Financial Management Archives - Page 65 of 75

December 1, 2021

Prominent Financial Advisor Henry Bragg Celebrates Launch Of Independent Wealth Management Firm In Houston, Tx | Texas News

HOUSTON, Nov. 29, 2021 /PRNewswire/ — Experienced wealth advisor Henry Bragg, CPA, CFP^®, is pleased to announce the first anniversary of Henry Bragg & Co., an independent Registered Investment Advisor (RIA). Serving as the Principal, Bragg celebrates the successful launch of his firm, which offers a full complement of comprehensive portfolio and wealth management services. Foremost among the firm’s responsibilities as an investment advisor is the obligation to act in the best interests of its clients.

Building on more than 20 years of experience, including five years at professional services firm Ernst & Young, and as partner with two different investment management firms, Bragg leverages his broad experience in investments, tax, and estate planning. Henry Bragg & Co. is centered around personalized services with a hands-on, individual approach for clients. Bragg understands and communicates the “big picture” while relating it to the client’s personal needs, goals, and family values. Bragg utilizes specialized wealth mapping techniques to visually illustrate a client’s overall financial picture. Bragg believes finding perspective in the complexities of each client’s individual circumstances is key.

“While I established my career at larger firms,” Bragg said, “I saw the opportunity for a more individualized approach. The ability to serve our clients based on their specific needs and financial subtleties makes all the difference in their overall success. As a result, tailored plans are core to our work.”

In keeping with the firm’s vision and to serve clients’ needs, Henry Bragg & Co. offers a variety of services including portfolio management, retirement planning, managing trusts and estates, tax and insurance planning, charitable giving, next-generation investment education, wealth transfer design, and succession planning.

“A good wealth advisor can help clients see the forest, the trees, and where the roads need to be built.” said Bragg. “People may not think of engaging a wealth advisor until something new or significant is happening in their lives. However, having an advisor help you plan for the future is important no matter what stage of life you’re in. We all need help at some point. Life doesn’t slow down; it only moves on. Not being prepared can lead to unexpected challenges and missed opportunities.”

With a passion for helping people and building relationships, Bragg strives to be more than a financial advisor. Clients see him as a trusted partner dedicated to helping them bring their finances in good order.

Henry Bragg & Co. is a member of the Wealth Advisor Alliance and is closely supported by Forum Financial Management, recently named a Top 300 financial advisor by the Financial Times. For more information on Henry Bragg & Co. and its wealth management services, please visit www.henrybraggco.com.

About Henry Bragg & Co.

Headquartered in Houston, TX, Henry Bragg & Co. is a wealth management firm that specializes in designing tailored investment and planning strategies for its clients. Led by Principal Henry Bragg, CPA, CFP^®, the firm prides itself on its detail-oriented approach to the “big picture,” believing perspective is found in the complexities of each client’s unique circumstances. The firm follows an integrated method to portfolio management, financial planning, and risk management, working closely with clients to help them streamline their situation and capitalize on the opportunities of substantial wealth. Passionate about helping people, Henry Bragg strives to be more than a financial advisor. Clients see him as a trusted partner dedicated to helping them bring their finances in good order.

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SOURCE Henry Bragg & Co.

November 30, 2021

7 Ways to Enjoy Retirement With Less Worry Over Money

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For decades, through career and family ups and downs, you have relentlessly saved and invested for retirement. Yet, you dread the thought of running out of money. Many people do.

A recent study by Zety of more than 800 individuals showed that 47 percent feared retirement more than illness and poor health, and 40 percent more than death. Some concern is warranted. A study by the Boston College Center for Retirement Research’s National Retirement Risk Index (NRRI), conducted before the COVID-19 pandemic, indicated that 50 percent of households may lack the funds to continue their standard of living once work stops. That number is now 55 percent.

But let’s say the numbers in your portfolio show that things are good. Now that you are retired, or are nearing that point, it’s time to start spending a little to enjoy life more. It’s time to create a list of things you have dreamed of doing.

