This past year, the Securities and Exchange Commission (SEC) changed their definition of what it means to “have custody” of client assets again. Now, it appears that investment advisors who are allowed to transfer the required minimum distributions (RMDs) from a traditional IRA to the same client’s joint account with his or her spouse are deemed to “have custody” of client assets. This is because while the advisor considers the husband and wife’s assets jointly, the SEC may views the husband and wife individually. With this individualistic view, the advisor is transferring money into the control of a third party …Read More
Every once I a while I will be asked to give my opinion on some logical steps to take when pursuing a financial planning career. This post may be beneficial for individuals who are entering the financial planning profession right out of college or are looking to change careers. Some are steps to take and others are questions to ask yourself and others along the way.
- What is it about financial planning do/would you enjoy? It could be client-facing meetings, technology, back-office work, or a combination. And you may not know until you try your hand at several things. Ask
A Motley Fool article offers the warning “Don’t Retire Unless You Can Answer These 4 Questions” and the questions they outline are good ones. Many of us dream of the day when we can retire but a number of us do not actually plan well for the reality. In the best case scenario, we reach retirement and realize that we have not planned well for our financial or emotional wellbeing and then we quickly make adjustments. In the worst cases, we are forced into retirement earlier than we might have imagined and find ourselves at a loss.
Measuring …Read More