Thursday, October 21News That Matters
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Tag: OpEd

Op-ed: There’s an increased demand for financial advice. Are advisors up to the challenge?

Finance
Jamie Grill | The Image Bank | Getty ImagesThe financial uncertainty created by the global pandemic has made an impact on Americans of all generations and income levels.Even as the economy starts to show signs of recovery, too many Americans are still unemployed, and the uncertainty over the shape of economic recovery lingers. For some, that is translating to concerns around whether a secure retirement will be possible. For others, it is causing anxiety about the attainability of basic financial goals, such as buying a new home or sending a child to college.And for many younger Americans, it is raising questions about the impact of the pandemic on their lifetime earnings potential and what that means for their longer-term financial security.More from FA Playbook:Here's a look at other stor...

Op-ed: Here are some safe money moves investors should make now

Finance
fstop123 | E+ | Getty ImagesDespite concern over rising bond yields, many investors see today as the best of times.The economy is growing and should get stronger as stimulus checks and child-care tax credits help millions of American families. More people are getting vaccinated daily, raising the prospect of a more open economy.  And, at least for now, inflation and interest rates remain low.Given this scenario, how should investors play the rest of the year?I believe that investors cannot actually time the market, no matter the economy's strength or the valuation of the stock market. Instead, through thick and thin, you stick to the same, solid diversified financial plan initially created to build financial independence.More from FA Playbook:Here's a look at other stories impacting t...

Op-ed: The movie ‘I Care A Lot’ can teach us how to prevent elder financial abuse

Finance
Rosamund Pike accepts the Best Actress in a Motion Picture, Musical/Comedy, award for "I Care a Lot" via video from Ben Stiller at the 78th Annual Golden Globe Awards on Feb. 28, 2021 in New York.Peter Kramer/NBC | NBCUniversal | Getty ImagesThe Netflix movie "I Care A Lot" provides insight on how to protect the elderly from being targeted by financial scammers.The movie stars actress Rosamund Pike, who plays devious and conniving businesswoman Marla Grayson. She makes a living by convincing the legal system to grant her guardianship over seniors, and she pretends they cannot take care of themselves.With this new legal power over her clients' finances, Grayson drains their bank accounts and pockets any valuables for herself. Up against her quick-witted legal jargon, no one can come cl...

Op-ed: Families should plan to negotiate with colleges for more financial aid due to pandemic

Finance
recep-bg | E+ | Getty ImagesSpring typically represents a new beginning, a fresh start and a bright outlook for the future. This also indicates that the time is approaching for hundreds of thousands of high school seniors to decide on what college they will be attending.As a wealth advisor and parent of one of those upcoming high school graduates, this is on my list personally and something we have been planning for a long time. These plans have been complicated by the pandemic and all its impact. However, at the same time, they may present a unique opportunity for the class of 2021.Right now, colleges have been impacted financially due to the pandemic and are focused on maintaining their enrollments with the upcoming class.Many people do not even realize that negotiation is a possibility....

Op-ed: You’ve been asked to invest in a private venture. Here’s when to say ‘yes’ and when to walk away

Finance
Tetra Images | Tetra images | Getty ImagesA few years ago, I had a client tell me he invested in a fancy bowling alley — the new party hot spot in town. It's since shut down. Another client shared that he joined the board of a start-up and they're looking to raise capital. He wants to figure out the right dollar amount to invest.High-net-worth investors are approached often to put their money into a private company looking to grow. The offers come in all shapes and sizes: Small companies need capital to expand, start-ups often need several rounds of financing, and friends or family members with a "Shark Tank" type idea want to make a run at creating their dream.These investment ideas often sound exciting and exclusive and seem to hold the potential for much higher returns than a traditiona...