Not convinced? Mark Wilson, a certified financial planner (CFP) at MILE Wealth Management in Irvine, California, is not surprised. Regardless of their ample savings, some of his clients picture the worst possible scenario down the road — they are poor, homeless and living under a bridge. “There is no reason to be stressed, and we help them understand that,” he says. “Numbers and logic help some to see their situation more clearly; others feel better knowing that we will protect them from that bridge.”

Now or maybe never

Realistically, the time for fun may be short. Many folks in their mid-60s have an ailment that limits their mobility, says James Shagawat, a CFP at AdvicePeriod in Paramus, New Jersey. “By the time some people let themselves spend on dining out, vacations, charitable giving, or their children and grandchildren, they are no longer in the physical condition to enjoy it.”

Patti Black, a CFP at Bridgeworth Wealth Management, LLC, in Birmingham, Alabama, has two clients in their 90s with $2.7 million in investments. Still, they worry about a shortfall and becoming dependent on their kids. “The wife wishes they could travel with the family, but now, their physical health and the pandemic are making this difficult. It is sad to hear her express that longing.”

If you or your partner are having trouble letting go, a financial planning professional can help. You can find a qualified financial planner with the Financial Planning Association’s PlannerSearch tool. In the meantime, consider these tips from experts around the country. They emphasize that the transition from saver to spender may require time and different approaches.

1. Review your family history

Understanding your relationship with money is a first step toward learning to spend appropriately, says Byrke Sestok, a CFP at Rightirement Wealth Partners in Harrison, New York. “Many baby boomers’ parents grew up through the Great Depression, so they were raised to believe that everything could be gone tomorrow. Having plenty in reserve is a handed-down script.” Sestok suggests finding a planner who can help you see the roots of your emotions about money, so you can work through issues that challenge the pursuit of your goals.

2. Work with your partner

Spouses or partners will have their own feelings about retirement, as well spending versus saving. The transition into retirement can put a major strain on a relationship, says Danielle Harrison, who is a CFP, and a certified financial therapist (FT) at Harrison Financial Planning in Columbia, Missouri. “I like to see couples work with a holistic CFP, who can look at all aspects of their situation, and create projections that can help put their minds at ease.” For more help, she suggests working with an FT who can help them talk about their fears. Otherwise, it may not be possible to move forward. “It can be helpful for partners to hear the other person’s stories.”

3. Create a safe and practical plan

Kristin Sullivan, a CFP at Sullivan Financial Planning in Denver, says a planner can determine how much you can safely withdraw from investments in the next year. You divide that figure by 12 and have that amount automatically transferred to your checking account each month. “If you designate that these withdrawals be made two weeks after your Social Security check comes, it will be like getting paid from a job again.”

To help her clients adopt more of a spending mindset, Linda Farinola, a CFP at Princeton Financial Group in Princeton, New Jersey, also suggests creating a budget for regular living expenses, starting small when it comes to spending, and making a list of what you would like to do. “Revisit this plan each year to make sure that things are still on track for the long term,” she says.

November 28, 2021

Canadians’ Confidence up Seven Points From 2020

End of year Index stands at 57, compared to 50 in 2020
Women still lag men but appear to be turning the corner
Western recovery- Alberta and BC make significant gains

WINNIPEG, MB, Nov. 26, 2021 /CNW/ – According to the 2021 edition of the IG Financial Confidence Index (“the Index”), Canadians’ confidence is on the rise as the country gradually emerges from the COVID-19 pandemic. However, while people are feeling better about their current financial situation, there is apprehension about their future and concerns about where the country could be headed in the year ahead.

IG Wealth Management Logo (CNW Group/IG Wealth Management)

The Index, commissioned by IG Wealth Management (“IG”) and conducted in partnership with Ipsos Canada, tracks and reports on Canadians’ overall financial confidence through ten survey questions, which account for short-term and long-term financial considerations. The study found that Canadians’ overall financial confidence at the end of the year stands at 57. This represents a 14 per cent increase over the same period in 2020 (50) and is up 3 points since mid-2021. Key findings include:

Fifty-six percent of respondents reported being comfortable making a major purchase (versus 50 per cent in the mid-year study).
Almost 60 per cent are feeling good about the economic conditions in their community (versus 47 per cent mid-year).
Sixty per cent stated that their personal income increased in the last few months.

