Category: Comprehensive Financial Planning

Protecting Your Family from Wealth Transfer Mistakes

Posted on by elaina

Transferring wealth to the next generation is a significant milestone, yet many families make critical mistakes that can lead to confusion, frustration, and even unintended financial consequences. The most common wealth transfer mistakes stem from a lack of communication and planning. Without a clear strategy, families may face unnecessary tax burdens, legal complications, or strained relationships. 

Avoiding Common Wealth Transfer Mistakes 

One of the biggest wealth transfer mistakes is avoiding open discussions about inheritance plans. Many families assume that estate documents and an investment strategy alone are enough to ensure a smooth transition, but without clear communication, misunderstandings can arise. 

A 2018 study by Pershing, building on influential Stanford research from the early 2000s, found that most wealthy families believe poor investment decisions or estate planning mistakes are the primary reasons wealth dissipates over generations. However, the data tells a different story. Among families that failed to preserve both their wealth and unity, only 3% of failures were due to poor financial strategies. 

Instead, the leading cause—responsible for a staggering 60% of wealth and family breakdowns—was a lack of communication and trust between generations. Yet, surveys show that only 7% of wealthy families recognize negative family dynamics as a major risk. 

A proactive approach includes sitting down as a family to discuss key aspects such as: 

  • The amount and type of assets being transferred 
  • Tax implications and potential liabilities 
  • Each family member’s expectations and responsibilities 

These conversations help set realistic expectations, minimize conflicts, and ensure everyone is on the same page regarding the distribution of wealth. 

Planning for a Smooth Wealth Transfer 

Beyond communication, having a solid estate plan in place is crucial to avoiding wealth transfer mistakes. Estate planning should go beyond simply drafting a will—it should encompass trusts, tax strategies, and asset protection measures to ensure wealth is preserved and transferred efficiently. Working with experienced financial professionals can help mitigate risks and align your plan with your long-term goals. 

At BentOak Capital, we guide families through this complex process, ensuring that their wishes are honored while maximizing financial efficiency. By addressing concerns early and developing a well-structured plan, we help families build a legacy that lasts for generations. 

Start the Conversation Today 

If you’re ready to take the next step in protecting your family’s financial future, now is the time to start the conversation. Whether you’re planning your own estate or helping an older generation transition their wealth, thoughtful preparation is key. 

Have questions? We’re here to help. At BentOak Capital, we specialize in creating personalized plans that reflect your family’s unique vision and long-term financial goals. Let’s work together to ensure your wealth transfer plan honors your legacy and offers stability for future generations. 

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by BentOak Capital (“BentOak”), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from BentOak. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. BentOak is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. A copy of BentOak’s current written disclosure Brochure discussing our advisory services and fees is available upon request. Please Note: If you are a BentOak client, please remember to contact BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. BentOak shall continue to rely on the accuracy of information that you have provided or at www.bentoakcapital.com. Please Note: IF you are a BentOak client, Please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

You Inherited an IRA. Now What? 

Posted on by elaina

Navigating legislative changes like the SECURE Act and SECURE Act 2.0 can be bewildering, especially with their impact on inherited IRA Required Minimum Distributions (RMDs). But fear not! This article provides clarity with dos and don’ts, along with definitions, to simplify the process of managing an inherited IRA.

Key Considerations for Inherited IRA Beneficiaries 

Do’s: 

  • Determine the type of beneficiary you are – different beneficiaries have different rules on drawing down the IRA. 
  • Withdraw funds within the required timeframe under the new laws. 
  • Maintain at least the same withdrawal rate as the original owner if they had reached the Required Beginning Date (RBD) before their passing. 
  • Avoid the 25% under-withdrawal penalty by following the correct withdrawal schedule. 
  • If you have reached your own RBD, consider using inherited IRA RMDs for qualified charitable distributions. 
  • Understand that a “death distribution” exempts you from the 10% early withdrawal penalty but remains subject to ordinary income tax. 

Don’ts: 

  • Ignore the account and fail to withdraw funds. 
  • Overlook tax reporting requirements—each withdrawal generates a 1099-R. 
  • Assume only traditional IRAs are affected—these rules apply to Roth, SEP, and other IRAs. 
  • Neglect to consult your tax advisor for the most tax-efficient withdrawal strategy. 
  • Miss the opportunity to reinvest distributed IRA assets—speak with your financial advisor for reinvestment options. 

Understanding Your Beneficiary Type 

Inheriting an IRA comes with responsibilities, and understanding the rules can help you avoid costly mistakes. Whether you’re required to withdraw funds over a set period or have the flexibility to stretch distributions, the key is knowing where you stand. Failing to follow the guidelines can result in unnecessary penalties, but with careful planning, you can make the most of your inheritance while staying compliant with tax laws. 

Types of Beneficiaries+ –  

  • Eligible Designated Beneficiaries (EDBs) – are spouses*, a minor child of original owner, someone who is disabled**, someone who is chronically ill** or someone who is less than 10 years younger than the original IRA owner.   
  • Non-Person – an entity (i.e. Charity, or Estate)  
  • Non-Eligible Designated Beneficiary (Non EDBs) – everyone else 

Now that we understand the classifications of IRA beneficiaries, let’s look at the rules on how they must distribute the funds. By adhering to these guidelines, beneficiaries can navigate the complexities effectively. 

