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.
In regard to the 401(k) loan, unless paid back, the IRS will deem this amount a distribution in the year she was terminated. Therefore, there will be taxation as well as a possible early withdrawal penalty.
For yourself, to avoid taxes, the money should be rolled over into an IRA. In my experience, because it is retirement money, the custodial will only release it to another retirement account. From there, if you wanted to take withdrawals to pay debt you can, but you need to figure out if it is worth the possible tax consequences to do so.
Getting your credit score up will take time. The secured credit card is a good start. What you may also want to do is begin to negotiate with the accounts in collections. Once resolved, they will stop making negative reports on your credit history, making it easier for your score to rise. It isn't an easy task, but can be done.
I have been asked this question many times over my career. My opinion is that you should find an Independent Financial Planner who will have no vested interest in selling any particular product. In addition, I would recommend someone with a CFP Designation. You can go to www.cfp.net to see the benefits of this as well as utilize their planner search tool.
I would typically say to pay off a car loan before the student loans, especially if the rate is higher on the car loan. There also may be a tax deduction for the interest on the student loan. Ask your tax advisor about that.
I don't usually subscribe to "rules of thumb" in determining the right amount for a client. We have to think about client income needs and the portfolio's ability to provide that amount. If the client only needs 3%, why withdraw more? The client may need a higher %, so we would have to adapt for that. We would also want to look at the possible longevity of the client and the possibility of the portfolio running out of money. There are many moving parts to consider, so a plan would be very important.