Wolk Financial Management
Evan Wolk, Managing Director of Wolk Financial Management, Inc. has over 27 years’ experience in the financial services industry. Prior to founding WFM, Evan worked for Smith Barney in Boca Raton where he provided his clients a broad range of financial services including the development of investment strategies and the implementation of comprehensive financial plans. His experience includes equities, 529s, fixed income, managed funds, insurance and retirement planning. As a financial advisor and independent contractor with KMS Financial Services, Inc., Evan is not tied to a specific company's products or required to use proprietary funds; he has the freedom to align his clients’ needs with the most appropriate products. Additionally, he holds the Chartered Retirement Planning Counselor designation.
Throughout his years of service, Evan has identified two primary needs facing his clients today, retirement planning and education planning. Quite often, these issues are intertwined. Evan is able to see “the big picture” and understands that decisions involving both areas cannot be made in a vacuum. He is known for his ability to ask the right questions and assist his clients in developing a plan to achieve their goals.
Prior to moving to South Florida in 2002, Evan was a Vice President in the Securities LendingDepartment of J.P. Morgan (formally chase Manhattan/Chemical Bank) where he was responsible for the sales and trading of a $100 billion highly successful diversified securities lending program. He also spent four years with Yasuda Bank and Trust Company (U.S.A) where he served as the investment manager of the securities lending department.
While attending The George Washington University in Washington, D.C., (where he earned a B.A. in International Affairs with a concentration in International Economics) Evan worked for the United States Department of State where he served as an Intelligence Operations Specialist responsible for preparing the daily classified morning summary of intelligence reports for the Secretary of State.
Since relocating to South Florida, Evan has become an active member of the community consulting the City of Parkland on their Police Officer Defined Benefit Plan. He currently serves as the Chairman of the Parkland Chamber of Commerce where he has been an active member for over twelve years.
BA, International Affairs, The George Washington University
Assets Under Management:
Securities and advisory services offered by Evan Wolk through KMS Financial Services, Inc., Member FINRA, SIPC. Evan is currently licensed in the following states: CA, CO, CT, FL, MA, NJ, NY, VA and WI.
You should talk to friends and relatives for a referral of someone with whom they have had a positive experience. Make sure the new advisor understands what you are looking for and will work for your best interests. I also suggest you look at any individual broker or any firm using the FINRA search tool (www.finra.org). It is not definitive, but you will get a picture of the current licensing of any representative, the length of time they have been in the business, their work history and if there have been complaints filed against them.
You need to include the cash flows as part of your analysis. The balances of the debts seem high, but it is impossible to determine the sustainabilty without knowing the rates/costs as well as the balances and income you expect to draw from the pension and SSI. You need to have the expected income support the expected expenses with a reasonable adjustment for variable investment returns and inflation going in the future. Additionally, you should have additional money set aside for unexexpected but inevitable expenses (such as health care) as you you age.
You need to provide more information to accurately answer the question. Pooled investment products like closed end funds or mutual funds will react to market conditions based on what the underlying assets. There are closed end funds which invest in a wide variety of bonds as well as various equity based products. What the underlying investement is will determine how (or if) market conditions affect the value of these funds. If the CEFs you are investing in are municipal bond funds then a correction in equity markets will likely not have a direct effect on them They will be greatly influenced by yeilds, as yeilds rise the price of existing bonds (and bond products) falls, and vice versa. Be advised, the market did experience an extreme event in 2008/09 where the credit worthiness and repayment ability of all bonds were called in to question and many of these bond funds lost market value due to fear of failure and default. In summation, you should research and be aware of the underlying securities for any product you choose to invest in, and realize that they will be influenced by those specific market events.
You are correct to be leary of the stock market if you have less than a 3 to 5 year time horizon (16 months to begin drawing) as market corrections are impossible to time and a market related loss may make school more difficult for your family to afford. Be advised, while 529 plans are great vehicles for their intended purpose, the primary benefit for parents opening these accounts is the savings of tax on gains and income if used for post secondary education. I suggest you work with a planner or advisor to discuss your families overall situation. There are many people who have (with the best of intentions) planned and saved for their children's education but have ignored (or at least delayed) saving for their retirement. These are complicated issues and shoudl be dealt with in a comprehensive manner.
If by government bonds you mean United States Treasury Bills, Notes or Bonds you are correct in that they are considered the safest instruments for the return of principle and stated interest as they are backed by the full faith and credit of the United States Government. As such, they tend to offer a lower rate of return for whatever maturity as the market would demand a greater return for the increased repayment risk for any bond that does not carry the full faith and credit protection. Any fixed rate security includes the risks of purchasing power loss from inflation, not just government bonds. Expectations of future inflation should be a part of your consideration when purchasing any security.