Latest news with #financialadvisor
Globe and Mail
2 days ago
- Business
- Globe and Mail
Raymond James Welcomes Experienced Financial Advisor Managing $750 Million in Georgia
ST. PETERSBURG, Fla., July 21, 2025 (GLOBE NEWSWIRE) -- Raymond James recently welcomed financial advisor Robert Chanin to Raymond James & Associates (RJA) – the firm's employee advisor channel – according to Gregg Stupinski, South Atlantic regional director for RJA. Based in Macon, Georgia, Chanin provides clients with comprehensive wealth management, specializing in high-net-worth clients. He arrives from Stifel, where he previously managed approximately $750 million in client assets. 'At this point in my career, aligning with Raymond James allows me to deliver a broader suite of capabilities to meet the increasingly complex needs of my high-net-worth clients,' said Chanin. 'The firm's extensive resources and planning infrastructure enhance my ability to provide the white glove service my clients expect.' Chanin began his career in 1979, bringing over 45 years of industry experience to his role as managing director. His experience is backed by a bachelor's degree in business administration from the University of Georgia. 'Robert's decision to join Raymond James reflects the firm's continued appeal to seasoned advisors seeking the freedom to serve their clients on their own terms, without compromising on resources or support,' said Stupinski. 'His dedication to personalized wealth management aligns perfectly with our client-first culture, and we are proud to welcome him to our Macon branch.' About Raymond James & Associates Raymond James & Associates, Inc. (RJA), member New York Stock Exchange/SIPC, is an industry leader in financial planning and wealth management services for individuals, high-net-worth families, corporations and municipalities. RJA is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF), one of the nation's premier diversified financial services companies with advisors throughout the United States, Canada and overseas. Total client assets are approximately $1.58 trillion as of May 31, 2025. Additional information is available at
Yahoo
2 days ago
- Business
- Yahoo
How to find the best annuities with low fees
Annuities can be a solid way to secure guaranteed income in retirement. However, they remain notoriously complex, particularly when it comes to comparing fees. Unlike ETFs or mutual funds, where fees are publicly available and easy to compare, annuities are murky. There's no widely used, public-facing comparison engine you can use to compare annuities apples to apples — especially across types and providers. That makes it tough to know whether you're getting a fair deal. But with the right strategy, you can cut through the noise and zero in on annuities that fit your goals and won't hit your budget with hidden costs. Here's how to do it. How to find the best annuities with low fees Understanding annuities and comparing them effectively can be difficult. Many different types of annuities exist, and each comes with its own set of rules, fees and benefits. Unlike other financial products, there's no one-stop-shop for comparing annuities in a clear, side-by-side format. But by following some key tips, you can make the process simpler and more transparent. 1. Work with a financial advisor This is one of the fastest and most effective ways to get clarity on what you're buying — assuming you find a good advisor to work with. Many fee-only financial professionals have access to software platforms like Cannex or Morningstar Annuity Intelligence that aren't available to the general public. 'I use proprietary software and I also have relationships with insurance companies where I can compare not just the annuity itself but fees, too,' says Nicholas Bunio, CFP and owner of Bunio Consulting. 'But there's not really any tool like that available to the public.' Good advisors will also evaluate whether an annuity even makes sense for your situation in the first place. They can help you decide between a fixed annuity, an index annuity, a variable annuity or something else entirely. And they'll tell you when it's smarter to avoid annuities altogether. 'Personally, I would hire a financial advisor,' says Bunio. 'I would not get an annuity on your own.' One caveat: Not all advisors are fans of annuities. Even certified financial planners (CFPs) vary wildly in their opinions. Some flat-out avoid them. So if you're considering working with an advisor, ask upfront whether they handle annuities, how knowledgeable they are about the products and how they're compensated. Compare advisors: Bankrate's list of the best financial advisors 2. Work with an insurance agent or broker Licensed insurance agents can help you comparison shop across multiple carriers if they're independent. Some agents are 'captive,' meaning they only sell products from one company, like New York Life or MassMutual. Others are affiliated with large broker-dealers and can access dozens of insurers. 