Financial Planning

Your review meetings with your financial advisor should be about a lot more than your portfolio. Anyone can review investments and tell you why they went up or down. That service alone is not often worth the price of admission.

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

In times like these, you may be feeling that you can’t trust anyone. Understood. But also in times like this, everyone with a pulse is chirping in your ear about something.

Our everyday lives have changed dramatically over the last few weeks as we work together to minimize the impact of the COVID-19 pandemic. We know these efforts are necessary, but they also have come at a cost.

It’s usually a sad, tragic story, like a pre-mature and uninsured death, permanent disability, substance abuse or a nasty, financially depleting divorce. Whatever the cause, your life changes when you went from a retirement minded grandparent to the primary caregiver for grandchildren. To accommodate these changes, you may want to alter your financial plans.

No one enjoys headlines that make you shiver, except for the broadcast networks themselves. Recent market declines are based on the fear of the unknown, which translates to everyone’s own interpretation of the financial consequences of the economic slowdown due to the coronavirus. Thinking we may be in store for a prolonged decline may be overblown, but they feel pretty darn real in the short term as you are watching the values of your portfolio decline.

By: John P. Napolitano, CFP®, CPA, PFS, MST

For the past two years, we’ve heard the word Fiduciary used frequently. In short, a Fiduciary is one who acts on behalf of another with the obligation of good faith and trust. Naturally, most people with an advisor generally think that their personal financial counselors(s) are fiduciaries and act in their best interests. Unfortunately, as the person often in the seat of evaluating the work of others, I can say that this isn’t always the case.

By: John P. Napolitano, CFP®, CPA, PFS, MST

Most people have a cadre of professionals that surround them. These professionals typically include an accountant, attorney, investment person, insurance person, banker and whomever else is needed to service your personal financial issues. What continues to shock me is the tolerance that people have for professionals who are either incompetent or lackadaisical about serving their clients’ needs.

By: John P. Napolitano, CFP®, CPA, PFS, MST

 

Most Americans are conditioned to postpone the payment of income taxes for as long as humanly possible. Yet for some, this desire to postpone could end up costing you more in the long run.

By: John P. Napolitano, CFP®, CPA, PFS, MST

By: John P. Napolitano, CFP®, CPA, PFS, MST

Family and money are not the easiest conversations to have – especially when gathering for a family occasion or holiday. Nevertheless, these conversations are appropriate, and should be had if you are curious and looking to be helpful.

This conversation should happen with family members that you care about. Let’s start up the family tree with parents. Sometimes older generations don't want to talk about money at all. But these are questions that must be asked, regardless of their willingness to answer.