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
The strategy is relatively simple in theory and somewhat complex in its execution. The key is to understand that you have very few years left to make up for a mistake. The question as you enter retirement is how much risk can you afford to take. If you lose $50,000 or $100,0000 in the stock market, do you have the earnings and/or wherewithal to replace it as you might've if you made a mistake at age 45 or 50? The key is to lessen your exposure to the equity markets prior to your formal retirement date. In today's economic environment and I'm assuming you've been extremely fortunate as we've had a positive equity market for the past eight and half years and just about everybody who's been in the market has done reasonably well, some more so than others. Take some of these gains off the table and move them into fixed-income. Unfortunately, fixed-income is not very attractive today as bank savings account are paying about 1% and even quality stocks are paying 2 1/2 to 3%. However, keep in mind how high the stock prices are and how quickly they could fall as even the best of the equity investments will fall when the general market is tanking. In other words consider at a bare minimum, a 60%/40% allocation to equity and fixed income and as you age, you may want to begin moving to 50-50 and then 40% 60%. Be very careful that you're not caught up in the crowd that says "this time is different ". It's never different in the market will fall and at some point it will recover. I hope this helps and good luck
There is nothing he can do to avoid this payment of Social Security for the new employer having met his limits with his first employer. However, the remedy comes when he files his 2017 federal form 1040 and he will get a tax credit for any excess Social Security payment over the annual limit. I hope this helps and good luck
In answering your direct question, you may not set up a 401(k) solo plan because you're an "employee". To use a 401(k) solo, you have to be an independent contractor or self-employed and that raises the question as to whether or not the nonprofit would allow you to do so, especially if they have no plans for you at the present time as a relates to retirement. As a salaried employee you do have a few options including IRAs and Roth IRAs aand a lot depends on what the company is willing to do for you if anything at all. One of the issues left out of your question was your age and this would help answer some of the questions as to the best way to go, if in fact you have options at all. If you're in a relatively strong position, you may want to sit down with those responsible at the level of the nonprofit to determine what their willing to do for you including the possibility of setting up a SEP IRA where they "May" make some contributions but you can add to it. I'm sorry can't be too much more specific but your options are relatively limited. I wish you success and am impressed that you even asking the question. Good luck
This is a great question that comes up at the start of most any business that is capital-intensive. If you can't start this business without capital, your actions have to do with taking on loans and or taking in an equity investor. In the case of loans, they come with interest and principal payback and at any start up position, they are deemed to be extremely risky and you may have to put up personal collateral to guarantee the loan. In the case of equity, you do have to give up a piece of the business. Having said this, you need to keep in mind that without this loan and/or equity, you may not have a business at all and therefore the investor becomes a critical part in moving forward. Don't underestimate the fact that he expects to make money and much more so as an equity investor where he takes significant risk versus a lender that may be secured by other collateral. If you go with an investor, have a discussion with the investor as to whether at some point you can buy him out. Unlike interest, it may be a multiple of his investment. As an example, if I put $100,000 for 25% of the business, especially as a startup, it is my opinion that I may be entitled to a return of anywhere from $300,000-$500,000 or more depending upon your ability to negotiate. You cannot assume an investor, putting in $100,000 would accept a 6 to 8% return as this is just unreasonable. If I was the investor, I may be willing to take on this risk as long as you took a modest amount of compensation, such as $25-$30,000 and after that, we share profits 50-50% until I received my investment back and then an allocation based upon my 25% and your 75%. As an aside, I might not be willing to make this investment at all if you are not putting 100% of your effort and time in the venture. All of this is by way of example and your issue regarding wanteing 100% percent of the company is referred to as a "clawback" where you can buy back the stock of the original investor. Hope this helps a little and good luck
First, please accept my condolences on the loss of your husband. Having said this, I was delighted to hear that you had/have life insurance proceeds coming to you and for this I complement both you and your husband. Let me begin by suggesting that investing at this point should not be your first priority. I would take these funds and set them aside in something as simple as a bank account and/or specifically US treasuries with maturities of less than five years. Under no circumstances should you make any serious investments for the first 12 months as your transitioning into a new position as a surviving spouse. I've been through this with a number of clients over my 34 years as a fee-only financial advisor and would strongly recommend that you hesitate and think twice about making any investments that put your funds at risk. Although this may be presumptuous on my part, it's based on experience and you need to begin to get through the mourning period that is different for each individual before any formal decisions are made with regard to portfolio management. To the extent you have other assets that are invested in stocks or bonds, I would have them reviewed by your portfolio manager recognizing your new position in life. Caution should be the word of the day as the markets are extremely high and have had an almost 9 year run on the upside. This can't last forever and unfortunately, I'm not smart enough to tell you when it will end. Caution is the word as you move forward. In addition, you may have well-intentioned people, including friends, family and advisors making suggestions as to what you should do with your funds at this point in your life. I wouldn't hesitate to listen carefully and take good notes but I would caution you not to make any long-term decisions or investment commitments beyond bank accounts and US treasuries. This is a time in life when you need to be cautious as you adjust to the changing circumstances. Having said all this, I would recommend that at some point in the not-too-distant future, you consider hiring a fee-only financial advisor, an advisor that does not sell any product whatsoever, to determine what your next step should be. They will analyze where you are in life and help you identify cash flow issues that are critical in taking the next steps as it relates to investments. All that I do is a financial planner, there is nothing more important than cash flow and if you have adequate cash flow to meet your needs, the future has the potential of providing a good life. You can find a local fee-only advisor by going to the following website of which I'm a member. I wish you much success and hope you have friends there for you to get through this point in your life. Good luck and I personally wish you well. Check out www.napfa.org