Withdrawal Requirements by Beneficiary Type

inherited an IRA

*Spouse beneficiaries – spouses are the only beneficiaries who can choose if they want to keep the inherited IRA as an inherited IRA or combine it with their own IRA.  There are reasons for both options, but this decision must be made no later than the year after the IRA owner’s death.  This decision cannot longer be reversed. 

**Disabled and chronically ill beneficiaries must provide qualifying documentation to Custodian no later than 10/31 of the year following the IRA owner’s death. 

***RBD – Required Beginning Date.  This pertains to the age of the original account owner and if they had already began taking annual Required Minimum Distributions (RMDs) prior to their death.  In 2024, that is April 1st of the year after turning 73. 

+Trust Beneficiaries are not mentioned in this article, as depending the type of trust and how it was established will determine if that trust is an EDB, Non EDB or Non-Person beneficiary. 

By adhering to these guidelines, beneficiaries can navigate the complexities effectively. Remember to determine your beneficiary type, adhere to withdrawal schedules, report withdrawals accurately, and seek professional advice for tax-efficient strategies and reinvestment options. Whether you’re an Eligible Designated Beneficiary (EDB), a Non-Eligible Designated Beneficiary (Non-EDB), or a non-person entity, staying informed and proactive is key to managing inherited IRAs with confidence and compliance. 

For more insights on wealth management and financial planning, check out our resource library or connect with one of our advisors at BentOak Capital.

 

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by BentOak Capital (“BentOak”), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from BentOak.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  BentOak is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice.  A copy of BentOak’s current written disclosure Brochure discussing our advisory services and fees is available upon request. Please Note: If you are a BentOak client, please remember to contact BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. BentOak shall continue to rely on the accuracy of information that you have provided or at www.bentoakcapital.com. Please Note: IF you are a BentOak client, Please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.   

What Do I Do if ____ Wins the Election?

Posted on by RFTB Dev

If you have strong political leanings, even the thought of the party you support losing a presidential election might be demoralizing. In that moment, you might be feeling frustrated, anxious, or even angry—you may even feel those emotions and tightness in your chest reading this. Hear me when I say this: it’s okay. These emotions are real and valid. We’re not here to lecture you or tell you that you’re wrong to feel that way. That said, let’s talk about why making rash investment decisions based on these feelings or the hypothetical outcomes of an administration you don’t support, such as “what do I do if Trump wins the election?” or “what do I do if Harris wins the election?”, could affect your long-term wealth. 

The Emotional Rollercoaster 

When the candidate you support loses, it’s natural to feel a mix of disappointment, fear, and uncertainty. This is more than just politics—it’s about values, beliefs, and the vision you have for you and your family’s future. It’s okay to feel disheartened. We understand that these moments can be deeply personal and emotional. You might start thinking that the economy will tank or that your investments are doomed. If you’re grappling with the question of “what do I do if Trump wins the election?” or “what do I do if Harris wins the election?”, remember that it’s crucial to focus on the long term. However, it’s crucial to remember that investing is a long-term game. Emotional reactions, while human, shouldn’t drive your investment strategy. 

Understanding the Emotional Side 

Behavioral finance tells us that our emotions significantly impact our financial decisions, often to our detriment. This phenomenon is known as “emotional investing,” where decisions are driven by fear, anxiety, or overconfidence. Studies have shown that emotional investors often sell in a panic during downturns or buy excessively during booms, resulting in poor long-term returns. 

Here’s a fact: U.S. and global markets have weathered countless political changes and uncertainties—World Wars I & II, the Cuban Missile Crisis, the Kennedy Assassination, U.S. Civil Rights unrest, the Vietnam War, Watergate, the Oil Embargo, the 1980s recession, the Technology and Y2K crisis, 9/11, the War in Iraq, the Housing Crisis, and Global Pandemics. Each time, markets have not only recovered but gone on to reach new highs again and again. Overreacting to a political shift can cause you to make inappropriate short-term decisions that could negatively affect your long-term plan. Your emotions might be telling you to flee, but history and data suggest otherwise. Take a look at Capital Group’s chart that goes back to the Great Depression all the way through 2023 if you’d like to see for yourself. 

Trump wins the election, Harris wins the election

The Facts: Politics and Market Performance

Historical data shows that the stock market doesn’t care who’s in the White House nearly as much as you might think. Sure, policies can influence specific sectors, but the overall market has a way of marching forward regardless of the political landscape. I’m sure just as you read that, you thought, “But wait, this time is different!”—and you might be right. But one thing we like to say is that while history may not repeat itself, it often rhymes. According to a Clearnomics study, the average annual return of the S&P 500 going back to 1933 was 14.5% during Democratic administrations and 10.7% during Republican ones. Over the past century, the market has consistently grown, despite numerous changes in political leadership. The average annual return of the S&P 500 since its inception in 1926 is about 10%. This growth is driven by innovation, productivity, and the economic fundamentals of the country, not by short-term political events.

Keeping Your Eye on the Prize 

Long-term investors don’t get bogged down by political noise. They understand that their goals—whether it’s retirement, buying a home, or funding a legacy for their kids and grandkids—require a steady, disciplined approach. So, if you’re wondering, “what do I do if Trump wins the election?” or “what do I do if Harris wins the election?” remember that panicking over an election and making knee-jerk changes to your portfolio can derail these goals. 

