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Home Special Sections Wealth Management

5 (OF THE MANY) THINGS AN INDEPENDENT FINANCIAL ADVISOR CAN DO FOR YOU

December 4, 2017
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by Jason Rheinfelder, Independent Financial Advisor, DaVinci Wealth
1. Get Your Money Working for You
It’s surprising how many people keep all of their savings in cash. Many people may be afraid of losses brought on by their lack of expertise. However, for most people, strong returns are a must if they are going to live their dreams in retirement.
Beyond having a prudent emergency fund, it simply doesn’t make sense to hold large sums in cash earning little or no interest. Even in an uncertain investment environment, a creative and knowledgeable advisor can help find the right strategy and mix of investments to get you on track to take advantage of the extraordinary power of compounding market gains, while helping you stay protected from losses.
2. Reduce Your Tax Bill
I recently met a retired couple trying to live solely on their combined $650 per month in Social Security. They had a substantial stock portfolio, but had owned it for so long that they knew the taxes would hurt once they started to withdraw. By building a plan for timed withdrawals, rollovers, and purchases, we created a solution that minimized the tax impact for each year, reduced their overall risk dramatically and more than tripled their monthly income without surrendering any assets. Whether it is IRA Required Minimum Distributions, inheritance, capital gains, or employment income, an expert financial planner can help you build a smart plan that will allow you to keep more of what you’ve earned.
3. Reduce Hidden Portfolio Fees
I recently met a retired teacher who had been working with a large brokerage firm. Every year she got a statement that said she had made around 6 percent, but the account value barely changed. A portfolio of $200,000 growing at 6 percent meant that she ought to have $212,000 the following year, but the account was only a little over $204,000. Does this sound familiar? After performing an analysis, I estimated she was losing around 3.7 percent to fees. Subtracting 3.7 percent from the claimed 6 percent left 2.3 percent growth, which would put her account at $204,600.
Independent, fee-based advisors earn more when your investments perform well. We don’t get paid on commission, so we have no reason to favor costly holdings and every reason to cut waste and maximize your gains.
4. Make Sure You Don’t Run Out of Money in Retirement
Many people are on track to outlive their assets. And it’s not just a matter of saving a lot or earning high financial returns; even healthy portfolios can be exhausted when financial risk isn’t managed properly or withdrawals not structured correctly.
Visiting an independent advisor can help you avoid this scenario because we can create an income plan where you will know where every dollar of income is going to come from, every year, for life.
5. Reduce Your Stress
If you’ve ever managed your own portfolio, you know the hours spent researching companies, reading prospectuses, following financial news, determining when to buy and sell various securities, managing tax consequences, and monitoring accounts. A good advisor will take care of all that, so you are free to enjoy life, and will make sure that you always know what you are invested in and why.
About Us DaVinci Wealth is an independent, fee-based financial practice serving Northern Arizona. What does independent mean? It means we have access to all the same tools and information that the big companies have, but we aren’t pressured to push clients toward “house brand” financial products. We do what is best for each person, without any sales quotas or hidden kickbacks. It means we work for you, not our higher-ups.
Representative of Retirement Wealth Advisors, Inc. (RWA); 89 Ionia NW, Suite 600, Grand Rapids, MI 49503 (800) 903-2582. Investment services are offered through RWA. DaVinci Wealth and RWA are not affiliated. Insurance and annuities offered through DaVinci Wealth. Insurance licensed in Arizona. License #1097888.

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OUT & ABOUT — Thank you to Janet Cameron, Karen Shaw, and Janet Ash for submitting these creative photos! Reader photos are published in every issue of Prescott LIVING - send in your best shots taken in the Greater Prescott area to photos@roxco.com. Selected photos will appear in print and will be posted to our social media channels. #prescott #prescottvalley #chinovalleyaz #deweyhumboldt ... See MoreSee Less

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Tickets are available at www.ycpac.com for the Kathy Mattea & Suzy Bogguss concert, which is coming up on March 2 at the Yavapai College Performing Arts Center. If you're not familiar with their musical careers, here's some background from YCPAC. . . .COUNTRY STARS COMBINE HIT SONGS AND CHEMISTRYPrescott, Arizona (2/2/2023) – Two stars, no waiting. When longtime friends and Country music artists combine their impressive set lists and their love of live performance, everybody in the audience wins. Yavapai College Performing Arts Center invites you to join Country music hitmakers Kathy Mattea & Suzy Bogguss for a rousing and memorable ‘Together at Last’ performance, Thursday night, March 2 at 7 p.m. Two country music legends, with three Grammy awards between them, bring their prodigious talents, their solo hits, and their on-stage chemistry to the stage in ‘Together at Last.’ Friends since their early days in Nashville, Kathy Mattea and Suzy Bogguss have each carved out careers in popular music with country chart hits spanning two decades. Kathy has had more than 30 singles in Billboard Magazine’s Hot Country Songs Charts, including “Goin’ Gone,” “Eighteen Wheels and a Dozen Roses,” and “Come From the Heart.” She won Grammy Awards for her 1990 single “Where’ve You Been?” and her 1993 Christmas Album Good News. Bogguss found stardom with her platinum-selling album Aces, which featured four hit singles: the title track, “Someday Soon,” “Outbound Plane,” and “Letting Go.” She won the Academy of Country Music’s Top New Female Singer award in 1989 and the Country Music Association’s Horizon Award in 1992. Their busy solo careers allowed Kathy and Suzy few opportunities to collaborate musically, although they did perform a Grammy-nominated cover of “Teach Your Children” back in 1994. Their fans have clamored for a joint tour like this for years. And now, sporting new material developed for the tour, armed with two careers worth of stories and more hits than they can fit, Kathy Mattea and Suzy Bogguss are together at last.Tickets for Kathy Mattea and Suzy Bogguss start at $32. Yavapai College Performing Arts Center is located at 1100 E. Sheldon Street, in Prescott. The YCPAC Ticket Office is open Tuesdays and Wednesdays, from 9 a.m. – 6 p.m.; and Thursdays and Fridays, from 9 a.m. - 4 p.m. For reservations or more information, please call: (928) 776.2000 or visit us online at: www.ycpac.com.. . .Be sure to pick up a free copy of Prescott NOW to see what's happening this month, or visit prescott-now.com/events for the online events calendar. ... See MoreSee Less

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