'While the CFP designation comes with some foundational knowledge on annuities, I find many CFPs to be under-educated on annuities,' says Michael Baker, CFP and founding member of Vertex Capital Advisors. He explains that even if you're working with a CFP, that individual still needs to be licensed in order to sell annuities. 'A great question for consumers to ask anyone discussing annuities is 'What type of annuities are you licensed to sell?'' says Baker. 'They'll need either an insurance license for fixed, fixed index or income contracts, or a securities license to write variable or RILA contracts.' An experienced broker knows which carriers have competitive rates, which products come with the lowest fees and how different contract riders affect overall cost. That said, agents often earn commissions based on the products they sell, which can sometimes introduce conflicts of interest. So make sure the agent's recommendations align with your best interests. 3. Get a free quote from IncomeSolutions If you're looking specifically for an income annuity — either a single-premium immediate annuity (SPIA) or a deferred income annuity — is a solid place to start. It's an online marketplace where you can compare side-by-side quotes from major insurers without entering a phone number. The platform incorporates a flat, one-time fee of 2 percent for retail buyers. This fee is clearly disclosed during the transaction process, ensuring there are no hidden costs. But again, IncomeSolutions only works if you're shopping for income annuities. (Income annuities prioritize converting a lump sum into regular payments, potentially for life.) If you're eyeing a variable, indexed or some other type of annuity, this site won't help you. 4. Compare quotes on your own If you prefer to take a DIY approach, you can compare quotes independently. This process can be more time-consuming but it's an option if you're prepared to invest the effort. Start by visiting the websites of the best annuity companies, such as MassMutual, Pacific Life, Lincoln Financial, Gainbridge, Nationwide and Allianz. On their product pages, you'll find information on the different types of annuities they offer. You can often download brochures or prospectuses with details on each product's features and fee structures. Next, examine the fee structures outlined in these documents. Look for the 'Fees and Expenses' section in the brochure or prospectus. Pay attention to various types of charges, as well as fees for any optional riders or benefits, such as a guaranteed income rider or death benefit. It's also important to consider surrender charges. These penalties are applied if you withdraw funds from the annuity before a specified period, often the first six to eight years of the contract. Some annuities allow you to take out a percentage of your money each year — usually 10 percent — without penalty, but you should always be clear about the terms before you commit. If the online materials seem insufficient, don't hesitate to call the insurance company directly and request a 'full illustration' or a sample contract. A complete illustration will display all fees, both base and optional, along with surrender charge details and hypothetical scenarios illustrating how fees may impact your returns over time. What to look for when comparing annuities Before you compare fees, you need to know what kind of annuity you're looking at. Here's a quick breakdown. Fixed annuities: Pays a guaranteed interest rate for a set period. No annual fees. Best for low-risk tolerance. Indexed annuities: Returns of indexed annuities are tied to a market index like the S&P 500. Typically caps your returns and protects against downside loss. Variable annuities: Invests in sub-accounts similar to mutual funds. Higher risk, higher potential returns — and much higher fees. If your priority is low fees, fixed and multi-year guaranteed annuities (MYGA) are your best bets. 'Fixed annuities and fixed index annuities don't really have any fees unless you add some type of rider,' says Bunio. Companies like Gainbridge offer straightforward products with no annual fees — just a penalty if you withdraw early. On the other hand, variable annuities typically charge between 2 and 3 percent annually, but some no-frills options (like those from Nationwide) come in under 1.5 percent. Bunio also mentioned RILAs, or registered index-linked annuities, which are deferred annuities tied to a market index like the S&P 500. They offer higher returns than indexed annuities but come with some downside risk, though not as much risk as a variable annuity. 'Those don't really have fees either,' says Bunio, though he acknowledges that some advisors may charge a small fee in order to make changes to the indexes within the annuity. 'But that's more of an asset under management fees, not an insurance company fee,' he says. 