At BentOak Capital, we’re here as your lookout. We’re the ones who sift through the noise, analyze the data, and keep your investments aligned with your long-term objectives. May we kindly remind you to focus on what truly matters: your family, your dreams, and your future. 

A Call for Perspective

If you find yourself spiraling now, during, or after the election cycle, take a step back and breathe. Remember that a single political event is often nothing more than a blip in the grand scheme of your financial journey. Lean on us for guidance and support. We understand the emotional turbulence and are here to provide a steady hand. 

Ultimately, what matters most is not who sits in the Oval Office but what’s happening in your life and the lives of those you care about. Your family, your passions, your future. Let us handle the intricacies of the market while you focus on what truly matters. 

Remember, BentOak Capital is here to support you through every twist and turn. We’re committed to guiding you with empathy, understanding, and a solid grounding in facts and logic. Together, we’ll navigate the uncertainties and keep your financial future on track.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 

Investing involves risk including loss of principal. No strategy assures success or protects against loss. 

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. 

This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor. 

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BentOak Capital [“BentOak”]), or any non-investment related services, will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. BentOak is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from BentOak. Please remember that it remains your responsibility to advise BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. 

Please remember to contact BentOak Capital (“BentOak”), in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct that BentOak to effect any specific transactions for your account. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.bentoakcapital.com.

Securities offered through LPL Financial, Member: FINRA/SIPC. Investment advice offered through BentOak Capital, a registered investment advisor and separate entity from LPL Financial. 

Trump vs. Harris: How the Upcoming Election Impacts Financial Plans

Posted on by RFTB Dev

As the presidential election on November 5 approaches, the financial landscape is filled with questions about how this election impacts financial plans. Recent polls indicate a competitive race between former President Donald Trump and Vice President Kamala Harris. Both candidates are actively campaigning in key swing states, which has raised concerns among investors about the potential impact of the election results on their portfolios.

For many, understanding how the election impacts financial plans is key to making informed decisions about long-term strategy. Given the significant political divisions in recent years, emotions surrounding this election are understandably heightened. In this context, it is essential for investors to remain focused on their long-term financial strategies and not allow political developments to disrupt their plans.

Tax Policy is Uncertain, Especially Relating to Estate Planning

As citizens, voters, and taxpayers, the result of this election could have important implications for our everyday lives. However, when it comes to investment portfolios, political preferences should not dictate decisions. Historically, it is the markets and economic conditions that influence election outcomes, rather than the reverse. Therefore, it’s crucial to participate in the election process without allowing political sentiments to affect financial strategies. 

One of the most complex issues related to the election is tax policy. The Tax Cuts and Jobs Act (TCJA) is set to expire at the end of 2025, which introduces uncertainty regarding individual and corporate tax rates and creates a potential “tax cliff.” The candidates have differing views on corporate taxes, individual rates, capital gains, tax credits, and more. 

Although it’s tempting to react immediately, it’s important to take a balanced view of how the election impacts financial plans. While taxes undoubtedly affect households and businesses, their impact on the overall economy and stock market is not always straightforward. Taxes are just one of many factors influencing economic growth and investment returns, and various deductions, credits, and strategies can mitigate the effective tax rate.

Currently, tax rates are relatively low by historical standards, regardless of whether the top marginal tax rate is 37% or 39.6%. Given the increasing federal debt, investors should prepare for the likelihood of tax rates rising in the future, whether that occurs after this election or not. Planning for this potential change, ideally with the guidance of a trusted advisor, is becoming increasingly important.

One area where taxes remain particularly low is estate taxes, which apply to the transfer of assets to heirs after death. The Tax Cuts and Jobs Act (TCJA) doubled the estate tax exemption amount, which has been adjusted for inflation to reach $13.6 million for 2024. Without further legislative action, this exemption is expected to revert to its pre-TCJA level—approximately $6.8 million per individual by 2026, adjusted for inflation.

Although estate taxes generate only a small portion of government revenue and affect a limited number of individuals, they have become a contentious political issue. The future of estate taxes will largely depend on the outcome of this election, including the results of Congressional races. For many affluent households, these developments could significantly impact their tax and estate planning strategies.

Global Trade and Tariffs Will Depend on the Election

The candidates also have differing views on potential trade policies, particularly regarding tariffs. While the trend of deglobalization and the reshoring of manufacturing—bringing production closer to the U.S.—is likely to continue, the specific use of tariffs to enhance U.S. competitiveness and generate revenue may hinge on the election outcome. During his administration, President Trump implemented several tariffs, many of which were maintained by the Biden administration.

Historically, tariffs were a significant component of trade policy and a major source of revenue for the U.S. government. However, in recent decades, their role has diminished. The establishment of organizations and trade agreements, such as the WTO, NAFTA, and the USMCA, has helped reduce trade barriers among key partners. Despite this, tariffs are still used periodically to protect domestic industries and intellectual property, including sectors like steel, electronics, semiconductors, and agriculture.

For investors concerned about the possibility of a trade war, it’s important to remember that similar fears in 2018 and 2019 did not result in the worst-case scenarios that many anticipated. During that period, the economy remained robust, with unemployment near historic lows and inflation effectively nonexistent, even late in the business cycle. Ongoing negotiations between key trading partners also alleviated some concerns. As illustrated in the accompanying chart, the U.S. has consistently maintained a trade deficit with many countries across various trade regimes.

