Winning the Financial Advisor “Name Game”

It might make sense to seek advice from a financial professional as you plan for retirement, so you start your research. Unfortunately, this results in a myriad of confusing titles: Financial Consultant, Financial Advisor, Advanced Retirement Specialist, Wealth Manager, Retirement Counselor, Financial Planner and other variations on the theme. It all seems like a name game. Since investments are an integral part to your overall plan, a good approach may be to sort prospective advisors by the legal standard of care to which they are held. Those who are acting as a broker or sales agent are held to a “product suitability” standard. This group typically consists of stock brokers and life insurance agents, whose primary function is that of a salesperson; investment advice is merely incidental to their role.

When Life Happens: Your Children Start Having Children

If you are ready to retire, entering a second career, caring for aging parents, or have adult children, you won’t want to miss our series about the financial implications, opportunities and gotcha’s regarding life challenges. In our last story about James, age 60, a VP and Director at a publicly-held company in Radnor and his wife, Jeanne, age 58, owner of a small Public Relations firm in Wayne, we focused on the pros and cons of remodeling their Main Line home vs. moving to Center City. Now the Carlsons are about to become grandparents and are considering all the financial consequences for themselves, their children, and future grandchildren.

Are You An Empty Nester Planning Your Next Nest?

Meet the Carlsons: James, age 60, is a VP and Director at a publicly-held company headquartered in Radnor, PA. His compensation package includes stock options, restricted stock and deferred compensation, in addition to his base salary and bonus. His wife, Jeanne, age 58, owns a small Public Relations firm in Wayne, PA. She is self-employed. Their three children are out of the house, each with their own personal and financial challenges. As new empty nesters, James and Jeanne are ready to pursue some of the home projects they have talked about for years. Their 30-year-old Main Line home is charming, but will need some remodeling to look fresh to buyers if and when they eventually sell it.

Financial Impact of a Divorce

Once a marriage has broken down and a decision is made by one or both parties to divorce, the impact can be devastating. Devastating not only to the individuals involved, but also to the children, family, friends and employers of the divorcing couple. Divorce not only has a traumatic emotional impact, but a financial impact as well.