Comprehensive Wealth Management Group, LLC
Owner and Founder
Allan Katz strongly believes that his main focus is to help clients discover and work toward their financial goals. As a Certified Financial Planner (CFP®) and completely independent financial advisor, Allan takes a fiduciary perspective to all of his work with his clients.
Allan has been licensed for over 25 years and has owned his own practice, Comprehensive Wealth Management Group, LLC, for over 14 years and counting. Before beginning his own firm, Allan worked at as a Financial Advisor for the United Nations Federal Credit Union as an investment advisor. After a few disagreements with management regarding how to best help clients work toward their financial goals, Allan realized that it was time to go independent. To this day, Allan views this as one of the best decisions he has made in his career.
Allan’s specialties include college financial aid planning, retirement, estate planning, and Medicare planning. His firm is committed to utilizing all of their resources, education, and hard work to help clients work towards their goals. Each client and family is treated individually, as his firm believes that tailoring each plan is crucial to preserving wealth.
Upon receiving his Bachelor of Arts of Arts Degree in Economics from the State University of NY at Binghamton, Allan commenced his rewarding and challenging career in the Financial Services Industry. His career path has helped him to build a base of education, knowledge and experience that enables him to guide clients through the complex financial world and empower them to achieve their financial goals.
Allan is a dedicated Financial Planning Association (FPA) member and is keen on providing pro-bono planning and engaging in speaking opportunities on behalf of the FPA. He is also dedicated to giving back to his community and is currently a member of the Board of Managers of the Staten Island YMCA and President of the Board of Directors of the Staten Island Alzheimer’s and Dementia Foundation, just to name a few of his charitable endeavors.
Allan's office is located at 243 Main Street Staten Island, NY 10307.
BA, Economics, SUNY Binghamton
BA, Economics, NYU
Securities and Investment Advisory Services offered through Royal Alliance Associates, Inc., Member FINRA/SIPC. Financial Planning Offered through Comprehensive Wealth Management Group, LLC., a Registered Investment Advisor and Separate from Royal Alliance Associates, Inc.
THe first thing you need to do is determine what some of your financial goals are. Some are long term, some shorter. I would think some needs to go toward retirement, and some may need to go toward things like a first home, getting married, etc. Once you figure out what is important, you can begin to figure out what vehicles to use to best get you there.
ETF's would be considered a liquid asset in teh sense that they can be sold on the exchange at any time, for the most part. Like any stock some may be more liquid than others, so I would check on things like average daily volume. If there isn't much volume, a sell order could cause the ETF to drop in price as you try to sell it. Of course, even though it can be sold at any time, there is the possibility that when you need to sell that the value may be less than the amount you invested. THe possibility of loss would lead many to say a particular ETF is not that liquid. This would depend on volatility and market conditions.
I think your plan makes complete sense. Taking a mortgage simply for the tax deduction of mortgage interest never made any sense to me. Rather than get back a percentage in taxes, you are better off keeping the full amount. The line of credit plus your savings can solve your short term liquidity needs as you build your savings back up.
There are many strategies that can be employed. Much of the decision would lie in what your income needs are, what your legacy desires are and what your risk tolerance is. There are so many different vehicles that may be able to accomplish what you want, however they will vary in risk, fees and other benefits/drawbacks. It may require a combination of strategies to accomplish what you need. Anyone who tells you it is a one time deal is trying to sell you. Any plan needs to be maintained over the years, and often will change as your needs change and as the economy changes. My suggestion would be to find an advisor who has the following characteristics: 1. They hold the CFP Designation in good standing. That can be found on www.cfp.net. 2. Their licenses are clean and they don't engage in practices that may hurt you. That can be found at www.finra.org. 3. They are independent. It is my opinion that being independent allows an advisor to be objective and not have management pressures to recommend what is best for a the company they work for rather than you, the client. 4. You can have a good trusting relationship with the advisor and you are comfortable divulging everything he/she would need to know in order to help you, which is more than just numbers.
Life insurance is certainly a good tool to use to leave a legacy. In regard to which company is best, there are many factors. Age, health, State you live in, budget, type of insurance. I usually get my clients quotes from multiple companies to compare.