Latest news with #FinancialPlanner
Yahoo
30-07-2025
- Business
- Yahoo
I'm a Retirement Planner: 5 Best Money Tips for Supplementing Social Security
Retiring comfortably often means getting creative with your income sources. If you're counting on Social Security, for many retirees that alone is not enough income to live on. Find Out: Read Next: But how does one go about supplementing Social Security? Certified financial planner Christopher Stroup, owner of Silicon Beach Financial, offered some strategies for diversifying income streams, creating tax-efficient strategies and looking at other ways to bring in income. Delay Social Security If you're thinking of taking Social Security benefits as soon as you can, it may behoove you to delay them, Stroup said, to maximize the benefits you are entitled to. Stroup pointed out that delaying Social Security can boost lifetime benefits by 24% to 32%, making it a powerful long-term strategy. 'To bridge the gap, retirees can tap brokerage accounts, part-time work or laddered CDs. Ideally, leverage sources that avoid triggering early IRA withdrawals or higher tax brackets prematurely.' Be Aware: Maintain Part-Time or Freelance Work In combination with delaying Social Security, retirees can continue working part time while using high-yield savings or CDs for short-term income, Stroup suggested. You can also tap into home equity (via downsizing or a reverse mortgage) to stretch limited savings. 'A tailored plan can help prioritize predictable, low-risk income sources without sacrificing future stability,' Stroup said. Even modest income from freelance consulting, tutoring or remote support roles can reduce withdrawal pressure on retirement accounts, Stroup said. 'We often help retirees match their skills to flexible, low-stress work that keeps them socially engaged and financially confident without disrupting their lifestyle.' Set Up Investment Income If you've got the time to make investments for some years prior to retirement, look into setting up 'predictable cash flows like bond ladders or qualified dividend income to cover essential expenses,' Stroup urged. Then, let growth assets ride for longer-term needs. This 'income floor + growth cushion' approach adds both stability and resilience, he explained, particularly for tech-savvy retirees who want flexibility without excess risk. On the topic of risk, he reminded retirees that 'the goal isn't to eliminate risk, it's to align it with purpose.' In his practice, they help clients separate assets by time horizon, with safer investments for near-term needs and growth-oriented assets for later years. 'This barbell strategy creates peace of mind and guards against inflation without overexposure to volatility.' Take Advantage of Tax Credits and State Programs Depending on your income level and circumstances, there may also be tax credits such as the saver's credit, energy efficiency tax credits or Medicare Savings Programs that you qualify for, Stroup said. Look into state-level benefits, as well, such as property tax relief or utility subsidies. Consider a Strategic Roth Conversion Lastly, Stroup said that many retirees overlook the power of strategic Roth conversions early in retirement. While this strategy may not work for every retiree, this timing can be 'a prime window' to convert taxable dollars at reduced rates, which cuts future tax bills and increases flexibility later, he said. 'It's one of our favorite proactive planning tools.' More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on I'm a Retirement Planner: 5 Best Money Tips for Supplementing Social Security
Yahoo
24-06-2025
- Business
- Yahoo
Parkwoods Wealth Partners Names Kevin Reilly, CFP®, as Chief Financial Officer and Head of M&A
Strategic hire strengthens Parkwoods' financial leadership and supports advisor-centric growth strategy ST. LOUIS, June 24, 2025--(BUSINESS WIRE)--Parkwoods Wealth Partners today announced Kevin Reilly, CFP®, as its new Chief Financial Officer and Head of Mergers & Acquisitions, a move that reflects the firm's strategic commitment to growth through partnerships with independent advisory firms. Reilly brings nearly two decades of experience spanning Wall Street investment banking and strategic advisory in the RIA space. As an M&A investment banker at Barclays, he executed on transactions worth $10 billion in cumulative enterprise value. He then spent seven years at Dimensional Fund Advisors supporting RIAs with combined assets exceeding $30 billion. Most recently, he advised wealth management firms on strategic growth and M&A at Advisor Growth Strategies, a leading