However, despite this positive perception of their current financial situation, Canadians coast-to-coast reported being concerned about the year ahead:

Just a quarter of respondents are feeling confident that the Canadian economy will improve and only 22 per cent feel the stock market will build on 2021 gains.
Similarly, only 14 per cent believe inflation will abate in 2022 and 12 per cent think housing affordability will get better.

“It’s great news that Canadians are feeling a renewed sense of confidence as we close the year,” said Damon Murchison, President & CEO, IG Wealth Management. “People are more secure as the economy starts to fully re-open, Covid-19 cases decline and we return to a certain degree of normalcy.”

Mr. Murchison continued, “However, we’re also seeing apprehension about the future. Inflation and housing affordability are real concerns for many. It’s a perfect time to work with an advisor to either revisit or create a holistic financial plan that not only addresses the present, but also helps ensure you’re well insulated for what could come.” According to the study, 80 per cent of Canadians who consulted with a financial planning professional over the last year expressed confidence in their short- and long-term financial situations (versus less than 60 per cent who did not).

Signs of a “She-Covery” and Western Canada Rebound?

The study revealed some optimistic findings among women and those in the West (Alberta and BC):

While women continue to lag men in financial confidence (54 versus 59), their Index number is up 3 points versus the mid-year finding.
The provinces of Alberta and BC are up significantly since Spring 2021 (5 points), reporting the biggest gains among the provinces.

“There’s no question that women were hit disproportionately hard by the pandemic- both in terms of their participation in the workforce and the extra pressures they’ve faced versus men when it comes to taking care of children and elderly family members,” noted Mr. Murchison. “This is especially true among lower income and racialized women. While we still have a long way to go, it’s encouraging that the Index seems to be showing a positive trend.”

Mr. Murchison closed by noting that the rebound in Western confidence can largely be attributed to a decrease and stabilization of reported Covid-19 cases and an increase in energy prices. “Over the last three years we’ve seen Alberta in particular lag other regions. Albertans seem to be rebounding, which is great news.”

The IG Financial Confidence Index is part of IG Wealth Management’s community program, IG Empower Your Tomorrow, launched in 2018. The program is dedicated to building the financial confidence of Canadians, especially those that need it most including: Indigenous Peoples, Newcomers, Seniors and Youth. Working with community partners and charities along with employees and clients, IG Wealth Management develops and executes seminars and workshops focused on increasing the financial confidence of these key groups, including the award-winning Money & Youth program which for more than 20 years has been helping high school students, teachers and parents with financial literacy.

Visit IG Empower Your Tomorrow to learn more about the various initiatives IG Wealth Management currently supports.

About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of advisors located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has $116.5 billion in assets under advisement as of October 31, 2021 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada’s leading diversified wealth and asset management companies with approximately $271 billion in total assets under management and advisement as of October 31, 2021.

About the IG Financial Confidence Index
The 2021 results presented in this summary report are from an Ipsos survey conducted online from October 8^th to October 14^th, 2021. A total sample of 2,601 respondents from across Canada participated in the survey. Weighting was applied to the total sample by age, gender, region and education level to ensure that the composition of the final sample is representative of Canada’s adult population according to the latest census data from Statistics Canada. Since an online sample is not considered probabilistic, Ipsos does not apply a margin of error to this survey. The precision of non-probabilistic Ipsos surveys is measured using a credibility interval. The credibility interval for a survey of 2,601 respondents is ±2.3 percentage points, 19 times out of 20. The credibility interval will be wider among subsets of the population.

