5 Considerations for Choosing a Financial Advisor

In this show, we’re going to cover 5 things you need to consider when hiring a financial advisor.

We must first start by defining the role of a financial advisor. That’s likely to be different for you than it is for your neighbor, since different people want different things from their advisor. The one thing all advisors should have in common though is that they should be the voice of reason who keeps you from panicking and overreacting.

Here are 5 things to think about when choosing an advisor:

1. the different types of financial advisors
2. areas of expertise
3. the size of the firm (bigger is not always better)
4. the qualifications and experience of the advisor
5. how do you feel about the developing relationship

Listen in as we go into detail about each one.

Fedcoin and FedNow Basics

If you’ve never heard of Fedcoin and FedNow or are confused about what these terms mean, this will be a good tutorial to listen to.

The term “Fedcoin” is derived from the combination of “Federal Reserve” and “coin” to represent a digital version of the US dollar. The concept of Fedcoin has been discussed and explored by economists, researchers, and policymakers as a potential form of central bank digital currency (CBDC) that would provide a secure and efficient digital payment system.

The “FedNow” service is designed to enable individuals and businesses to make instant, round-the-clock payments, which means funds would be available for use almost immediately after a transaction is initiated. The FedNow system will operate 24/7, 365 days a year, and will facilitate the transfer of funds between financial institutions in a secure and reliable manner.

Listen in for further details and explanation.

Swinging into Retirement: How Golf Compares to Life’s Next Chapter

I had the privilege to attend the US Golf Open in Los Angeles recently and as the game of golf was of course on my mind, I realized that there are quite a few parallels that can be drawn between golf and retirement. Here are 9 similarities between them:

1. transition and preparation
2. enjoyment and leisure
3. skill development and adaptation
4. goal setting and personal growth
5. resiliency
6. positive mindset
7. willingness to make changes
8. persistence and practice
9. flexibility and adjustments

Listen in.

Gold, Silver and Stocks – The Inflation Hedge Dilemma

We get a lot of questions lately about precious metals and whether or not it’s better to invest in them vs. stocks in order to keep ahead of inflation. The good news is that inflation has come down recently for the first time in over a year, but the inflation that has already happened is here to stay.

What should we do to fight it? Are gold and silver better inflation hedges than stocks? We start by defining what an inflation hedge is – an investment that aims to protect the value of your money against inflationary pressures which erode the power of your money over time.

Listen in for our thoughts as we compare precious metals and stocks.

Shielding Your Finances: 8 Proactive Steps to Prepare for a Recession

Are we back into a bull market or do we have a recession looming around the corner? There are many experts on each side of the coin. If we do face a recession in the coming years, how do we best prepare for it? Here are 8 steps to take:

1. diversifying (not just within an asset class, but among asset classes)
2. maintaining an emergency fund
3. focusing on investing for income
4. staying flexible and adaptable
5. continually monitoring and adjusting your retirement plans
6. sticking to your long-term strategy
7. taking care of yourself physically and mentally
8. spending time in prayer and meditation

Listen in.

2 Listener Questions about Estate Planning

Estate planning goes hand in hand with financial planning as part of a well-rounded strategy to ensure your golden years are as stress-free as possible. As an attorney specializing in estate planning, I often get questions on this topic from listeners and in this show we answer two of them.

1. Carl wrote in asking, “my Advanced Health Care Directive is over 20 years old, should I have it redone?”

The new HIPAA laws were enacted in 2004 and any powers of attorney for health care drafted before that should definitely be redone. Without a current document, doctors are not allowed, by law, to give information about the patient in their care, even if it’s a close family member. It’s actually a prudent idea to update advanced health care directives every 5 years or so. If you’re in the hospital, the older the document is, the less likely the doctors are to accept it, especially if there are a few different family members giving them conflicting information.

Also, don’t forget about children and grandchildren if they’re over 18 years old – they need advanced health care directives too.

2. Jessica asked, “I have an A/B trust from 2007 and I’ve never updated it; my net worth is around $3M; with the estate tax exclusion being as high as it is, do I still need an A/B trust?”

Listen in for the answer and explanation.