Welcome to Asset Oversight
Your Local Resource for Financial Advice
As we go through life there are many financial decisions to be made. And you may want a second opinion on a few of these important fiscal choices. Depending your age and life experiences, the advice you require could range from how to finance a college education to how to retire comfortably or how to get out of debt.
Each of these issues and just about everything money related in between could be managed by, or helped with the consultation of a financial professional. Below we have listed some of the main money expert categories that you may require for assistance. Visit our Locations tab at the top of this page to find a financial pro in your area.
A Financial Expert for Every Stage in Life
If you don’t have the time, expertise or desire to design and manage the important aspects of your fiscal life, professional financial planning may be what you require. A 3rd party, non emotional viewpoint can be of great benefit for important life decisions. Your financial professional will help you to determine and then reach your fiscal goals.
A Financial Advisor can help you to:
• Set sensible fiscal and personal goals
• Determine your financial well being with an accounting of your income, assets, liabilities, taxes burden, insurance situation, estate plan and investment portfolio.
• Devise a practical, complete strategy to meet your monetary goals by strengthening your fiscal deficiencies and building on
financial strong points.
• Get your plan into motion while monitoring progress
• Remain on track with your strategies while adjusting for new circumstances like life stages, market and tax code changes.
A professional Asset Manager’s job is to assist you in managing your financial assets. Their scope of work may include the management of any stocks, bonds, real estate, or any other monetary assets that you own. An asset manager will balance any incurring risk with earnings for your portfolio, with the goal of increasing the value of your holdings. Asset Managers may be independent managers or work for brokerage firm.
Now that you have acquired substantial wealth, you may require assistance in managing your holdings. A Wealth Manager will handle Accounting, Tax, Investment, Financial, Estate, Retirement and Insurance issues for you. Working with your attorney, accountant and insurance agent, your fiscal house will stay in order while dealing with only one professional.
If your goal is to simply grow your financial assets through stocks and bonds, you’ll want to speak with an Investment advisor. Your investment recommendations may include placing funds in securities, stocks and bonds, mutual funds or/or real estate holdings. You’ll collaborate with your financial pro to grow your portfolio based on your risk aversion and goals.
If you haven’t considered your lifestyle level after retirement, you may want to speak with a specialist. A Retirement Planner will help you to establish your post career lifestyle goals as well as providing the strategy to achieve them. You’ll determine your target retirement age, funds required and the sources of your income.
Are you in over your head in debt? If yes, there’s a pretty good possibility that you might want to consider a debt consolidation loan. Debt consolidation loans are simply one of the easiest methods you are able to utilize for getting out from debt. If you would like to roll multiple credit card and loan balances into one loan payment, debt consolidation may be the way to go.
Making Smart Decisions with Money. Create a solid foundation for future wealth. Prepare for Prosperity.
Your formal education is complete. Benefits are accruing from your initial professional positions. It is time to make smart decisions about the money you earn. Life does not allow for any “do-overs”. It is time to create a solid foundation for your future financial security.
A trusted Financial Planner will guide you to make informed decisions. Examples include:
Am I saving enough? Is my emergency fund adequate?
Should I accelerate paying off student loans?
Should I rent or own a home?
How much should I contribute to my retirement plan at work?
What type of investments are appropriate for me?
We can connect you with wealth advisors qualified to assist with your learning sound principles of financial management. Our mission is to guide you toward success.
Your Financial Advisor will create a financial plan to take you from where you are today, to where you desire to be in 5, 10, or 20 years. Acting as your accountability partner, we walk with you toward implementing strategies necessary for success.
Financial Plans Built for the Individual
At Asset Oversight, we understand your financial planning and investment needs dictated by your personal circumstances. You dictate your own individual goals and objectives. You require an advisor relationship that puts your interests first and offers proven experience.
Committed to establishing a win/win relationship with your advisor serves as your financial guide. From individuals just starting to invest or to ones transitioning to retirement, they can help you create a plan appropriate for your lifestyle.
Most Financial Experts offer:
Comprehensive Planning: For clients requiring integrated financial services (e.g., retirement, investment portfolio, estate planning, etc.)
