC News, the cost of attending a four-year nonprofit private college increased 4.3 percent in the 2009-2010 academic year compared to a year ago, bringing the average annual price to $35,636. Meanwhile, over the past 12 months, the Consumer Price Index (a measure of inflation) actually decreased 1.3 percent.Growing at an even greater rate was the cost of going to a public college. Public in-state college costs rose 5.9 percent, bringing the average cost to $15,213. Out-of-state students saw their costs rise 6 percent to $26,741, according to the College Board, a non-profit association of schools, colleges and universities. (All costs include tuition, fees and room and board.)
Interestingly, one reason college costs continue to measurably outpace the rate of inflation is because schools are suffering severe drops in their endowments due in large part to the financial crisis. Some of the largest endowments in the U.S. at places like Harvard, Princeton and the University of Michigan have suffered declines of over 20 percent during the fiscal year that ended June 30, 2009.
Of course, Ben Franklin's word still ring true: "an investment in education pays the best interest." In fact, over a lifetime a high school grad earns an average of $1.2 million, while a college grad earns $2.1 million. Consequently, it is more important than ever to sufficiently plan for college tuition costs. Speak to an independent fee-only financial advisor to ensure you are taking the right action to be sure you are ready when your student is ready.
Monday, October 19, 2009
Educational Workshop - November 12
Attend this free educational workshop to learn about the latest strategies to prepare for and succeed during retirement. - Determine if you still have enough money to retire
- Find a trusted advisor - discover fee-only planning
- How investment policy statements protect you
- Common hidden costs that deplete your nest egg and what to do about them
- Opportunity knocks - is a Roth IRA conversion right for you?
Hosted by Net Worth Advisory Group, a fee-only (no commission) financial planning firm specializing in helping clients prepare for retirement.
Thursday, November 12
7:00 PM
SLCC Miller Campus
MFEC Building, Room 223
9750 South 300 West
Sandy, UT 84070
View Map
To reserve your spot in the class please contact:
Lon Jefferies
Net Worth Advisory Group
801-566-0740
lon@networthadvice.com
http://www.networthadvice.com/
Friday, October 16, 2009
"Roth IRA Conversions" - Utah CEO Magazine
I wrote an article appearing in the October issue of Utah CEO Magazine which describes the benefits and drawbacks of converting your traditional IRA to a Roth IRA. The article, titled "Roth IRA Conversion: Is it Right for You?" explains the new rules governing these conversions, the special tax opportunity presented by these conversions in 2010, and the protection offered by these conversions in the event the market declines. Swing by a news stand and pick up a copy. Of course, any feedback is welcome.
As always, its best to speak to an independent fee-only financial planner to learn how to best apply this strategy to your situation.
As always, its best to speak to an independent fee-only financial planner to learn how to best apply this strategy to your situation.
Monday, October 12, 2009
Investment Performance vs. Peace of Mind
One of my clients is a State employee, and has his 401(k) invested with Utah Retirement Systems (URS). I'm a big fan of URS -- their funds have a history of outperforming the market, and they keep expenses at a minimum.
While preparing for my six-month review with this client, I thought it would be interesting to compare the investment performance my client's 401(k) has achieved at URS with the performance of his IRA managed by Net Worth Advisory Group. Unfortunately, this individual has only been one of my clients for a little over a year, so for now, I can only compare performance during that time period. Below is a table comparing investment performance of various asset classes from 10/10/08 to 10/09/09:
First, it looks like the funds managed by Net Worth Advisory Group had a pretty good year. Of course, one should not place much emphasis on one-year performance, and past investment results are not an indicator of future investment success. Investment results will fluctuate over time, and I told this client to not expect such favorable comparisons going forward. Frankly, my goal is to produce results that, after subtracting fees, are comparable to the market. My client was surprised by this comparison, and until I brought it up, I'm not sure he could have cared less.
The real point here is that most of my clients view superior investment performance as nothing more than a nice bonus. At the end of the day, clients hire me, retain my services, and refer me to their friends and family because they truly value the peace of mind that comes with knowing they have a passionate financial professional who is always looking out for their best interest. The six-month reviews I conduct means my clients always know exactly where they stand in relation to their retirement goals, and consequently, they have one less thing to worry about. The bonus provided by great investment performance is simply that clients may reach these goals sooner than anticipated.