The Economy Has Grown Under Both Major Parties 

Historically, the economy has shown growth under both major political parties, and bull markets have occurred regardless of who is in the White House. While it might seem counterintuitive, politics typically has a limited impact on the economy and financial markets. More significant factors include the business cycle and broad trends, such as advancements in artificial intelligence and technology, declining inflation, and a robust job market.

Despite the perceived significance of this election, policy changes tend to be gradual due to the checks and balances inherent in our political system. Candidates’ campaign promises often differ from what they can realistically implement.

Regarding taxes, neither candidate is suggesting a return to the high tax rates of the pre-Reagan era, when the top marginal rate reached as much as 94%. Similarly, while tariffs may increase, they are unlikely to rise to the levels seen during the Great Depression nearly a century ago. Keeping these facts in mind is crucial when planning for the next four years.

Keeping Perspective on How This Election Impacts Financial Plans 

The upcoming election impacts financial plans in ways that may be subtle yet significant over time. While it’s natural to consider potential policy changes, investors should remember that the economy has grown under both major parties. By keeping a steady perspective, investors can focus on broader, long-term trends rather than immediate political shifts.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. 

Investing involves risk including loss of principal. No strategy assures success or protects against loss. 

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies.

Bond yields are subject to change. Certain call or special redemption features may exist which could impact yield promoted will be successful.

The fast price swings in commodities will result in significant volatility in an investor’s holdings. Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BentOak Capital [“BentOak”]), or any non-investment related services, will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. BentOak is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from BentOak. Please remember that it remains your responsibility to advise BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.

Please remember to contact BentOak Capital (“BentOak”), in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct that BentOak to effect any specific transactions for your account. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.bentoakcapital.com. 

Securities offered through LPL Financial, Member: FINRA/SIPC. Investment advice offered through BentOak Capital, a registered investment advisor and separate entity from LPL Financial.

Copyright (c) 2024 Clearnomics, Inc. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security–including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

Do I Need to Hire a CERTIFIED FINANCIAL PLANNER® Professional?

Posted on by RFTB Dev

Financial advice and planning are unique to each individual’s situation—and so is the decision to hire a CERTIFIED FINANCIAL PLANNER® professional. For instance, a business owner may need guidance structuring their first deal, while a doctor may seek tax-efficient retirement strategies. A recent retiree might need help creating a steady income from their nest egg. The needs vary because everyone’s goals and paths differ.  

Why Should I Hire a CERTIFIED FINANCIAL PLANNER® Professional? 

While financial planning is always personalized, there are key reasons why many individuals should consider hiring a CERTIFIED FINANCIAL PLANNER® professional. 

Reduce the Noise 

In today’s world, information is everywhere. But where do you start? Do you trust your neighbor, a news anchor, or a targeted ad on social media? While picking up trends may not require a discerning eye, high-quality financial guidance does. When you hire a CERTIFIED FINANCIAL PLANNER® professional, you reduce the noise and gain a reliable source for your questions or concerns. CERTIFIED FINANCIAL PLANNER® professionals are committed to offering personalized, sound advice. Plus, as fiduciaries, they are bound to act in your best interest. 

Compare this to flashy headlines designed to grab attention and clicks, often by presenting slanted facts. Following advice from unreliable sources can steer you off course, potentially derailing your financial goals. A CERTIFIED FINANCIAL PLANNER® professional can cut through the noise, breaking down facts and misconceptions to keep you focused on what matters most. 

Take Your Time Back  

Americans lead fast-paced lives. Whether you’re just entering the workforce, in the midst of your career, or preparing for retirement, chances are your schedule is full. Financial planning is a complex task that demands time and effort—resources many of us don’t have to spare. Seeking simplicity, many people turn to professionals in other areas of their lives. Just as you would consult a doctor for your health, you should consult a professional for your financial well-being. 

CERTIFIED FINANCIAL PLANNER® professionals dedicate their careers to helping people navigate the complexities of personal finance. By analyzing your plans and identifying potential weaknesses, they ensure your financial strategy aligns with your goals. Delegating this responsibility to a professional allows you to focus on what matters most to you. 

Navigate the Complex 

When was the last time you reviewed your company’s retirement plan benefits? Will they be enough when you retire? That depends. When you hire a CERTIFIED FINANCIAL PLANNER® professional, they can help you understand the ins and outs of your company’s retirement plan, ensuring you make the most of its features. Retirement plans vary widely, and a CFP® professional can guide you in leveraging your plan to fit your personal financial situation. 

Check out one of our other blog posts for more on when to hire a financial advisor. 

What Do I Need? 

When you hire a CERTIFIED FINANCIAL PLANNER® professional with the right expertise, you gain access to a wide range of services—investment management, tax planning, estate planning, and cash flow management, to name a few. However, financial planning is not one-size-fits-all. Some may need ongoing support, while others require only a one-time consultation to get started on the right path. Your personal circumstances will dictate what type of service you need, and a good advisor will help you figure out the best fit. 

Still unsure? Reach out to us. We’d be happy to help you determine whether you’re ready to hire a financial advisor. 

 

Please remember to contact BentOak Capital (“BentOak”), in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct that BentOak to effect any specific transactions for your account. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.bentoakcapital.com.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.   

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.    

Securities offered through LPL Financial, Member: FINRA/SIPC. Investment advice offered through BentOak Capital, a registered investment advisor and separate entity from LPL Financial. 