Investment Management: For clients requiring investment portfolio assistance with access to long-range planning and analysis
Legal Pad Financial Plan: For clients requiring immediate help/feedback to begin their financial planning
Investment Advice not Sales: The financial planning firm, should promote an investment strategy driven by your goals and capacity for risk. They need not rely on the latest, heavily promoted Wall Street investment trend. Investing without a plan is like going on a trip without a map; you’ll eventually get there, but not without detrimental detours.
Discover how to simply your financial life
To help you define your plan, we’ll identify strategies specific to your circumstances within these core areas:
- Life Values and Goals
- Cash Flow Planning
- Retirement Income Planning
- Risk Management and Asset Protection
- Asset Allocation Strategies reflecting your goals
- Investment Review and Planning
- Education Planning
- Tax Planning
- Estate Tax Planning
One of the main questions that people often ask us is whether they actually need to use a financial advisor. The short answer is an emphatic, YES!
Just like you need a lawyer to create a will or a doctor to check your health, you need a financial advisor to help you plan and prepare for your financial future. The main thing you need to realize about hiring a financial advisor is that, you may not even realize that you need one, however, it is recommended that you let the advisor inform you of your current financial status rather than procrastinating and waiting too long.
The best thing you can do is to start your financial plan as early as possible. One of the biggest mistakes is thinking that you can do everything yourself because, when it comes to your personal financial planning, making a mistake early on can potentially have devastating long term effects. Therefore, it is extremely important that you at least get a professional opinion in the early stages of your planning.
While everyone’s financial situation and goals are different, there are some very common life events that occur in most people’s lives where a financial advisor is recommended to give advice. Accordingly, I will try to provide you with some of the scenarios that will make the most sense for when a financial advisor is needed. Let’s take a look at some of these scenarios now.
Scenario #1 – You just got married (or are already married)
Once you get married, it is highly recommended that you consult a financial advisor to start getting your short term and long term financial plans in order. One of the most immediate financial planning needs when you are married is to get adequate life insurance coverage, especially if you have kids (which will be discussed further below).
The amount you need is based on a variety of factors which an advisor can help you calculate. In addition to life insurance, there are other basic planning needs which will need to be discussed, such as retirement planning, establishing an emergency fund, and disability insurance. Again, everyone has different long term and short term goals. Accordingly, a financial advisor can help you start planning for those goals right away.
Scenario #2 – You changed jobs
The average American changes jobs 7 times in their lifetime. With most jobs, you will most likely be investing into a 401k or similar retirement savings vehicle through your employer. Each time you change a job, it is recommended that you rollover your old 401k into an IRA. If you do not, then your retirement investments will remain with your employer program.
Therefore, if you change jobs several times, you are going to have investments all over the place and you will have limited control over the investment choices. An advisor can help you rollover your old retirement plan into your own IRA to make your investments more efficient and to give you total control over the investment choices.
Scenario #3 – You are approaching retirement or already retired
Hopefully you have already been planning for retirement at an early age and properly prepared. But whether you have or haven’t, planning does not stop when you reach your glory years. The #1 fear for retirees is running out of money. This is a very real and problematic issue, especially as we are living longer on the whole. In addition, the way you should be investing your money is quite different compared to when you were in your 20s and 30s.
For example, you may not want to be exposed to the swings of the stock market if you are relying on your investment money for monthly income. An advisor can help you calculate your income needs and put together a plan based upon your fixed and variable income streams to give you a real idea of just how much money you withdraw on a monthly basis while in retirement. There are many other planning considerations as well in retirement, especially in regards to estate planning, for which your advisor and attorney can work hand in hand.
Scenario #4 – You just had a new baby
Congrats! While this is an extremely happy time in your life, you need to sit down ASAP with a financial advisor. First, life insurance coverage is a must, so you will need an advisor to calculate the proper amount of coverage, as well as the right type of insurance (there are several kinds) for you and your family.
In addition, unless you have not noticed, costs for college, let alone private schools, are rising dramatically year by year. If you want to start planning to pay for these costs, the sooner you start the better. There are specialized investment vehicles for college savings as well, such as 529 plans, that an advisor will need to setup and manage on a yearly basis, as the investments within these plans needs to adjust the closer you get to the goal date.