While preparing for my six-month review with this client, I thought it would be interesting to compare the investment performance my client's 401(k) has achieved at URS with the performance of his IRA managed by Net Worth Advisory Group. Unfortunately, this individual has only been one of my clients for a little over a year, so for now, I can only compare performance during that time period. Below is a table comparing investment performance of various asset classes from 10/10/08 to 10/09/09:
First, it looks like the funds managed by Net Worth Advisory Group had a pretty good year. Of course, one should not place much emphasis on one-year performance, and past investment results are not an indicator of future investment success. Investment results will fluctuate over time, and I told this client to not expect such favorable comparisons going forward. Frankly, my goal is to produce results that, after subtracting fees, are comparable to the market. My client was surprised by this comparison, and until I brought it up, I'm not sure he could have cared less.The real point here is that most of my clients view superior investment performance as nothing more than a nice bonus. At the end of the day, clients hire me, retain my services, and refer me to their friends and family because they truly value the peace of mind that comes with knowing they have a passionate financial professional who is always looking out for their best interest. The six-month reviews I conduct means my clients always know exactly where they stand in relation to their retirement goals, and consequently, they have one less thing to worry about. The bonus provided by great investment performance is simply that clients may reach these goals sooner than anticipated.
Thursday, October 8, 2009
Why Fiduciary Matters More Than Ever
Today, I attended a National Association of Personal Financial Advisors (NAPFA) study group revolving around ethics. Our guest speaker was Connie Nowland, who is the Market Conduct Examiner for the State of Utah Insurance Department.
Mrs. Nowland shared many cases that intensify how proud I am to be a fee-only financial advisor who accepts a fiduciary responsibility to always act in the best interest of my clients. Everyone has heard these types of stories: the insurance salesman who convinced a couple in their 70's to take out a home equity line of credit on their paid-off home so they can purchase the annuity he was selling (the couple has now lost their home), or the annuity salesman who sells products with a 22-year surrender period attached to them, completely removing the liquidity from the investment.
(On a side note, Connie made clear that Utah State Law changed in 2002 making it illegal to sell an annuity with a surrender period exceeding 10 years and the surrender charge must decrease by at least one percent per year. Thus, if anyone tries to sell you an annuity that doesn't meet these requirements, REPORT THEM!)
However, the most alarming news communicated in the meeting is how understaffed Utah's Insurance Department is. Most financial advisors do not accept a fiduciary responsibility to their clients. These financial planners are held only to a suitability standard, meaning they must make recommendations that are suitable for their clients (a dramatic difference from always doing what is best for clients). I always took comfort in knowing that consumers at least had regulatory agencies keeping a close eye on these salesman, but here is the real shocker: according to Mrs. Nowland, the State of Utah has never prosecuted anyone for violating the suitability standard. Regulators are simply too understaffed to enforce these compliance issues.
Clearly, a home equity line of credit was not a suitable recommendation for the couple in their 70's, but the insurance salesman who took advantage of these people was never punished. This would suggest that although most financial planners and consumers believe regulatory agencies will ensure the advisors they work with are acting within the law, the current environment is accurately described as "buyer beware." Consequently, it is more important than ever to work with an independent fee-only financial advisor who gladly accepts a fiduciary responsibility to always act in the best interest of their clients.
Mrs. Nowland shared many cases that intensify how proud I am to be a fee-only financial advisor who accepts a fiduciary responsibility to always act in the best interest of my clients. Everyone has heard these types of stories: the insurance salesman who convinced a couple in their 70's to take out a home equity line of credit on their paid-off home so they can purchase the annuity he was selling (the couple has now lost their home), or the annuity salesman who sells products with a 22-year surrender period attached to them, completely removing the liquidity from the investment.
(On a side note, Connie made clear that Utah State Law changed in 2002 making it illegal to sell an annuity with a surrender period exceeding 10 years and the surrender charge must decrease by at least one percent per year. Thus, if anyone tries to sell you an annuity that doesn't meet these requirements, REPORT THEM!)
However, the most alarming news communicated in the meeting is how understaffed Utah's Insurance Department is. Most financial advisors do not accept a fiduciary responsibility to their clients. These financial planners are held only to a suitability standard, meaning they must make recommendations that are suitable for their clients (a dramatic difference from always doing what is best for clients). I always took comfort in knowing that consumers at least had regulatory agencies keeping a close eye on these salesman, but here is the real shocker: according to Mrs. Nowland, the State of Utah has never prosecuted anyone for violating the suitability standard. Regulators are simply too understaffed to enforce these compliance issues.