'And some advisors don't charge that fee at all.' Key things to consider when comparing annuities Fees: What are the annual charges? Do they increase over time? Surrender charges: How long is the penalty period if you need to access your money? What percentage will you be charged? Insurer financial strength: Choose a highly rated insurance company with a rating of A or better from rating agencies like AM Best or Standard & Poor's. Interest rate or index performance cap: For fixed or indexed annuities, this determines how much you can actually earn. One last thing to watch out for is riders. These optional add-ons — like guaranteed lifetime income, enhanced death benefits or upfront bonuses — often sound great but come at a cost. Only add them if you completely understand what you're getting and why you need it. Get matched: Find a financial advisor who can help you maximize your investments Bottom line Unfortunately, there's no one-click way to compare all your annuity options, especially across different types, like fixed, indexed and variable annuities. The most effective route is working with a trusted advisor or annuity broker who can access institutional-grade comparison tools and tailor recommendations to your situation. If you're going solo, stick to straightforward products like fixed annuities or MYGAs, and avoid anything you don't fully understand. Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
7 lessons I learned about end-of-life planning when my mother died, as a financial advisor
Melissa Shaw became her mother's primary caregiver after a sudden terminal cancer diagnosis. Shaw, a financial advisor, learned crucial lessons about end-of-life planning and caregiving. Her biggest lessons include the importance of Medigap, healthcare proxies, and life insurance. This as-told-to essay is based on a conversation with Melissa Shaw, a 46-year-old financial advisor in Palo Alto, California. It has been edited for length and clarity. I've been a financial advisor since 2011 and have worked at Teachers Insurance and Annuity Association of America, or TIAA, as a wealth management advisor for over seven years. I help clients with estate and incapacity planning, but I encountered completely different issues when my own mother became terminally ill and I became her primary caregiver in October 2024. Her diagnosis was sudden. Doctors found stage four cancer that had metastasized to her back, causing a fracture. Within weeks, my family moved her from Las Vegas to Northern California to be closer to me. She died by the end of December — it was a two-month ordeal. Becoming her caregiver was emotionally intense Initially, she seemed fine, but she declined rapidly. It was shocking and unexpected. I visited the hospital daily and took on the bulk of decision-making responsibilities. Thankfully, TIAA offers generous caregiver benefits and flexibility, and I had savings to help cover unexpected costs. I've learned many valuable lessons through this experience about end-of-life planning. 1. Medicare supplemental plans are essential Since enrolling in Medicare at the age of 65, my mom opted for a Medigap (Medicare Supplement Insurance) plan instead of a Medicare Advantage plan, and that decision proved vital. Her Medigap plan covered 20% of medical costs that original Medicare didn't, including any doctor or procedure approved by Medicare, without referrals or prior authorizations. Every doctor she saw was relieved she had it. If you or a loved one is approaching 65 — especially with ongoing health issues — I strongly recommend researching Medigap options during the Medigap Open Enrollment Period, when insurers can't deny coverage or charge more due to pre-existing conditions. 2. Assign a designated healthcare decision-maker ASAP My mom didn't assign a designated decision-maker, and I couldn't make health decisions for her. When her health rapidly declined in the last three weeks of her life, she became barely cognizant and luckily was able to manage a scribbled signature for a necessary procedure. I started to prepare a POA and healthcare proxy, but by the time it was ready, she was no longer mentally competent enough to sign it. She signed an advanced directive form with the hospital when she started the cancer treatment, which allowed me to make some decisions on her behalf. I learned how imperative it is to name a health proxy at any age. 3. Banking may not be easily accessible After she died, we were unable to access her bank account funds for 45 days due to a waiting period intended to protect creditors. Luckily, she had a term life insurance policy that paid out quickly to help cover immediate expenses. Additionally, she didn't name a beneficiary for the bank accounts, which is a common mistake. Many assume that checking accounts don't need beneficiaries, but even modest balances may end up in probate, which can be a significant hassle. Also, the bank was unable to share her transaction history, so I had no way of knowing which bills had already been paid. 4. Sign up for life insurance We received her life insurance proceeds quickly; all that was required was a death certificate. Clients may want to consider insurance as a liquidity measure at death to cover immediate expenses, such as funeral costs and bills. 5. Prepare for end-of-life costs I was surprised by how expensive it is to bury someone. We were quoted up to $25,000 for burial plots in California. Even cremation, which we chose, came to around $23,000 after including the niche (a final resting spot to house cremated remains) and the funeral. Prepaying or researching in advance can prevent financial issues. 