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Lifelong client relationships are the lifeblood of the financial advisory industry. As advisors, you often emphasize expertise in a specific demographic of client, and important words like differentiation, segmentation, and personalization are continually talked about in terms of how you appeal to them. Personalization, when not executed efficiently, can be detrimental, from causing low profitability, to putting a strain on team members. One way financial advisors can create personalization at scale as a part of their growth efforts is through technology. According to a   study conducted by PWC’s Digital Services group , marketers that provide personalized ...
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We are looking to connect with a consultant that is a technology expert – specifically; Orion, Redtail and iRebal. Our firm is in Southern NH, but of course project work can be completed remotely.  Thank you!  Kristina   Kristina George, CPA, CFP, CDFA Northstar Financial Planning, Inc. 112 Range Road Windham, NH 03087 p  603.458-2776 f  603.589.6003 www.northstarfp.com Where your Wealth and Well-Being Connect
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According to  Google Statistics , there are about four billion unique users who use the Google search engine. Of course, you probably already knew that — we all use Google to find answers to just about any question we can think of, whether it’s work- or life-related. And believe it or not, Google has a significant impact on the success of your business. Why? If you want to gain more traffic and attract more visitors to your financial advisory firm’s website, then you need to rank high on Google. Blog posting is one of the best and easiest ways to improve your Google search rankings. It’s fair to say that all successful websites have blog pages that not ...
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" A six-inch line is short relative to an eight-inch line. An eight-inch line is short relative to a ten-inch line. " -Tibetan saying It’s 2008, and I'm at my desk on a Friday, lost in my work. I notice a new email that just came in. The software that we use puts out a regular newsletter, and the most recent one has just been released. I always look forward to reading this, so I set my work aside and print it out. I read an article written by Joe, a guy in New York who works for a firm as their head of operations. In essence, that means he's responsible for how smoothly the process runs. I read everything that he writes. I'm fascinated ...
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Does anyone use a ghostwriter for their blogs?  I am just starting to research this.
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Recently 4 minor children  were beneficiaries of a Trust Funds for their education. The trust specifically appoints a Legal Fiduciary by name to be the custodian and not the mother. The legal Fiduciary wants the business entity,which is a LLC ,  to be the custodian and not him individually. As far as I know only a person can be a custodian for an UTMA  account.  Any help would be appreciated.
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The Reverse Purchase Strategy may allow financial planners to help seniors who are exceeding a safe portfolio withdrawal rate because they have an unsustainable income/expense profile.   People who do not understand the   Reverse Purchase Strategy   are missing out on a powerful solution to three common senior problems: (1) insufficient cash , (2) a broken monthly budget , and (3) living in a house that is less than ideal or just unsafe. The centerpiece of this strategy is using a reverse mortgage as a purchase-money loan. You can’t say this is a misunderstood strategy because almost no one knows anything about it.  Below we'll cover five key ...
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I have a client who is looking to sell their Vacation Club Membership (virtually the same as a timeshare) and was wondering if there is a well known, reputable company that I can refer them to. Through some research I have done, I found a website called SellMyTimeshareNow.com that was able to provide a quote for them, but I am unsure how reliable this website truly is. If anyone has any insight on the company I mentioned or knows of a good company or contact that you can refer me to that would be great. Any recommendations or information is much appreciated.  Sincerely,  James Ronn
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Are Reverse Mortgages America's Most Hated Loan? A recent Bloomberg  article is off track: the biggest problem with reverse mortgages isn't the financial instrument or providers, it's unrealistic expectations about them. When I worked at Merrill Lynch, a mentor, Steve Bernardy, told me, " Our job as financial advisors is not to make our clients rich, our job is to keep them rich. It's their job to accumulate the wealth ." There's a parallel with reverse mortgages. Reverse mortgages are not financial alchemy; they help with cash flow but not net worth.   I f you don't have enough wealth before you get a reverse mortgage, you won't ...
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There are several reasons for the wealth gap between White Americans and African Americans.  I have been fortunate to have relevant, authentic conversations with several financial planning professionals that acknowledge the need for a deeper understanding of cultural differences that inform the way that various people groups manage their finances, professional relationships and personal priorities.  Cultural competence is the starting point; it must become a standard cornerstone of the financial planning process.  Cultural competence is the ability to demonstrate in a practical manner a genuine understanding of historical and cultural influences that inform the ...