management consulting and transaction advisory firm in the wealth management space. CEO Al Sears emphasized the significance of Kevin's hire: "We've reached a point in our growth where operational and capital sophistication need to keep pace with our vision. Kevin brings both. His background at Barclays and Dimensional gives him a unique ability to think strategically and execute precisely." In his new role, Reilly will lead Parkwoods' internal financial function, spearhead acquisition strategy, and guide integration efforts, emphasizing sustainable growth and advisor alignment. "As we continue to scale, we're focused on building a firm that lasts," said Ed Edwin, COO and Co-Founder. "Kevin understands how to structure long-term growth, and he knows what success looks like for the advisors we work with." Reilly's time at Dimensional makes him a particularly strong fit. "Our investment strategy is rooted in evidence, and we apply that same discipline to how we build the firm," said Bob French, CFA, Chief Investment Officer and Head of Marketing. "Kevin brings a data-driven approach to capital allocation and M&A that fits perfectly with our vision." Chris Gardner, Head of Advisory, further highlighted Kevin's industry understanding: "Kevin has sat at the table with founders facing critical decisions. He brings credibility, empathy, and strategic clarity—qualities essential to supporting our advisor partners." For Kevin, joining Parkwoods was a clear choice: "This is a firm that puts its philosophy into practice – both in how it invests and how it grows. I'm excited to help build a Finance and M&A strategy that supports advisors and enhances client outcomes." Reilly holds an MBA in Finance from Columbia Business School, a BA in English and Philosophy from Boston College, and is a Certified Financial Planner™. He will be based in Charlotte, NC and will report directly to CEO Al Sears. About Parkwoods Wealth PartnersParkwoods Wealth Partners is dedicated to helping individuals and families live purposeful financial lives through evidence-based investing and Principles First Financial Planning. By partnering with independent advisors, Parkwoods combines institutional resources with boutique flexibility, emphasizing fiduciary responsibility and enduring client relationships. View source version on Contacts Bob
Mint
23-06-2025
- Business
- Mint
SBI to deepen employees financial understanding; to have bi-weekly yoga sessions for all
Mumbai, Jun 23 (PTI) Country's largest lender SBI on Monday announced that it will train all its 2.36 lakh employees to help deepen their financial understandings. Additionally, as part of the overall wellbeing, the bank will also have virtual yoga sessions twice a week throughout the year, an official statement said. The state-run bank has tied up with FPSB India to integrate 'Certified Financial Planner' certification into its employee learning and development framework, according to another statement. A memorandum of understanding has been signed between the two entities, and the initiative aims to "upskill 2.36 lakh employees and deepen quality of financial understanding" and also enhance customer support skills while dealing with segments like non-resident Indians, high net-worth and ultra high net-worth individuals, it said. "This strategic initiative aims to enhance the depth, quality, and consistency of financial planning provided across SBI's extensive branch and digital network," the bank said. The training will cover investment planning, retirement readiness, insurance advisory, and estate planning, it said. This partnership reflects SBI's commitment to elevating planning excellence by embedding globally recognised standards into its learning ecosystem, its country head for wealth management Sandeep Sharma said, adding the tie-up will help make the workforce future-ready. FPSB India's chief executive Krishan Mishra called it a landmark moment for India's financial ecosystem. The yoga initiative is part of the bank's attempts to build a mindful, holistic work environment, the statement said. As part of the International Yoga Day on Sunday, 400 SBI employees and senior leadership participated in yoga sessions, it said. "Today's yoga session was a powerful affirmation of our belief in the transformative potential of yoga for individual health," the bank's chairman C S Setty said. The virtual yoga sessions for the 2.37 lakh employees should be seen as a testament to the bank's commitment to their holistic health, he said, adding that a thriving workforce is the bedrock of progress and its contribution to a sustainable future.