Scenario #5 – You are starting or already own your business
Owning your own business is one of the most difficult, yet rewarding things you can do in your life. To run the most successful business, certain steps need to be taken in regards to the financial planning for that business. Such steps include employer benefits and buyout agreements for the owners of the business. Without proper insurances, a business can be destroyed. A financial advisor can prevent that from happening, as well as help the business flourish even more.
These are just some of the main scenarios where you will need the assistance of a financial advisor, as there are many more life events that call for the help of a financial advisor. The fact of the matter is, we all need the assistance of a financial advisor at some point, even just to help us plan for retirement, which is something that every person in the world will face at some point. The question is, “Do you want to be prepared for retirement and live comfortably on your savings? Or, do you want to continue to have to work in retirement because you did not start planning early enough, and ultimately, are left with an inadequate amount of savings to comfortably retire?”
Financial Planning & Investment Adviser FAQ:
What is an investment adviser?
Investment Advisers, either individually or as a firm, are in the business of providing advice about securities to clients. The adviser gets compensated for providing guidance on investments like mutual funds, stocks, bonds, ETFs and managing securities portfolios.
Are Investment Advisers and Financial Planners the same?
Many financial advisers are investment advisers as well but investment advisers are not necessarily financial planners. Most financial advisers will evaluate all areas of your fiscal life, comprising investments, savings, insurance policies, taxes, retirement, and even estate planning. They will then create and implement a strategy to help you reach your financial goals.
Some individuals refer to themselves as financial planners, but may only be able to offer you small range of investment products and some of those are not even securities.
Note: Prior to hiring a financial professional, you’ll want to know the exact services you need, if the the professional offers them and any restrictions on what they can recommend. Also inquire as to what services you’re purchasing, what they cost, and how the professional gets paid.
What questions should I ask a potential investment adviser or financial planner?
What is your experience, ideally with individuals in my scenario?
What is your training and recent employment history?
Do hold any licenses? If so, are you registered with the SEC, a state etc.?
What financial services and products do you offer?
Are you limited to a number of products or services to me? If so, why?
In what manner are you paid? Do you charge an hourly rate, flat fee, or commission?
Has the government or regulatory agency disciplined you for unethical or improper conduct? Have you been sued by a client?
If you are a registered investment adviser, may I see a copy of both parts of your Form ADV?
If possible, you’ll want to meet potential advisers in person to see if you are a fit. While there are many professionals who can create a strategy and manage your finances, do your homework before choosing. Finally, check out your chosen professional with your securities regulator.
How are investment advisers compensated?
Prior to hiring any financial professional, be it an investment adviser, stockbroker, a financial adviser, make sure you understand how they get paid. Investment advisers are usually compensated in any of the following manners:
Paid by a fixed fee
Paid by percentage of the value of the assets they manage for you
Paid by hourly fee for the time they spend on your portfolio
Paid by a commission on the securities they sell
Note: Each of the payment methods have pros and cons, depending on your requirements. Before deciding on an adviser, inquire as to how the compensation differences will affect you, if the fees are negotiable and for a few options.
Are investment advisers required to register with the SEC?
Depending firm size, investment advisers must register with either the state securities agency where they have their principal place of business or the SEC. Generally, investment advisers who handle $100,000,000 plus in client assets have to register with the SEC. Managing less than $100 million, it’s the state securities agency.
If an investment adviser has a disciplinary history, how would I find out?
A form called “Form ADV.”is filed by most investment advisers with either the SEC or a state securities agency, depending on the amount of assets they manage.
The Form ADV has two parts. Part 1 shows whether they’ve had problems with regulators or clients as well as info about the adviser’s business. Part 2 describes the adviser’s fees, services and strategies. Always ask for, and carefully read, both parts of Form ADV before hiring an adviser.
Do investment advisers need credentials?
A: Many investment advisers and financial planners have credentials, like CFP, CFA (chartered financial analyst) but there is no law that requires the credentials. Some states do require advisers to take and pass a proficiency exam and/or meet other requirements.
What a Financial Adviser can do for you:
Set practical, achievable financial goals
Determine your current financial status by considering your income, assets, liabilities, investments, insurance, taxes, and estate plan
Design a sensible, complete strategy to meet your financial goals by fixing your fiscal weaknesses and building on financial strengths
Set your plan into motion and monitoring progress
Adjust your strategies to meet new challenges like marital status, births, deaths job loss etc.