Robert Klosterman

CFP®, CFWA
Personal Finance, Retirement, Investing
81%
Helpful
5
Answers
0
Articles
1
Followers
“With over 30 years of experience, Robert Klosterman's mission is to serve his clients through the combined expertise of his advisory team by using his experience to really impact the lives of the people who place their trust in him.”
Firm:

White Oaks Investment Management, Inc

Job Title:

CEO & Chief Investment Officer

Biography:

Robert Klosterman, CFP® is CEO and Chief Investment Officer of White Oaks Investment Management, Inc. and its predecessor R.J. Klosterman & Co, Inc. Bob has been a Certified Financial Planner licensee since 1989. He has a clear vision for the future having worked in financial planning and investment management since 1975, and feels a strong need to provide people with expert investment management services. As a Certified Financial Planner and certificate holder for Family Wealth Advising, Bob’s expertise and guidance have helped to fuel the steady growth of the firm.

Bob’s leadership within the firm’s Advisory Committee regularly encourages fresh thinking and new approaches that provide clients with innovative wealth management solutions in the areas of economic and investment market analysis, stock option strategies and wealth transfer techniques.

Bob has been listed as one of the Top 250 Financial Advisors in the United States by Worth Magazine. He has also been recognized as one of the top 150 Financial Advisors by Mutual Fund Magazine, Medical Economics and Bloomberg’s Wealth Manager Magazine. Bob’s published quotes appear frequently in dozens of local and national publications, including USA Today, the New York Times, Minneapolis Star Tribune, CFP Today, Barron’s and Fortune.

Bob and his wife have lived in the Twin Cities since 1971 and have three children. Bob’s hobbies include reading, walking, bicycling and sailing.

Assets Under Management:

$400 million

Fee Structure:

Fee-Only

CRD Number:

805973

All Answers
Sort By:
Most Helpful
    Debt, Real Estate
Should I pay off my mortgage in large installments or all at once?
100% of people found this answer helpful

A great question, particularly in light of our current environment of interest rates likely rising instead of falling. You did not mention the interest rate on your mortgage. You also posed the possibility of paying it all off at once which suggests you may have the money to pay it off now.

A key factor for me is what the interest rate is and what you can earn on other investments. For example, I believe that a broadly diversified portfolio of equities, bonds, and cash can earn 5-6% per year. If the mortgage interest rate is lower than that, and it could be based on the time and the term of the mortgage you described, paying the mortgage off early may not be the best solution. You can improve your finances more effectively by investing than paying the mortgage down. 

Back to your question. If you are committed to paying the mortgage off and have the funds and don't feel other investment opportunities could be more attractive, then, by all means, pay it off. If the funds are not in hand, making pre-payments can dramatically reduce the amount of interest paid ad earlier payments on the mortgage will have the most impact.  

2 weeks ago
    Financial Planning, Choosing an Advisor
What can an in-person Financial Advisor provide that a Robo-Advisor cannot?
100% of people found this answer helpful
2 weeks ago
    Personal Finance, Investing, Peri-Retirement
Will investing in index funds protect me against paying too many fees?
2 weeks ago
    Debt, Personal Finance
When can debt be considered "good"?
2 weeks ago
    Retirement Savings, Asset Allocation
Are we strong candidates to consolidate our retirement funds?
2 weeks ago