Planning

 
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You may think that breaking up with your financial advisor is a crazy idea, but believe me it’s not as off-kilter as you think. Especially, if you’re like many people who hire a financial advisor then never revisit the decision you made until it’s time to retire. Or maybe you inherited your financial advisor due to a death or other life situation and have just left the investments in their care. Inertia is one of the most difficult forces to overcome.

 While your financial advisor may have had your best interest in mind when you first hired them, they may not actively monitor your account to keep pace with the economy and with investment vehicles that may serve you better as your life and circumstances change. If you inherited the advisor, you may find that the person you inherited them from had not looked into their investments in some time.

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While breaking up with your financial advisor may not have all the legal complications of ending a marriage, it can be an agonizing decision to make. Especially if you’ve been in a long-term relationship with your financial advisor and you’ve discovered he or she has not really had your best interests at heart.

According to a recent survey by Spectrem Group, 4 to 6% of U.S. investors change financial advisors in any given year. A variety of reasons are attributed to the ending of these relationships. High on the list are major life events such as death, divorce or inheritance, as well as lack of communication and frustration with complex or hidden fees.

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Are you aware of how 401k plans came into existence? Most people are not. The fact is they came about by accident when a benefits consultant read a sentence in the government’s Revenue Act of 1978 regarding deferred compensation. This astute consultant took it upon himself to inquire whether the statement would apply to all compensation. When the answer was in the affirmative, the 401k Retirement Savings Plan was born.

In 1985, there were a mere 30,000 401k plans. By 2013 that number had soared to 638,000 plans with 89 million plan participants. The 401k Plan is without question the most popular vehicle for retirement savings.

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401K Plans have traditionally been used as incentives to lure and keep employees. They have become increasingly popular with large corporations as well as small, to mid-size businesses. However, the Supreme Court is looking more closely at corporate 401K plans. The end result could be more profitable for the participating employees and a potential sticking point for employers.

The reason the Supreme Court is looking into two separate cases regarding 401K plans is to determine the responsibility employers have to provide good plans. For instance, there are many different share classes, some of which are far too expensive and may not offer employees the most beneficial return on their investment. Most employers, once they’ve signed off on a company 401k plan, will rarely, if ever review that plan again. Even though the economy goes through its ups and downs, no one is monitoring the 401k to determine whether or not it is up to snuff.

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In 2013 I decided to start looking for ways that Forest Hills Financial could be more involved in a local organization.  One that could speak to all of my advisors, employees, and clients.  I knew that we were all individually working with and supporting, both financially and through volunteerism, multiple charities.  I wondered...how much of an impact could we make if we started to change our focus and commit to collectively supporting one charity? By late 2013, we decided that for 2014 and beyond that charity would be Kids’ Food Basket. 

Kids’ Food Basket has the accessibility I envisioned for my advisors, employees, and clients. They can all be hands on. Kids' Food Basket offers numerous outlets to get involved in, from volunteering time, packing Sack Suppers, bringing a Wish List food item to a client event, or giving a monetary amount if they choose. 

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