Squam Lakes Financial Advisors, LLC
Bob has long been a proponent of fee-only financial planning and was a founding member of the National Association of Personal Financial Advisors (NAPFA), the leading professional association of fee-only financial advisors. He served three years as president and director of the Northeast Mid-Atlantic Region of NAPFA and led a committee to develop NAPFA University for the continuing education of fee-only financial advisors and planners. In 2011, he received NAPFA’s Robert J. Underwood Distinguished Service Award and in 2013 he was honored and recognized as one of the 30 Most Influential for meritorious service to NAPFA and the Fee-Only financial planning community.
Bob’s client base included women, retiring and retired couples, owners of closely held businesses professors at Plymouth State University. They look to Bob and his team to help articulate personal goals and develop comprehensive planning strategies for achieving those goals.
In the 14 years prior to founding his own business, Bob administered estates, trusts, and developed new business for bank trust departments. He was awarded the Master of Science Degree in Financial Services (MSFS) from the American College in Bryn Mawr, Pennsylvania, and had his undergraduate studies at Siena College in Loudonville, NY. Bob holds the Accredited Estate Planner certification from the National Association of Estate Planing Councils, a leading organization of professional estate planners and affiliated estate planning councils focused on establishing and monitoring the highest professional and educational standards for the practice.
Bob has been recognized as one of the best financial advisors in the country by both Moneymagazine and Worth magazine. Medical Economics also recognized Bob as one of the best financial planners in the country for doctors.
Financial writers have often sought Bob’s expertise in areas of personal finance. He has been quoted in the Wall Street Journal, Investment Advisor, Medical Economics, Physicians Personal Advisory and Money Magazine. Bob was also featured in Financial Planner magazine for his work as a financial advisor to women.
Bob is immediate past president and a board member of the Squam Lakes Chamber of Commerce and president of the White Pond Watershed Association. He is an active member of the Town of Holderness, NH as a member of the Zoning Board of Adjustments and the Budget Committee and a long-time participant in the “Who Can Make the Best Apple Pie Contest” in Holderness, NH.
In 2012 Bob was named as a director of Speare Memorial Hospital in Plymouth, NH and serves on its Budget Committee and its Long Range Planning Committee.
He is a member of the New Hampshire Estate Planning Council; past Chairman, President, and Director of the Connecticut Estate and Tax Planning Council; and a former President and Director of the Southern Connecticut Chapter of the International Association of Financial Planners (IAFP).
Bob is an avid hiker and fresh-water fisherman, and lives with his wife Bonnie in Holderness, NH.
BS, Finance, Siena College
MSFS, Financial Services, Bryn Mawr College
Fee-Only--Retainer Fee and Fixed Plan Fee
I really find this an interesting question and wonder who's going to benefit by the advisors recommendation. I could thoroughly understand maxing out contributions to the 457 plan but taking your taxable income to zero doesn't really seem to make much sense. If your total gross income from wages is $57,000 and assuming you have some other smaller amounts of income, you're not necessarily in a high tax bracket to begin with. It seems kind of foolish to waste the deductions which would also include your personal exemption's that you would probably have close to $20,000 of taxable income that would generate a tax, at the federal level ,of almost 0. There really is not enough information to give you a specific recommendation except to say be careful and although there are significant advantages to contributions to the 457 plan in the form of current tax deductions, you might want to begin the project what your taxable income would be in your years of retirement. This may be a ways off but, it's worth considering. I hope this helps a little and good luck.
This is really a great question and I'm truly delighted you've asked at the age of 24. To me, it sounds like you have been sold a bill of goods that you probably don't need. If in fact you have no financial need for a death benefit at this point in your life, then the premiums you're paying for the life insurance, especially the whole life contract, are probably worth a re-consideration. There is absolutely no doubt that whole life insurance can act as an additional source of retirement income. However, the commissions in the early years are relatively high and the cash value is typically very low. You could suffice with 20 or 30 year level term insurance if in fact there's a need at all and always remember that once you have life insurance, it can never be taken away from you, even if your health deteriorates substantially. This is without a doubt one of the reasons for buying insurance early, but term insurance should serve your purpose quite well. At some point in your life, the concept of cash value life insurance may play a much bigger role. At that time, be sure to consider whole life again and just as importantly, take a look at the low load insurance products that are available with universal life contracts, another form of cash value policy. It is possible today to buy universal life with effectively a cost close to zero. I know this sounds strange but believe me, we have been doing it for years within the community of fee-only financial advisors. No competent financial advisor is ever going to recommend that you cancel a life insurance policy. However, what we are prepared to do, after a review of your goals and assets and liabilities, is suggest that you may not need the policy. Whether you cancel it or not is another story and that's a decision only you can make. The purchases should have been for need, not necessarily investment at your age. My opinion is that there are much better ways to save for retirement at this point in your life. Hope this helps a little and good luck.
Not necessarily, but it could be a little tough. Rather than assuming that you're going to be in a difficult position when applying for a mortgage, talk to a couple of mortgage brokers and find out exactly what the requirements are. One of the most important things is to check on your own personal credit report and you can get a free report and credit Karma.com. Hopefully, you are in the mid 700s. If this does not necessarily work out, tlak to the real estate broker and find out if there are any homes that you may be interested in where the seller may take back the mortgage. This may be no different than a traditional mortgage from a bank or mortgage company but the interest rate might be a little bit higher and the terms might be a little different. You still should be able to find something without points and hopefully something that's within your reach as a relates to a down payment. Coming back to more traditional home mortgages, if you can increase a down payment from 20% to 25% or 30%, I believe this could help but again, check with a couple of banks and or some brokers to determine whether in fact this is doable. Hope this helps and good luck
Asuming the stock are part of your taxable estate, each asset in your estaate will obtain a step up in basis to its date of death value. Each of your benfiicaries, after your death, will then this new cost basis to be used by each of them. In addtion, with the new and higher estate tax exemptions, there will be no federal estate tax if your estate is less then $5,490,000 in 2017. However, check to see if your state of residence has an estate or inheritance tax so there will be no surprises. I hope this helps and good luck
The law is pretty clear in this area and states that if a plan allows for employee borrowing, the employee is limited to borrowing no greater than $50,000 or one half of his vested balance, whichever is the smaller. So, to answer your question, if your plan allows employee loans, and assuming you are vested, then you can take a loan. The next step is to remember or at least be aware of the fact that the loan has to be paid back over no longer than 60 months and must also be paid back through payroll deductions. I hope this helps and good luck.