3 Things to Regularly Review in Your 401k

Posted on by RFTB Dev

A 401k plan is a common savings vehicle offered by employers that allows employees to make contributions towards their retirement savings. However, simply contributing to a 401k account is not enough. It is important to regularly review your 401k and assess your account to ensure it aligns with your long-term goals and needs. In this blog post, we will discuss three crucial elements you should regularly review in your 401k account. 

1. Understand Your Investment Options

The first thing you should do when regularly reviewing your 401k account is to understand your investment options. The investment options available vary from plan to plan but may include stocks, bonds, target date funds, and other mutual funds. The investment options available can change so make sure to review your elections at least on an annual basis. It is important to research and understand these holding options so you can make informed decisions on how to allocate your contributions. 

When choosing your investment options, it is essential to consider your risk tolerance. This refers to how comfortable you are with taking risks in hopes of generating higher returns. Gauging your risk tolerance in conjunction with your financial planning goals will play an important factor in the risk level of your 401k allocation.  

Once you have constructed your desired allocation, you will want to make sure that you apply the changes to assets currently in your 401k. In addition, you may have to make a second election for all future 401k contributions as well. Working with a financial planner can help you confidently select the right investment strategy to maximize your retirement goals.

2. Review Your Contribution Elections

Another crucial aspect of maintaining a healthy 401k account is regularly reviewing, and preferably increasing, your contribution elections. Most plans allow you to contribute a percentage of your salary, and some even offer employer matching contributions. If possible, try to contribute at least enough to take full advantage of any employer matching contributions. Some 401k plans also allow you the option to choose between making pre-tax, Roth, or after-tax contributions. It is important to regularly review and adjust your contribution amount based on your financial situation and retirement goals. Consulting with your financial planner can help you determine the ideal amount and what type of contributions to make.

3. Verify Beneficiary Designations

Many people overlook the importance of updating beneficiary information on their 401k account. Having a beneficiary listed on your account will supersede any instructions in your will. Therefore, you want to check on this regularly to make sure it is up to date. Life circumstances may change, such as marriage or divorce, which may require you to update your beneficiaries. For example, even if you have been divorced for 10+ years, if your ex-spouse is listed as beneficiary then they will still inherit your 401k assets. Make sure to review beneficiary designations annually or during any major life-changing event (marriage, divorce, new child, job change, etc.) to ensure that your assets pass according to your wishes. 

Why You Should Regularly Review Your 401k 

Regularly reviewing and checking on these important aspects can help you make the most out of your retirement savings. By understanding your investment options, reviewing and adjusting your contribution elections, and verifying beneficiary designations, you can ensure that your 401k aligns with your long-term financial goals. It is important to regularly consult with a financial planner to make informed decisions and stay on track towards a secure retirement.

 

Please remember to contact BentOak Capital (“BentOak”), in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct that BentOak to effect any specific transactions for your account. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.bentoakcapital.com.  

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.   

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Securities offered through LPL Financial, Member: FINRA/SIPC. Investment advice offered through BentOak Capital, a registered investment advisor and separate entity from LPL Financial. 

The Impact of Marriage on Social Security Benefits: Spousal Benefits, Divorce, and Death

Posted on by RFTB Dev

Social Security benefits are crucial for retirement planning and financial security in the United States. Understanding how marriage affects Social Security benefits is essential for couples looking to optimize their retirement income. In this blog post, we will discuss the impact of marriage on Social Security benefits, focusing on spousal benefits, divorce, and the implications of the death of a spouse.

 

Spousal Benefits:

One significant advantage of being married regarding Social Security benefits is the availability of spousal benefits. Spousal benefits allow a non-working or lower-earning spouse to receive benefits based on their spouse’s work record. To be eligible, the marriage must have lasted at least ten years. The non-working or lower-earning spouse can receive up to 50% of their spouse’s full retirement benefit. It’s important to note that the primary worker’s benefit amount is not reduced when the spouse claims their spousal benefits.

A spousal benefit election can be more complex than what might appear on the surface. There are several options to consider. A detailed social security analysis is advisable to maximize the overall benefits for a couple.

For example, regarding Social Security elections for married couples, if both spouses are eligible for their retirement benefits and their benefits are more significant than the spousal benefit, they have several timing options to consider.

  1. Filing early: A married individual can file for Social Security retirement benefits as early as age 62, but doing so will result in as much as a 30% reduction in Social Security benefit for the person filing. In addition, the non-working or lower earning spouse could also have their spousal benefit reduced by as much as 35%.
  2. Filing at Full Retirement Age (FRA): Full Retirement Age is the earliest age at which individuals can receive their “normal” Social Security retirement benefit. For most people, FRA is between 66 and 67 years old, depending on the year they were born. Filing at FRA allows a non-working or lower-earning spouse to receive the full 50% spousal benefit, so long as the spouse also waits until his or her full retirement age to claim the spousal benefit.
  3. Delaying benefits: There are a number of reasons individuals might consider delaying claiming their retirement benefits past their FRA. By doing so, they can earn delayed retirement “credits”, increasing their benefits over time. The amount your benefit will increase goes up every month until you turn age 70.  The rate at which your benefits increase by delaying also depends on the year you were born, but anyone born in 1943 or later will receive an 8% annual increase in their benefit per year of delay. This is a strong strategy for certain retirees if they can afford to elect this option. From a marital standpoint, non-working or lower earning spouses cannot claim their spousal benefit until the higher-earning spouse turns on their own Social Security benefit.  Additionally, the spousal benefit is limited to 50% of the higher-earning spouse’s FRA (“normal”) benefit amount.  This point is confusing to many people, so it bears repeating: the spousal benefit for a non-working or lower-earning spouse is not 50% of the higher earning spouse’s Social Security.  It is at most 50% of the spouse’s FRA benefit, assuming the higher earning spouse does not begin their benefit before Full Retirement Age.