SOURCE IG Wealth Management

Cision

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November 27, 2021

CAG rebukes Andhra Pradesh’s financial management

Amaravati: Unbridled revenue expenditure and constricted capital expenditure have pushed Andhra Pradesh’s finances into disarray, causing a revenue deficit of a staggering Rs 26,441 crore (1,486.28 per cent over the estimate) in the year 2019-20, the Comptroller and Auditor General of India has observed.

The CAG strongly rebuked the state government over the gross financial mismanagement, particularly in failing to contain the mounting revenue deficit, and violation of the FRBM Act.

The CAG found fault with the government over the grossly decreased capital expenditure in the year 2019-20 and said it pointed to the need for a review of the fiscal strategy and creation of the fiscal space for increased capital expenditure, which in turn, would help in promoting and accelerating equitable growth.

The liabilities of the state have been increasing year-on-year and, over 80 per cent of the borrowings during 2019-20 were utilised only to balance the Revenue Account, affecting asset creation.

The CAG, in its State Finances Audit Report for the year ending March 2020, observed that the government AP needed to estimate its resources “more realistically” and manage its expenditure “judiciously”.

The CAG report was tabled in the state Legislature on Friday.

The report noted that the state failed to contain revenue deficit during 2015-20, despite receipt of post-devolution Revenue Deficit Grants (to the tune of Rs 22,112 crore) from the Centre as per the 14th Finance Commission recommendations.

Revenue deficit of Rs 26,441 crore in 2019-20 was substantially higher than the Budget estimates (Rs 1,779 crore) due to the introduction of new schemes like Amma Vodi (Rs 6,349.47 crore) and nine-hour free power supply to the agriculture sector (Rs 4,919.84 crore) during 2019-20 and a decrease in state’s own revenue of Rs 1,511 crore over the previous year, it said.

Comparatively, the state incurred a capital expenditure of only Rs 12,242 crore, including Rs 1,830.93 crore funded by the Centre, that constituted mere 7.89 per cent of the total expenditure during 2019-20 and fell way short of the Budget estimate of Rs 32,293 crore. It accounted for only 1.26 per cent of the Gross State Domestic Product and decreased by Rs 7,734 crore (38.72 per cent) from the previous year.

The report said there were instances of misclassification of revenue transactions under capital section and non-accounting of other liabilities that would have pushed up the deficits to a further extent.

The outstanding debt of the state showed an increasing trend during the five-year period 2015-20. The debt that was Rs 1,73,854 crore during 2015-16, mounted to Rs 3,01,802 crore in 2019-20, marking an increase of 73.60 per cent, the CAG observed.

The off-budget borrowing liability of Rs 26,096.98 crore has not been disclosed appropriately as part of the state budget documents.

“This has the impact of diluting public financial management and oversight role of the Legislature and placing major sources of funding of government’s crucial infrastructure projects beyond the control of the Legislature,” the CAG remarked.

“Sound budgetary management requires advance planning and accurate estimation of revenues and expenditure. There were instances of incurring excess expenditure or large savings against the provisions made during the year, which point to flaws in expenditure monitoring and control, the CAG noted.

It warned that “persistent excess expenditure” over grants approved by the state Legislature was a violation of the “will of the Legislature” and needed to be viewed seriously.

November 26, 2021

New Jersey Advisor Returns to RBC Following Restraining Order

A New Jersey–based financial advisor managing about $500 million in client assets is returning to RBC Wealth Management several months after leaving the firm for UBS Financial Services.

But Christopher Andreach’s return to RBC also follows a September restraining order the company filed against him and UBS, accusing Andreach of using confidential customer information to “improperly” solicit RBC customers to join UBS.

According to a court complaint, this confidential data included personal information, account numbers and balances. RBC filed the complaint and called for a restraining order shortly after Andreach departed the firm for UBS earlier this year. Andreach’s longtime assistant, Mary Guastella, joined him in the move, according to RBC’s complaint.

At the time of the suit, RBC argued that both Andreach and Guastella were bound by the firm’s code of conduct, including requirements to protect proprietary information on customers. RBC claimed that the duo resigned effective immediately and without notice on Sept. 3, 2021, and began working at UBS on the same day.