6. Prepare for the difficulties of caretaking I spent many nights in the hospital with my mom. Her condition changed from day to day; it was an emotional roller coaster. Balancing work, caregiving, and my own emotional health was difficult. I'm married, and my kids were 5 and 7 years old. I wasn't seeing them regularly during the two months she was sick. Luckily, TIAA offered eight weeks of caregiver leave. Many caregivers only have access to unpaid leave through the Family Medical Leave Act (FMLA), so it's important to plan for potential income loss. If you can take paid leave, do it, because it's tough to balance the emotional toll it takes. 7. Wills aren't everything Wills are essential for securing guardianship and expressing personal wishes, but they don't guarantee that all your assets will be transferred correctly. Retirement accounts, such as IRAs or 403(b)s, are typically passed by beneficiary designations, rather than through wills or trusts. Many other assets are passed via trusts. You should work with both a financial advisor and an estate attorney to discuss your needs. I did the best I could, but if I could do things differently, I would've taken an official leave from work to focus solely on caring for my mother. Read the original article on Business Insider
Argaam
6 days ago
- Business
- Argaam
AICC names Albilad Capital as financial advisor UCA merger
Arabia Insurance Cooperative Co. appointed Albilad Investment Co. (Albilad Capital) as a financial advisor on the proposed merger with United Cooperative Assurance Co. (UCA). In a statement to Tadawul today, the company said that announcements will be made later for any future developments as they occur. In June, AICC signed a non-binding memorandum of understanding (MoU) with UCA to evaluate a potential merger between the two Saudi-listed companies, according to Argaam data.
CBS News
6 days ago
- Business
- CBS News
Can you lose money in an annuity? Here's what to know before you buy
The retirement planning landscape has never been more complex. With traditional pensions almost entirely extinct and Social Security's long-term viability questioned, millions of Americans are scrambling to find reliable income sources for their golden years. And, as investors watch their 401(k)s fluctuate and inflation erodes purchasing power, the allure of "guaranteed" returns grows stronger. So, it's no wonder that annuities, with their promise of guaranteed payments, have surged in popularity recently. Case in point? Walk into any financial advisor's office and you're likely to hear about annuities as a cornerstone of retirement security, as these products are marketed as bulletproof retirement income solutions to avoid outliving your money. All you have to do is pay a lump sum for the annuity and receive monthly payments in return, which typically last for the rest of your life. And, aside from that steady income, the other benefits, like tax advantages and protection from market volatility, are pretty compelling, too. But while an annuity may sound like a foolproof way to prepare for retirement, it's still important to question the safety of any financial or retirement product you sink money into. So, is it possible to lose money in an annuity? And if so, how do you protect yourself? Compare your annuity options and find the right one for your portfolio now. In short, yes — you can lose money in an annuity under certain circumstances. While annuities are marketed as safe and reliable, and while they generally are, the type of annuity you choose and how you use it will determine how much risk you're taking on. Here are a few ways your annuity investment could shrink: The good news is that there are ways to limit these risks. Fixed indexed annuities, for instance, offer some market upside potential with built-in protection against losses. Riders, like inflation adjustments or death benefits, can also provide an extra layer of security but often at an added cost. Explore the annuities that can help you prepare for retirement today. Deciding whether an annuity fits your financial plan starts with understanding your goals. If you're looking for guaranteed lifetime income and are willing to trade some liquidity for security, an annuity may be a good fit. But if growth and flexibility are higher priorities, other options, like investment portfolios or bonds, might serve you better. To help determine whether an annuity makes sense for you, it may help to consider these factors before buying: Annuities can provide peace of mind and a reliable income stream in retirement, but they aren't risk-free. Between surrender charges, market fluctuations and inflation, there are scenarios where you could lose money or see your purchasing power erode over time. If you want to avoid that risk, the key is to go in with your eyes wide open. Understand the fine print, weigh the pros and cons carefully and consider how an annuity fits within your overall financial picture. When done right, an annuity can be a valuable tool to help you enjoy a worry-free retirement, but only if you choose wisely.