 

Divorce and Social Security Benefits:

Divorce can affect Social Security benefits. If a couple was married for at least ten years before divorcing, the non-working or lower-earning ex-spouse may still be eligible for spousal benefits. However, a few requirements must be met: the ex-spouse must be unmarried and 62 years old, and their own Social Security benefit based on their earnings must be lower than the ex-spousal benefit they are entitled to.

It’s worth noting that if a divorced individual remarries, they will generally lose their ex-spouse’s benefits. However, if that subsequent marriage also ends, either through divorce, annulment, or death, they may become eligible to receive their ex-spouse’s benefits again. (To answer a common question, if the second marriage lasts longer than 10 years, the divorcee can choose the ex-spousal Social Security benefit that would be larger.)

 

Death and Survivor’s Benefits:

When it comes to Social Security benefits, both married and divorced individuals may be eligible for survivor’s benefits in the event of their (ex-)spouse’s death. The surviving spouse can receive a survivor’s benefit equal to 100% of the deceased spouse’s retirement benefit. The marriage must have lasted for at least nine months or meet other specific criteria to qualify.

For divorced individuals, they could receive survivor’s benefits if the marriage lasted for at least ten years, they are at least 60 years old (or 50 years old if disabled), and the survivor’s benefit is higher than their own.

 

Again, marriage significantly impacts Social Security benefits, specifically concerning spousal benefits, divorce, and death. Understanding how marital status affects these benefits is crucial for individuals planning their retirement and ensuring financial security for themselves and their spouses. It’s advisable to consult with a financial advisor or the Social Security Administration to get personalized information based on your circumstances.

If you have any questions regarding ways to maximize your Social Security Benefits based upon a detailed analysis of all options, or if you have any other questions regarding the impact of marriage, divorce, or the death of a spouse upon your potential Benefits, please get in touch with BentOak Capital.

BentOak Capital can prepare a detailed analysis considering all the options available for your circumstances and assist you in making the best selection to maximize your total family Social Security Benefits. We look forward to helping you.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

What is IRMAA?

Posted on by RFTB Dev

Ah, retirement. The golden years, where you’re supposed to sit back and relax on a beach without a care in the world, right? But wait, what’s this? The Income-Related Monthly Adjustment Amount (IRMAA)!? Okay, so it’s not THAT exciting and maybe sounds more like a snooze-fest, but don’t snooze on it – this sneaky little thing can nibble at your retirement savings if you’re not careful. But fear not, we are here to break it down for you and give some insight into it.

What, or who, is IRMAA?

IRMAA, pronounced “er-ma,” is not your Great Aunt that overstays her welcome during the holidays, but it can be just as much of a pain in the you know what if you don’t pay close attention to it. It stands for “Income-Related Monthly Adjustment Amount.” In simple terms, it’s an extra fee tacked onto your Medicare Part B and Part D premiums if you have a higher income in retirement. Think of it as the “Rich Tax” for retirees – the more you earn, the more you pay (a good news/bad news type situation).

High Net Worth Retirees, This One’s for You

So, how does this pesky IRMAA sneak into your retirement? Well, for many high-income retirees, it really can be like that Great Aunt that just shows up on your doorstep without a phone call. IRMAA comes knocking when your modified adjusted gross income (MAGI) crosses certain thresholds. Based on 2023 Tax Tables, if you’re single and your Modified Adjusted Gross Income (MAGI) was over $97,000 or a couple with a MAGI over $194,000 in 2021, be prepared to pay more. And the more you make, the higher the IRMAA. Note that the IRMAA tax tables are based off income from two years prior.

For example, let’s say you’re a couple pulling in a combined MAGI of $230,000. You’ll end up paying not only your regular Medicare premium but also an extra IRMAA charge on top. It’s like ordering extra queso at Uncle Julio’s – it’s going to cost a little extra unfortunately, but you’re also happy you have more queso at the same time.

The One-Time Get-Out-of-Jail-Free Card

IRMAA isn’t always a lifelong sentence. If you had a one-time event that significantly reduced your income, you might be able to escape the clutches of this extra fee. Think of it as the “Oops, I messed up” waiver.

For instance, let’s say you were still receiving a high income in your early retirement years working part time or doing some consulting but decided to hang up your work boots at 70. Suddenly, your income drops dramatically. In this scenario, you can apply for a waiver based on the “life-changing event” provision. This could save you from paying IRMAA for the rest of your retirement.

Roth Conversions and IRMAA

Performing a Roth conversion can have repercussions on IRMAA, which takes effect after enrolling in Medicare. The amount you convert in the present year becomes part of your taxable income, consequently boosting your MAGI. This increase may potentially push you into a higher income tax bracket, triggering additional IRMAA surcharges.