During the course of RBC’s investigation, the firm allegedly found that between Aug. 1 and Andreach’s departure, the advisor and his assistant “printed out, downloaded, and/or otherwise removed computer files” containing confidential information about RBC’s clients, including names, financial information and Social Security numbers, and both entered RBC offices to gather information in order to solicit clients.

RBC also claimed they had surveillance video from Aug. 9 showing the duo entering RBC’s Red Bank, N.J., offices and leaving multiple times with “extensive amounts of printed paper.”

RBC also alleged that Andreach had run an “extensive” number of customer portfolio reviews before leaving. According to the firm, each portfolio runs between 20 and 25 pages, and Andreach allegedly ran at least 300 of these reports in the final month of his employment. RBC said Andreach and UBS used the information to attract RBC clients, transitioning about 30 customers from RBC to UBS after Andreach left the former firm.

“Any allegation that UBS encouraged or participated in Mr. Andreach’s conduct as alleged in RBC’s complaint is unequivocally false,” a UBS spokesperson said about the complaint.

Andreach said he was “humbled” to be invited back to RBC, calling it a place he loved.

“They did identify a few honest mistakes I made on my way out, but the fact that I am welcomed back speaks volumes of the firm’s culture,” he said.

RBC Wealth Management President Tom Sagissor did not mention the recent history in his statement about Andreach’s return but said it served as “an enormous testament” to the culture at RBC. In the statement, RBC announced Andreach would rejoin the firm’s Florham Park, N.J., branch.

Several other firms have made the move from UBS to RBC this past year, including a $1.6 billion seven-person team based in Princeton, N.J., who joined in May. Just a week earlier, The Meridian Group, a Virginia-based firm with $900 million in AUM, also departed UBS for RBC, which manages more than $460 billion in client assets across more than 2,000 advisors.

November 25, 2021

Cerity Partners Merges With $5B San Francisco RIA

RIA consolidator Cerity Partners has acquired Bingham, Osborn & Scarborough, a $5 billion registered investment advisory firm in San Francisco, a move that expands Cerity’s West Coast footprint and brings its total client assets to more than $40 billion under advisement.

The B|O|S team, led by CEO Kevin Dorwin and President and Chief Operating Officer Carol Benz, will become part of Cerity. The RIA has also reorganized its leadership structure as a result, naming Benz its chief people officer, a new role designed to oversee the recruitment, development, education, engagement, diversity and growth of Cerity’s people and culture. B|O|S principal David Newson will become chief marketing officer of Cerity. Dorwin will become Cerity’s San Francisco market leader.

B|O|S was founded in 1985 and serves high-net-worth individuals and families in the Bay Area, providing comprehensive financial planning, investment management, and trust and estate planning.

“The merger allows us to enhance our clients’ experience and broaden the breadth and depth of our expertise,” said Cerity Partners CEO and President Kurt Miscinski, in a statement. “It also significantly deepens our presence in and commitment to San Francisco and Silicon Valley, a region that continues to create meaningful wealth for many individuals and families.”

Cerity, which was founded in 2009, is backed by private equity firm Lightyear Capital, which bought a 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake in the consolidator in 2018 from Emigrant Bank. Cerity has been slowly amassing a sizeable talent pool.

In 2020, it acquired $5 billion in assets under management from four acquisitions. In January 2020, it acquired Los Angeles RIA Sullivan & Serqitz and Chicago-based EMM Wealth. In December, Cerity announced it had added two firms, Algonquin Advisors in Greenwich, Conn. and Worldview Wealth Advisors in San Francisco that pushed its assets up to $27 billion.

Earlier this year, Cerity announced its acquisition of Bainco International Investors, a Boston asset manager and wealth planning firm with $1.1 billion in assets under management.

In a recent RIA Edge podcast, Claire O’Keefe, partner and head of corporate development at Cerity, reveals how the firm was able to become one of the top RIAs for individuals, businesses and nonprofits, and how they have fostered long-term, sustainable growth for their business.