A wealth manager is a type of financial advisor who typically works with high net-worth individuals and provides a wide range of financial services, including asset management, financial planning, estate planning and much more. Since wealth manager is not a technical term, it’s especially important to take the time to find out exactly what the relationship will look like before choosing a wealth manager to work with. 

A wealth manager is a type of investment advisor who typically works with high net-worth individuals, but what does a wealth manager do? Typically, a wealth manager provides comprehensive financial services, including asset management, financial planning, estate planning and much more. While a wealth manager is a generally accepted term, there is no specific definition, which means the services offered may vary. Here are a few of the key services you can expect a wealth manager to provide and how they can help you build your wealth. 

In a perfect world, nearly everyone would work with a financial advisor, but in the real world, this isn’t always possible. The right time to hire a wealth manager is when your financial situation reaches a level where not working with an advisor could actually cost you more. Here are five signs you’ve probably reached that point.

As retirement plan advisors, we understand that as pension plans in the private sector become less common, the retirement pension plan for federal employees remains an attractive retirement option. If you’re a federal employee or considering becoming a federal employee, here are the basic elements of the Federal Employee Retirement System.

Most videos, no matter how much time and effort go into making them, won’t go viral, but some do. When a video goes viral, depending on the platform and how it’s monetized, it could earn anywhere from a few hundred dollars to a million or more. If your child makes a video that goes viral, they could end up with a hefty viral video paycheck. This is often unprecedented territory for even the most financially savvy parents. Here are a few tips on how to best handle the situation.

READ: Stocks on Track for Worst Start Since 1942

The first quarter was unusual in that both stocks and bonds were down.  In fact, government bonds experienced their worst quarter in nearly forty years, so even the usual protection that bonds provide in turbulent times did not play out well this time around.  Starting in November, the markets have experienced draconian internal sector and style rotations as, or more extreme than anything I have seen in my 25-year career. Some indices experienced one of their worst starts to a year since the Great Depression, after already experiencing significant drawdowns in the months prior.  Long-duration stocks, which are those where expected earnings and dividends are further in the future – this includes forward looking growth and disruptive innovation stocks – have been strongly sold off.  As of this writing, the well-known ARK Innovation ETF, a proxy for the long-duration disruption innovation space, is down over 49% year-to-date after declining almost 25% in 2021.  

Amid constant headlines of scams, identity theft, hackings and more, the internet can begin to feel like a scary place. As financial advisors, we work with many parents and grandparents of teens. Like a lot of our clients, you may find yourself worried for both yourself and your child or grandchild when it comes to financial internet safety. Avoiding the online world completely isn’t realistic. Your next best option is educating yourself and your teen. Keeping safe on the internet isn’t always easy, but these tips can help.

You’ve spent the last few decades toiling away at your job or running your own business. You’ve provided for your family and possibly created jobs for others at the same time. And you have certainly been paying income taxes over that same time frame, probably ever since your dad got you that summer job that paid you the minimum wage.

As your retirement years come into focus, it’s a good bet that you’re looking forward to stepping away from the everyday grind of your family business or profession. Maybe you also believe that you will be walking away from paying Uncle Sam his share of your retirement income. That popular misconception is certainly not the case.

While retired Americans generally pay less in income taxes than other age groups because of a reduction in income, the tax burden can still be a significant line item in their budget.

Many different income streams in retirement, including Social Security benefits, are subject to federal and possibly state income taxes. This discussion, though, will focus on tax liabilities at the federal level. The amount of tax you will be required to pay is at least partly a function of how much income you will receive once you stop working. Let’s explore the primary sources of retirement income and what tax burden they carry.

Henry “Hank” A. Spain, CLU®, ChFC® is a Senior Portfolio Advisor and Wealth Manager at Carnegie. With more than 40 years of experience in the industry, Hank Spain is a welcome addition to the Carnegie investment and wealth management team. His dedication to and appreciation for clients’ principles make him the embodiment of one of our core beliefs.

While not exactly front-page news, many of our readers should be aware of changes implemented for 2022 by the IRS for Required Minimum Distributions (RMDs). The primary change is related to updates to the life expectancy tables that the IRS uses to compute these RMDs. 

For those new to this corner of the personal finance universe, an RMD is the minimum amount of money that a taxpayer must withdraw from a qualified retirement account each year in order to avoid adverse tax consequences. Virtually all defined contribution plans are affected, including traditional IRAs, (SEP) IRAs, and (SIMPLE) IRAs. Other accounts impacted include 401(k), 403(b), and 457 plan accounts. The date at which the RMD is triggered and the amount of the distribution are primarily determined by the age of the account holder.

In 2018 former President Trump directed the U.S. Treasury Department to better reflect increases to life expectancy for the American populace, since the existing tables had been in place for nearly twenty years.

This executive order brought about the changes that are taking place for 2022. Before we delve into this year’s differences, let’s review other relatively recent changes to RMDs.