Again, it’s crucial to note that IRMAA is determined based on your MAGI from two years earlier. To illustrate, the IRMAA premiums for 2023 rely on your 2021 MAGI. Hence, if you execute a Roth conversion this year (2023), it won’t impact your IRMAA until two years down the road (2025).

Let’s take a look at a practical example, consider Geoff, who recently retired at the age of 64 and receives a $25,000 pension. He is not yet eligible for Medicare because he hasn’t turned 65. He expects his income to significantly increase by over $100,000 when he begins taking Required Minimum Distributions (RMDs) at age 75. In anticipation of this, he opts to complete an $85,000 Roth conversion in 2023. In 2025, when he is 66 and has enrolled in Medicare, he receives a notice indicating that his Medicare Part B and D premiums are higher than the standard rates due to his high income in 2023 (two years earlier). As a result, he is now required to pay an additional $66 per month for Medicare Part B and $12 per month for Medicare Part D. This doesn’t necessarily negate the benefits of the Roth conversion, but it is an important consideration. Timing is often the key to everything in life and avoiding IRMAA is no different. If you plan your Roth conversions strategically, you can minimize the impact on your MAGI.

If you’re retiring prior to your pensions, Social Security, and other income sources starting, it’s possible your taxable income will be lower in your early retirement years. This is a scenario where it could make sense for your financial situation to start those Roth conversions. By the time you hit 70, your MAGI will have leveled off, and you’ll avoid the higher IRMAA costs. Always consult with your CPA and financial advisor to determine if this is an appropriate strategy for you.

Handle IRMAA with Ease

In the grand scheme of retirement planning, IRMAA is just another quirky tax code to navigate and keep tabs on while you plan for retirement. It’s just another puzzle piece that fits into the larger picture of your financial plan. Remember, IRMAA isn’t the end of the world, but it’s worth understanding and strategizing around. It’s like the occasional rain on your beach vacation – a little inconvenient, but with the right plan, you can still enjoy the sun when it shines.

So, keep your IRMAA radar on, plan your moves wisely, and those golden years will shine even brighter. If you’d like to discuss the potential impact of IRMAA on your financial plan, give us a call today!

 

 

Please remember to contact BentOak Capital (“BentOak”), in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services, or if you wish to direct that BentOak to effect any specific transactions for your account. A copy of our current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request or at www.bentoakcapital.com.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Securities offered through LPL Financial, Member: FINRA/SIPC. Investment advice offered through BentOak Capital, a registered investment advisor and separate entity from LPL Financial.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

Is It Better To Consolidate My Investments?

Posted on by RFTB Dev

People often ask our team what the benefits of consolidating investment accounts are, if it is better, and when might be the best time to do so. Each of these are excellent questions that depends on the client, their family’s needs, financial planning objectives, and the desire to seek a collaborative and cohesive management approach.

Here at BentOak Capital, we are a planning first firm where we strongly recommend beginning each relationship with a thorough and comprehensive plan. This includes reviewing the underlying accounts structures, allocations, and investments, but also factors in other topics to determine optimal recommendations. These can include areas such as risk management/insurance, retirement income, tax planning, estate planning, and charitable giving to name a few. By touching on each, and having an in-depth conversation on a client’s needs, goals, and objectives, we can then make appropriate recommendations on the investment accounts and provide advantages or disadvantages on consolidating investments.  

Account Types

An area where most questions arise tends to do with qualified or retirement accounts. This can include, but not be limited to, retirement savings accounts from previous employers (401k, 403b, 457, etc.), Roth IRA accounts, IRA Rollover accounts, and more. A primary driver behind consolidating these is to manage the investments for each, so they are working together, and to simplify future required minimum distributions (RMD) calculations and withdrawals.

As a reminder, RMDs (Required Minimum Distributions) are calculated based on the prior year end (December 31st) value. If you have accounts at multiple institutions, it is imperative that you verify that the proper amounts are withdrawn from the collective account type. If you were to consolidate the accounts, there would be only one calculation, and then the distribution can then be taken in a manner that best suits your needs. With the changes to RMDs thanks to the Secure Act 1.0 and 2.0, those that are approaching their early 70s now have a longer period to let these accounts grow before distributions are required. This is helpful for future growth and creates an opportunity to explore Roth conversions for a longer period. (We have touched on this topic in our previous posts “Tax Season Is Every Season” and “How We Learned To Stop Worrying And Love The 1040”)

Roth conversions can be set up across custodians but are more streamlined and efficient if the accounts are held at the same custodian. Receiving tax documents from the same custodian, especially in the year a Roth conversion occurs, is helpful just so you do not have to track these down from different websites or receive mail from multiple custodians.  

Investment Options

Over the past 20 years there has been tremendous growth in the types of securities offered. No longer limited to traditional stocks, bonds, and mutual funds, there are now various exchange traded products that track a variety of different indexes. With the increased efficiencies in trading technology, along with lower trading costs, we can now manage taxable accounts more efficiently. With volatility in the market, we can sell positions to capture the loss and utilize this in the future to offset gains within the same taxable account. This strategy can also help offset other capital gains outside of the investment account (e.g., sale of land, businesses, outside investments, etc.). The proceeds from the sale can then be invested in a similar investment to maintain the desired exposure in the markets. If your taxable accounts are consolidated, there is less possibility for a wash sale to occur because the investment manager can see all of the positions and transactions.  