IOL News
14-06-2025
- Business
- IOL News
The importance of financial planning for South African youth
Discover how young South Africans can enhance their financial well-being alongside their focus on therapy and fitness, and learn essential strategies to build a secure financial future. More young South Africans are prioritising wellness through therapy and fitness, but they continue to overlook financial well-being, and it is costing them more than they realise. Money stress spills into every part of life, from relationships to mental health, yet many young people build their early careers without building a financial plan According to a Sanlam report, 57% of South Africans cite financial stress as the top factor affecting their mental health, with 18–24-year-olds the most vulnerable. Yet, despite South Africa's high youth unemployment rate, there are 20.9 million working young people aged 15 to 34 who still face financial challenges due to limited financial literacy. The 1Life Youth Generational Wealth Survey found that while 80% believe they can build wealth once employed, only 30% have a monthly budget, and half don't know how to secure their financial future. The opportunity to build strong financial habits early is invaluable. Even modest savings in your 20s can have a powerful impact by your 50s. Good habits compound over time. Like a muscle, the earlier you start these habits, the stronger they become. Many young people assume that financial planning means cutting back on their current lifestyle, says Brachner. Good advice isn't about restrictive spending, and we often encourage our clients to travel and celebrate life's experiences, as this is important in your 20s. Rather, a good financial plan gives you the freedom to do more of what matters now, while still setting yourself up for the future. There's a common misconception that financial advice is only for the wealthy. Traditional advisor models typically focus on assets to invest, which excludes most young people who typically only have a salary to invest. But they still need guidance - not to manage wealth, but to build it. Just like they invest in therapy or fitness, they can invest in financial well-being. A 2024 AfroCentric study revealed that while 94% save for retirement, only 8% have consulted a financial advisor. Formal, tailored advice remains underutilised in South Africa. Too often, young people turn to well-meaning relatives or friends for advice. But a Certified Financial Planner (CFP®) is like a family GP, someone who understands your life, has no agenda, and helps you build a plan that works for you,' says Brachner. Five tips for young South Africans who want to take control of their financial future: 1. Create a plan and don't go the DIY 'finfluencer' route. There's no shortage of financial advice online, and increasingly, a flood of 'finfluencer' content on social media. Some of it is useful, a lot of it is not, and without proper training, it's hard to tell the difference. You wouldn't diagnose a serious illness by Googling symptoms. The same logic applies to your finances. A qualified professional can cut through the noise and guide you based on your unique goals and circumstances. 2. Choose a Certified Financial Planner (CFP®): Just like you'd want a qualified doctor for your health, you need a certified financial planner (CFP®) for your finances. CFPs are held to global standards, pass rigorous board exams, maintain ethical codes, and are required to act in their best interest. It's the peace of mind you won't get from TikTok. 3. Seek out advice that isn't product-driven: Good financial advice should start with you: your life, your goals, your values. Insurance or investment products may support your plan, but they shouldn't be the plan. If the advice is just a way to sell a product, it's not real financial planning. 4. Know how financial advice is priced, and pick a model that works for you: Financial advice isn't free, but how you pay matters. Too often, fees are hidden behind phrases like 'it's included,' which can sound appealing, especially to younger investors, but might not deliver value. Here's a breakdown: · Commission-based: This is common with life insurance and some investment products. Advisors earn upfront commission when they sell a product, but often provide little follow-up advisory service. · Assets under management (AUM) advisors: Advisors charge a percentage of your investments. This model can work if you've already built up wealth, but if you're starting in your financial journey, some advisors may still take you on, but only by selling you commission-based products. This may mean you are deprioritised compared to wealthier clients. · Flat-fee advisors: You pay for advice based on your needs, not your assets. This model provides access to objective, personalised advice, which is beneficial for young professionals who are earning, saving, and investing for the first time. This advice is offered as a once-off or monthly fee, based on your level of financial complexity. 5. Remember, financial freedom isn't about restriction. The goal of a solid financial plan isn't to stop you from living now so you can enjoy life later (in retirement). It's about aligning your spending with your goals. When you have clarity and a plan, it often unlocks more freedom to say yes to what matters to you, whether that's travel, upskilling, or pursuing a side hustle. * Brachner is a founder of Doshguide. PERSONAL FINANCE
Business Wire
13-06-2025
- Business
- Business Wire
Bill Frisco Joins UBS as a Financial Advisor in Houston
HOUSTON--(BUSINESS WIRE)--UBS Wealth Management US today announced that William (Bill) Frisco has joined the firm as a Private Wealth Advisor and Senior Portfolio Manager in Houston. He is responsible for managing approximately $700 million in assets for ultra-high net worth individuals and families. 'We are thrilled to welcome Bill to the UBS family,' said Craig Vandegrift, Senior Market Director for Houston at UBS. 'His vast experience and unwavering dedication to client education are invaluable assets. His addition strengthens our ability to deliver personalized advice and helps us continue to meet the evolving needs of our clients with care and precision.' Bill has over 43 years of experience working with high net worth and ultra-high net worth clients, assisting them in achieving their financial objectives through education, advice and investment management. He holds a Bachelor of Arts in Economics from Duke University and a Master of Business Administration from Tulane. He also holds the Certified Financial Planner designation. Bill is a strong advocate for educating women on financial issues and actively supports The Women's Institute of Houston as well as The Houston Food Bank and Rice Continuing Studies. Bill is joined by Client Service Associate Mayra Mendez. They join UBS from Morgan Staney and will be based in the Houston River Oaks office, which is led by Senior Market Director Kristen Sprenger. Mayra earned a Bachelor of Arts in communications from the University of Houston. Within the team, she focuses on providing exceptional and detailed customer service. Notes to Editors About UBS UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.1 trillion dollars of invested assets as per fourth quarter 2024. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). © UBS 2025. All rights reserved. The key symbol and UBS are among the registered and unregistered trademarks of UBS.
