So now the investment advice arena will get more competitive. See this posting in the New York Times by Ron Lieber for information about new lower asset management fees and how it may affect the bigger managers’ fee structure in the future: http://www.nytimes.com/2014/08/23/your-money/financial-planners/an-emerging-price-war-in-the-world-of-investment-advice.html?_r=0 My feeling is that some of these small planners might get squeezed out by the smaller fees, as said in the article ($1 billion under management is needed to generate 25 to 30 million dollars – how much service can you give for that income level?), but it could be the start of a group of small, nimble planning firms that can grow over time by word of mouth. Time obviously will tell. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Financial Musings of a Burbank CPA: A third of people have nothing saved for retirement
As a follow up to another poll recently published, this poll by Bankrate.com shows 33% of the people in the US have no retirement savings. See the report in USA Today by Nanci Hellmich to get the breakdown: http://www.usatoday.com/story/money/personalfinance/2014/08/18/zero-retirement-savings/14069937/ The scary part is 14 percent of people 65 or older have no retirement savings – how are they going to survive in retirement (maybe they will never retire?) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Financial Musings: Teach your kids about money
Ok, we are going to go over this again. Apparently Millenials still don’t know enough about money, investing, insurance – just general financial literacy – for their own good. See this posting in USA Today by Eric McWhinnie, Wall St. Cheat Sheet for more details: http://www.usatoday.com/story/money/business/2014/08/10/wall-st-cheat-sheet-teach-kids-money/13773825/ Your kids need to have the basic foundation in finance to be able to grow wealth, allocate wealth and budget to add to wealth (how else are they going to be able to take care of you in your old age? You don’t want them living at home forever, do you?) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa