Things All Financial Advisors Should Keep In Mind

Money management can seem pretty straightforward — customers set goals, and financial advisors help them meet those goals. But things aren’t always so simple. Emotions, family situations and the client’s financial standing can pose challenges for financial advisors if they’re not prepared. “Every individual is unique, and makes decisions about investing and wealth management influenced by their emotional makeup,” says wealth management adviser Chris White. “Financial advisors need to understand the emotional factors that drive their clients’ behavior, and their attitudes about risk-taking and money management. If they do, they will be better able to fashion wealth management plans that are suited to an individual client’s personality, temperament and risk-tolerance.” Here are some things to keep in mind. Plan for a Solo Life, as Well as Marriage Married couples who start financial planning generally don’t give any consideration to the chance of divorce, even as a remote contingency, says registered …

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Don’t Miss These Year-End Retirement-Planning Deadlines

It’s not too late to ensure that your retirement planning is on track to maximize tax savings before the end of 2017. Understanding end-of-year deadlines can help you maximize your tax savings as well as prepare for another year of saving. “Tax planning should really start in January, not in November or December,” says Randall Luebke, a financial planner at Lifetime Paradigm. “That said, if you do wait, be sure to do everything you can to reduce the taxes you pay.” Now is the time to accelerate your tax-deductible expenses and put off receiving taxable income. Here are some tips. Consider Roth Accounts If you’ve been thinking about converting a traditional IRA to a Roth IRA, it’s a good time to make a decision and act because you must file forms by the end of the year. With Dec. 31 falling on a Sunday in 2017, experts recommend aiming for …

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