Clear Financial Advisors, LLC
Rob’s career mission has been to promote credentialed, holistic financial planning awareness among the public. Recognized in this goal, Rob was selected by CFP Board in 2014 to serve as CFP Board Ambassador. As an Ambassador, Rob promotes the importance of CFP® certification especially among the public in working with a CERTIFIED FINANCIAL PLANNER™ professional who is trained in the many areas of personal financial planning.
In addition to his role as a CFP Board Ambassador, Rob is an Enrolled Agent (EA) helping clients in tax matters and tax planning, a Chartered Financial Consultant, and a Chartered Advisor for Senior Living. He also holds a Life Insurance Counselor license. Rob has also take post-graduate classes and received certificates in taxation and financial asset management.
Having over a decade of experience with the media, Rob is frequently quoted in the media, including the Wall Street Journal, New York Times, Forbes, CNBC, ABC News, CNN Money, Reuters, Detroit Free Press, Chicago Tribune, Dow Jones Newswires, MarketWatch, National Public Radio, and other publications. He has been published by Forbes, US News & World Report, FiLife (a former IAC / Dow Jones joint venture), Yahoo! Finance, and other outlets, in addition to his own Clear Money Blog.
In addition to his work as a personal financial advisor, Rob is an adjunct instructor of economics, and he has also taught the required courses for candidates to sit for the CFP® examination. He has contributed to the retirement planning knowledge requirements for those seeking international CFP® certification under the Financial Planning Standards Board.
In his free time Rob enjoys listening to non-fiction audiobooks, coaching youth lacrosse, and jogging.
BS, Human Ecology and Family Resource Management, The Ohio State University
MA, Economics, Walsh College
Robert Schmansky, CFP® Financial Advisor Profile
I think it is a strength to have a degree in other fields, and often advise that. Communications skills for certain would be a great base to build from. I had a roommate with a communications degree that went into investment banking without a problem. Of course first jobs are generally more about 'who you know' than what you have on your resume.
If you are interested in personal finance though, take the required courses that will allow you to sit for the CFP(r) examination and you will find work. There are some great online programs that you can take a class or two at a time.
Usually these offers come with restrictions, provisions for drawing that money back, or fees for closing the accounts. You may find it isn't worth the time or hassle of opening these accounts.
Whatever you do, be sure you don't close and leave the account owing the bank anything. They all use a similar system that new banks won't open accounts for you if you do owe another bank.
I wouldn't imagine it to be worth the time and effort, and the possible hassle, but if it is then go for it.
It requires looking at projections. If you are collecting Social Security, you may subject that to additional tax. If you are not, then I would ask - given all of the future possible tax scenarios for your account, when would you pay less than 15%?
If you move to a lower tax state... maybe you don't convert.
But, if your beneficiaries would pay more, if you would pay more later, if you think tax rates may rise at some point (yes, they may go down, but they can always go right back up and up higher!).
The nice part about the conversions is you get a 'redo' if you determine next year that a conversion didn't make sense. It's a freebie. Give it a shot, if it doesn't work, undo it.
I do not place as much value in any of the factors you mention. Your portfolio should be diversified and comparing a large cap fund to an emerging market fund to a conservative allocation fund is like comparing a tomato to an onion. You want both and many other things in a salad, not one.
I would ask though that if you are moving to a managed account, why would the advisor not cash out those funds as well to invest in their funds? It sounds as if you may want to discuss with your advisor which funds will be kept, if any.
I think you should start with a discussion with your advisor of how much you need in cash, if they will keep any of the funds, and that should look at taxable gains.
It's great that you're looking at investing. I wouldn't focus so much on 'greater returns' though, there is no guarantee of any return other than what you can get in a CD. Everything else involves taking on various degrees of risk.
I would look at ETFs, or mutual funds better still, as ways to own stocks in an intelligent way that removes the risks of any individual company. From there, you have the world of funds to take the amount of risk and potential return exposure.
In an intentional mix of funds, you can own the global markets, with tilts that benefit you as a younger investor to small and value stocks, all across the globe. You have reduced volatility which can lead to better results through smoothing out the ups and downs of any individual stock.