Apprise Wealth Management LLC
Phil founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 20 years, he has worked extensively in the areas of personal finance and investment management. Phil is both a CFA charterholder and a CPA. In addition, he has served as a featured media spokesperson and has written weekly commentary on market-related topics. His investment approach favors the long term, as well as assessing the value and fundamentals of the assets in which he invests.
He launched his own Registered Investment Advisor (RIA) business so he could provide financial planning, personal finance, and investment management services and education to those looking for assistance. He believes it is a privilege to help others plan for their financial future.
Phil grew up in Livingston, New Jersey and graduated from Rutgers University with a BS degree in Accounting. He also attended Duke University for three years where he was a Psychology major.
He and his wife, Diana, live in Maryland and are proud parents of four children. Phil enjoys following his favorite sports teams, reading, and spending time with his family at home, on the fields, and when traveling. Phil continues to coach many of the youth sports teams that his children play for.
BS, Accounting, Rutgers University/Rutgers College
Assets Under Management:
In general, I believe in being skeptical about the value of stock advice newsletters. After all, if their stock picks were so good, then they wouldn't need to market a newsletter to make money. Instead, they could just invest in the stocks they recommend and profit from their successful stock picking.
One source you can check to see the track record of some of the more well-known newsletters is Mark Hulbert's site (http://hulbertratings.com/).
Even if you do find an idea you think is worthwhile in a newsletter, I would still recommend that you do your own research. A similar concept applies if you want to buy stocks that you know well-known investment gurus have purchased. Even if you know they bought or recommended the stock, they may not tell you when they no longer think it should be owned. It's important to know why it is owned as well as recognize if (or when) it should be sold. That end of that last statement is in recognition of a quote from one of my favorite investment books - Common Stocks and Uncommon Profits: "If the job has been correctly done when a common stock is purchased, the time to sell it is - almost never." - Philip A. Fisher
When buying an individual stock, it is important to have a thesis providing the reason for purchase. This should be reviewed as you follow the stock's performance over time. If the thesis no longer applies, it may, in fact, be time to sell. If we don't have a thesis upfront, then we may remember things differently than they actually are (or mold the story to fit what happened after purchase).
There is no reason you can't do your own stock research. But, relying on others to make recommendations for you, especially when you don't know how much "skin" they have in the game, or what motivations they might have for making the recommendation can often lead to less-than-desired results.
Thanks for the question. I hope this helps.
Your contribution will not be taxable.
In 2018, you can contribute up to $18,500 to your 401(k). If you are age 50 or over, you are allowed to contribute up to an additional $6,000 (a catch-up contribution), or a total of $24,500. These amounts are adjusted for inflation each year.
Keep in mind that these limits ($18,500/$24,500) only refer to elective deferrals. They do not include other contribution sources like employer matching contributions, nonelective deferrals, or allocations of forfeitures. Including all sources, the 2018 contribution limit for these plans is increasing by $1,000 to $55,000. If applicable, after you add in the catch-up contribution, the total possible overall maximum 2018 contribution is $61,000.
The company match itself only refers to a benefit the company is providing to you. The amount you can contribute to a retirement account on a tax deferred basis is not impacted by your company match unless your total contributions as detailed above exceed the maximum overall contribution amounts of $55,000/$61,000. The size of your company's match sounds quite generous. If you are able to add another 10% above that you will end up contributing 25% of your salary to your retirement account this year. That is quite impressive.
I hope this helps.
There isn’t a penalty associated with selling your home no matter what you do with any gains. However, you could owe taxes on the sale.
As long as you lived in the home for at least two of the past five years, you can exclude (or avoid) gains of up to $250,000 from capital gains taxes. This amount increases to $500,000 if married and filing a joint return.
When calculating your gain on the sale of your home, don’t forget to include items such as closing costs (buying and selling), sales commissions, and any capital improvements when determining your gain on sale. If you are unsure about how to determine your total basis in your home, it would be best to consult with a tax professional or a financial planner who has a good understanding of the applicable tax rules.
I hope this helps.
It’s a bit easier than many think to determine if an advisor is a fiduciary.
Here are some ways you can answer this question.
Does the advisor hold any professional designations? CFAs are required to put a client’s interests first and act as fiduciaries. CPAs who work as financial advisors must also act as fiduciaries. CFPs are another group of financial professionals that have to act as fiduciaries.
You can also ask. No one would lie about it.
If the person works for a registered investment advisor, they are required to act as a fiduciary. You can also check their Form ADV Part 2, which is available on the SEC website. The advisor is also required to give you a copy of his/her ADV before you become a client.
You can also ask the advisor the following questions:
- How are you compensated?
- Do you work for a fee, a commission, or both?
- Do I pay you, or are you paid based upon what I invest my money in? For example, annuity, mutual fund, stock, bond, alternative investment.
- Are you a Registered Investment Advisor representative?
- What professional designations do you hold?
A fiduciary’s loyalty is to you, not a company. A fiduciary acts in your best interests, not theirs. A fiduciary should provide full disclosure of all fees and not to buy “financial product(s)” that are for their financial benefit rather than yours.
A fiduciary is paid directly by you. This can be by the hour, a flat fee, or an agreed upon percentage that is disclosed up front. This percentage is typically based upon your assets or your net worth. It is paid for managing your assets and may include providing a financial plan, financial advice, or a combination of any of these items.
Note that this is really a “yes” or “no” question. No long answers are required.
You can also look up the advisor on FINRA’s BrokerCheck website. After putting in their name, see if it says “B – Broker Regulated by FINRA,” it means they are only held to the lesser suitability standard (meaning they can put their interest ahead of yours if their recommendation is at least suitable for you. If it says “IA – Investment Advisor,” then the individual is a fiduciary who must always do what is in your best interest. If it says “PR – Previously Registered Broker,” they used to be a broker. Now they are either retired, no longer working as an advisor, or are now a fiduciary.
In short, your tax basis represents what you paid to acquire all the shares you purchased, including commissions. When you reinvest your dividends, that amount is added to your basis.
Share splits don’t really impact your basis, but they can still be confusing. Your basis per share is all that really changes when a stock splits. Let’s try an example:
Original purchase 15 shares @ $20 each + $10 commission. Total cost $310
Dividend reinvestment amount $7.50 for 0.5 shares.
Dividend reinvestment amount $7.50 for 0.5 shares
Dividend reinvestment amount $7.50 for .45 shares
Dividend reinvestment amount $8.00 for .45 shares
Total invested $340.50 for 16.9 shares = $20.15 per share
Stock splits 2:1. You now have 33.8 shares. Your cost basis is still $340.50, or $10.07 per share.
I hope this helps.