Studies have shown that the largest driver of an investor’s portfolio performance is attributed to the allocation of the respective asset classes. Managing the asset allocation across different custodians is feasible, but more tactical or opportunistic changes can be made if the overall picture is visible when consolidated with one manager.

Another topic that is typically not that exciting but has gained a tremendous amount of attention lately is cash and cash equivalents. With yields at levels, we have not seen in about 15 years, many individuals are looking to park cash in something that is more conservative and paying more than the traditional checking or savings account. As discussed, in our recent blog , there are several viable options that clients need to consider, whether that be a money market, CD (Certificate of Deposit), or another form of cash equivalent. Again, a manager with access to manage and oversee all a client’s accounts can manage them accordingly and maintain appropriate exposures across the portfolio. 

Estate Considerations

One potential consideration many people do not think about is how consolidating accounts at the end of life can reduce emotional and cognitive stress on loved ones left behind. Surviving spouses in particular can benefit from the simplification inherent in having one investment portfolio manager.  We have blogged in the past about managing an inheritance and the complexities that need to be considered by heirs. A real financial planner can help surviving spouses and heirs understand what their new financial situation is, what the possibilities are, and give guidance on ways to move forward. 

 

As you can see from the different topics mentioned above, there are a number of items that must be taken into account when managing the overall portfolio. Creating a comprehensive plan is very helpful in piecing together a thorough review and provides a holistic overview and snapshot of everything that many individuals have never seen. In addition, it provides us as advisors with the information needed to craft more accurate recommendations for investments and planning topics. If you have any questions or know someone who might benefit from a conversation from an advisor, please contact us to set up a meeting.  

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. 

Financial Planning in Practice at BentOak Capital

Posted on by RFTB Dev

Fiduciary Matters

A fiduciary relationship encompasses the idea of faith and confidence in someone else.  Such a relationship can only happen when a person or family actively gives their utmost trust (faith, confidence) to another person or people.  We hold ourselves out as fiduciaries.  As CERTIFIED FINANCIAL PLANNER™ practitioners, that’s a baseline expectation.  The advisors of BentOak Capital add to that baseline a genuine sense of honor, loyalty, and duty of care that goes beyond the “letter of the law” and gets to the heart of why we do what we do.  People walk into our office or talk to us on the phone about extremely personal things; perhaps things only a bare handful of people in the world know about that person.  That is a sacred trust, and we treat it as such. 

As a fiduciary, we act in the best interests of our clients, always, at all times, in every situation.  That philosophy grounds how we interact with our clients, including, but not limited to: 

  • Whether BentOak Capital is a good fit for them, or not 
  • Whether they should invest their money with us, or not 
  • Fully understanding their values, wants, and wishes as well as their financial situation.  Understanding and paying attention to how their values, wants, wishes, and financial status can change over time. 
  • What advice we offer them, and how, and when 
  • How their money is invested, both now and over time   

Behavior Matters

There’s not a lot of magic about financial planning; it’s part art and part science.  A very large part of what we do in planning revolves around facts and numbers, statistics and probability, historical data and future forecasts.  That’s the science part.  The art is how to apply these facts and statistics and probabilities to individual human beings for their benefit.  Behavioral Finance is the field of study focused on understanding the intersection between money and people, and we put a lot of stock in the insights of that field.  Sometimes the mathematically best or probabilistically best path for a client is not actually the best option for them at that time.  Maybe they won’t stick to the plan.  Maybe their priorities differ from the “optimal” priorities we might otherwise suggest.  The best financial plan is the one that provides the maximum good for the person or family in question – and that means the plan has to be implemented and maintained over the long term.  The art of financial planning is creating and implementing a strategy that will actually work in the real world, not one that is best in theory or is most comfortable for us.   

We Don’t Sell, We Solve

At BentOak Capital, we have a large set of tools and supplies we can take off the shelf to create and implement a realistic, actionable plan for the families that trust us.  We start from the top with a client’s values, wants, wishes, and financial situation.  Then we work our way to the bottom – the specific accounts, products, professional referrals, contracts, documents, and more.  We are product agnostic: we look to use the right tool for the specific job at hand.  Among (many) other things we need to consider: 

  • Cash flow and ongoing lifestyle needs 
  • Liquidity vs insurance as risk mitigation tool 
  • Market probability vs. contractual guarantees with regard to longevity and time horizon 
  • The desire to leave a legacy, or not 

Planning for a Season or a Lifetime

A financial plan is not a one-time event captured with graphs and numbers in a document or on a website.  BentOak Capital actively seeks a long-term relationship with people who are willing to trust us, our expertise, and our experience.  Note that we want a relationship – two-way, conversational, always seeking a better understanding – and we want it to be long-term – not transactional, not defined solely by account performance relative to an arbitrary benchmark.  A financial plan is not a roadmap; getting a client from where they are to where they want to be is not simply a matter of giving directions and waving goodbye.  Real financial planners are knowledgeable guides; providing advice and options, warning of icebergs ahead, charting a course around them – always knowing that it’s the client’s job to steer the ship but actually being onboard with them. 

Telling the Story

Financial planning in practice at BentOak Capital is simple.  We listen actively: seeking to understand.  We plan thoroughly: incorporating as much context as possible.  We learn continuously: there is always more to do.  We advise confidently: trusting in our experience and expertise.  We communicate humbly: knowing there are other possible answers, knowing that tomorrow, plans may need to change.  We act with faithfulness: the interests of our clients must come first, always.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.