Clearly, a home equity line of credit was not a suitable recommendation for the couple in their 70's, but the insurance salesman who took advantage of these people was never punished. This would suggest that although most financial planners and consumers believe regulatory agencies will ensure the advisors they work with are acting within the law, the current environment is accurately described as "buyer beware." Consequently, it is more important than ever to work with an independent fee-only financial advisor who gladly accepts a fiduciary responsibility to always act in the best interest of their clients.
Tuesday, October 6, 2009
Educational Workshop - October 15th
Attend this free educational workshop to learn about the latest strategies to prepare for and succeed during retirement.
- Determine if you still have enough money to retire
- Find a trusted advisor - discover fee-only planning
- How investment policy statements protect you
- Common hidden costs that deplete your nest egg and what to do about them
- Opportunity knocks - is a Roth IRA conversion right for you?
Hosted by Net Worth Advisory Group, a fee-only (no commission) financial planning firm specializing in helping clients prepare for retirement.
Thursday, October 15
6:00 - 7:00 PM or 8:00 - 9:00 PM
SLCC Miller Campus
MFEC Building, Room 223
9750 South 300 West
Sandy, UT 84070
View Map
To reserve your spot in the class please contact:
Lon Jefferies
Net Worth Advisory Group
801-566-0740
lon@networthadvice.com
http://www.networthadvice.com/
Citi Personal Wealth Management Goes Fee-Only
Paul Menchaca announced the following story earlier today:
"Citi Personal Wealth Management is shifting its investment advisory model to a fee-only service and plans to work with RIAs in an effort to broaden its geographic coverage, the company announced today. The company plans to eliminate commission-based compensation by 2011, while also transitioning Citi Personal Wealth Management advisors to function solely as investment advisory representatives.
“Citi is in advanced discussions with some of the nation’s top independent RIA businesses and expects to announce agreements in select markets in the near future,” said Deborah McWhinney, head of Citi Personal Banking and Wealth Management. “Over the next several months, we will announce the formation of Citi Personal Wealth Management Investment Advisor teams comprising many of our top in-house financial advisors. We also expect to recruit advisors at other firms who are considering becoming independent investment advisors, as this will be an appealing alternative for many of them.” McWhinney has contacts throughout the independent RIA community owing to her past position as head of Schwab Institutional, the largest custodian for independent RIAs.
Clients will be able to work with a team of Citi’s own investment advisors—who will act as fiduciaries—or they can work with Citi Personal Wealth Management’s National Investor Center where they can choose securities or advisory products “on a self-directed basis or after seeking advice from a ‘coach-on-call.’” Terry Dial, head of North America Consumer Banking and Global Consumer Strategy, said the investment advisory model “is where the market is headed and it will help us offer clients greater flexibility, transparency and meaningful investment choices.”
I believe it is encouraging to see the larger firms recognize the importance of committing to a fiduciary responsibility to their clients. It's also encouraging that the larger firms in the financial service industry are realizing that fee-only is the best way to meet client needs. However, this transition will not take place until 2011, which indicates that most major firms in the industry, although moving in the right direction, are still a long way from placing the client's best interest as the top priority.
Friday, October 2, 2009
US Employment Levels
This chart provides some perspective on the US job market. The Labor Department reported that nonfarm payrolls decreased by 263,000 in September. Note how the number of jobs has steadily increased over the long-term. During the last economic recovery, however, job growth was unable to get back up to trend (first time since 1960). More recently, nonfarm payrolls have pulled away from its 50-year trend by a record percentage. In fact, the number of US jobs is currently at level first seen in early 2000.
Thursday, October 1, 2009
Free Financial Knowledge
I wanted to pass along a great website someone pointed out to me: http://www.personalfinance.byu.edu. The site teaches free online courses on personal finance matters ranging from using credit wisely, to building an investment portfolio, to understanding Social Security. Of course, the level of detail provided is no substitute for a visit with an independent fee-only financial advisor, but the site would be a great resource for anyone looking to expand their financial knowledge. If your just starting a family, looking to get on your feet financially, or simply enjoy learning, the site is worth visiting.
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