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Can the 529 ABLE account be expanded to include Opioid Use Disorder as a qualified disability?  It is worth considering. Prior to June 2018, the Whatcom County Sherriff’s office had a policy of denying individuals suffering from opioid use disorder (OUD) medications that treat opioid addiction.  Inmates were required to go “cold turkey” during their time in custody.  An exception was made for pregnant inmates.  The Americans With Disabilities Act forbids discrimination against disabled individuals; a public entity cannot deny the benefits of the services programs, or activities of the public entity based upon a disability for which reasonable accommodations ...
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New Jumbo Reverse Mortgage Options for 2019 Home owners have 5 new jumbo reverse mortgage options for 2019. In the Spring of 2018, homeowners with considerable equity, and homes worth over $900,000 had one jumbo reverse mortgage choice: a fixed rate loan that required all proceeds be distributed at closing. Many homeowners didn’t want all that cash on day one. Many new jumbo reverse mortgage options were introduced in the later part of 2018. All offered larger loan amounts, i.e., more cash out.  New innovations include a fixed-rate 5-yr delayed disbursement loan, a jumbo line of credit loan, a jumbo second mortgage without a monthly payment, and ...
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Hello, The Reverse mortgage world has really changed in the last little bit. It used to be that only the FHA insured HECM (Home Equity Conversion Mortgage). Now, there are Jumbo Reverses with loan amounts up to $4,000,000.00. This loan can be a fixed rate, a line of credit first or a line of credit second. Very forward thinking.  I'd be happy to answer any questions about how a Reverse mortgage fits into the older client's financial plan. Jan Paulsen Guaranteed Rate, Inc. 619-405-2099
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A short summary of the OCIE's recommendations after reviewing 75 financial firms' cybersecurity programs. In 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) looked at 75 financial firms to get an update on their cybersecurity preparedness. While OCIE found improvements since its 2014 round of examinations, it reported that firms could still do better. Their findings are recommended reading for anyone wanting to benchmark or toughen up their cybersecurity measures. The report reveals what most firms are doing – but most importantly, it also highlights best practice at firms OCIE considers “robust”. ...
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Navigating the world of compliance consulting doesn’t have to a chore. Learn the top three things to look for in a compliance consultant. If you’re responsible for finding a compliance consultant or hiring a compliance professional to work within your organization, you probably already know how critical your decision is to the success of your firm. From marketing to trading and from human resources to IT, compliance touches upon virtually every aspect of your business. This makes your compliance consulting decision just that much more critical.   It’s for these reasons that compliance professionals should be chosen based on criteria ...
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Financial planners share a common challenge:   help clients fund current lifestyle without spending down retirement savings too quickly . Home equity solutions may help planners  improve the odds that their clients will not outlive their money. Here are our top three strategies: Reposition debt to eliminate payments and lower portfolio withdrawal rates Set up an alternate funding source to use during stock market distress Reverse Purchase Strategy to lower expenses and increase liquid reserves The video below provides some color on these three strategies. For a more in-depth read, and a better look at the charts and graphs, click here . ...
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Those who delay starting Social Security can get up to 75% more than those who apply early, but how do clients bridge the income gap? Retirement income planning always revolves around the question: how much can I take out and how long can I make it last? Home equity solutions can be a tool to help fund a retiree's lifestyle today and legacy aspirations tomorrow. The video below presents the case study at a high level. For a more detailed discussion and a better look at the charts and graphs shown in the video click here . One of the more useful capabilities we have is modeling the preservation of a defined amount of home equity that can be used for yet-unidentified ...
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Is this the best quote on the importance of retirement income planning?   " When your outflow exceeds your income, your upkeep becomes your downfall ." The three biggest retirement expenses according to U.S. News & World Report are  housing, health care, and taxes . Home equity solutions have unique attributes that make them worthy of consideration. In addition to tax-efficiency, these solutions align with retirees desire to age-in-place. The video below introduces the notion that holistic wealth management and planning should consider all assets, regardless of their location, so long as the terms of access and liquidation are not prohibitive. ...
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I was wondering if anyone has any ideas on re-branding and/or a firm or coach they have used that has assisted in this.  I'm a CFP and have decided to completely re-brand and therefore re-market my financial planning firm.  Any help would be appreciated.  Thank you. Kris Westergaard
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My broker-dealer just allowed me to start charging fees for advice.  I think this is great but I'm not sure what I should be charging.  I can charge by the hour or retainer if I see fit.  I have 16 years in the business.  Any guidance on this anyone?
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