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Monthly Archives: October 2009
Industry Groups Urge Congress to Oppose Watering Down a Uniform Fiduciary Duty
Stacy Schultz published this article in Financial Planning Magazine: “Six leading industry groups wrote a joint letter to the House Financial Services Committee throwing their support behind a fiduciary duty that would cover all who offer investment advice. The organizations also voiced their concerns that new legislation could weaken the current standard stated in the [...]
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6.6 Million Americans Age 65 or Older Unemployed
The following article was published by Money Management Executive: While the recession has forced many Americans to delay retirement, one of the hardest hit are those already retired in search of work. There are 6.6 million Americans age 65 or older who have lost their jobs in the recession, 61% more than the 4.1 million [...]
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Stocks and Gold Team Up
So far this year, an odd couple has emerged as big winners in the financial market. The Dow Jones Industrial Average is up 14 percent, while gold futures are up 19 percent. Traditionally, an increase in the stock market reflects a majority bet on an economic recovery, while an increase in gold prices represents a [...]
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Audit: $636 Million in Bogus Homebuyer’s Credit
The following findings were published by webCPA.com: The First-Time Homebuyer Credit program that kept the housing industry afloat this year also led to hundreds of millions of dollars in fraudulent or erroneous claims. The program allows a first-time homebuyer to claim a refundable tax credit of up to $8,000. The credit is supposed to expire [...]
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Inflation in Check, Education Costs Keep Soaring
According to Joseph Pisani of CNBC News, the cost of attending a four-year nonprofit private college increased 4.3 percent in the 2009-2010 academic year compared to a year ago, bringing the average annual price to $35,636. Meanwhile, over the past 12 months, the Consumer Price Index (a measure of inflation) actually decreased 1.3 percent. Growing [...]
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Educational Workshop – November 12
Attend this free educational workshop to learn about the latest strategies to prepare for and succeed during retirement. Determine if you still have enough money to retire Find a trusted advisor – discover fee-only planning How investment policy statements protect you Common hidden costs that deplete your nest egg and what to do about them [...]
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"Roth IRA Conversions" – Utah CEO Magazine
I wrote an article appearing in the October issue of Utah CEO Magazine which describes the benefits and drawbacks of converting your traditional IRA to a Roth IRA. The article, titled “Roth IRA Conversion: Is it Right for You?” explains the new rules governing these conversions, the special tax opportunity presented by these conversions in [...]
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Investment Performance vs. Peace of Mind
One of my clients is a State employee, and has his 401(k) invested with Utah Retirement Systems (URS). I’m a big fan of URS — their funds have a history of outperforming the market, and they keep expenses at a minimum. While preparing for my six-month review with this client, I thought it would be [...]
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Why Fiduciary Matters More Than Ever
Today, I attended a National Association of Personal Financial Advisors (NAPFA) study group revolving around ethics. Our guest speaker was Connie Nowland, who is the Market Conduct Examiner for the State of Utah Insurance Department. Mrs. Nowland shared many cases that intensify how proud I am to be a fee-only financial advisor who accepts a [...]
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46% of Unemployed in 2008 Cashed Out Their 401k