Arie Korving

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“Arie Korving has been helping people plan for retirement for three decades. Guiding multigenerational wealth transfer, he has written a book on wealth transfer called BEFORE I GO, PREPARING YOUR AFFAIRS FOR YOUR HEIRS. He and his son established their independent RIA to serve their clients as fiduciaries. ”
Firm:

Korving & Company LLC

Job Title:

Chairman

Biography:

Arie Korving spent 20 years in industry before deciding that investing was his true passion. As an Honors graduate from Michigan Tech with a degree in Chemistry, he took his analytical skills to unravel the intricacies of the stock market.  Not long after entering the investment industry with Kidder, Peabody he experienced “Black Monday,” the stock market crash of 1987, which still ranks as largest one-day market crash in history, the Dow losing 22.6% of its value on October 19th 1987.  It taught him a very valuable lesson: be very skeptical of Wall Street’s promises and always carefully examine what can go wrong.  During his time as an advisor and portfolio manager he has experienced a number of other market cycles and has developed an investment philosophy that attempts to control risk while obtaining a fair rate of return. Prior to establishing his own investment firm, he was a Vice President and Senior Portfolio Manager for a major Wall Street Investment firm.  

He believes in keeping it simple and educating his clients. He believes in transparency, with simple, easy to understand fees and no hidden compensation.  As an independent RIA (Registered Investment Advisor), he is able to perform services for his clients that go beyond financial issues. He has gone car shopping for them and helped them decide on an appropriate retirement home.  He is the trusted advisor for numerous widows who have lost husbands that managed the family investments. His experience in helping widows who lost their husbands prompted him to write his popular book BEFORE I GO, PREPARING YOUR AFFAIRS FOR YOUR HEIRS designed to make the passing of a loved one less traumatic for those left behind. He believes in consistency, telling his clients what he is going to do and then delivering on his promises.

He has been joined in the business by his son, Stephen Korving, a graduate of Virginia Tech with a degree in finance.  Before joining his father, Stephen spent years with Cambridge Associates, one of the country’s premier investment management consulting firms advising foundations and wealthy families on asset allocation and manager selection.

Arie lives with his wife, Mary in Chesapeake, Virginia and is the proud father of his daughter, Marianne, his aforementioned son, Stephen, and his four grandchildren.  He is an avid reader and amateur historian.

Education:

BS, Chemistry, Michigan Technological University

Fee Structure:

Fee-Only

CRD Number:

1528270

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Are annuities a good retirement investment?
80% of people found this answer helpful

That’s a great question.  Like all good questions, the answer is “it depends.”

There are advantages and disadvantages to annuities.  The advantages include:

  • If you can annuitize you and your spouse can receive a guaranteed income for life.
  • Annuities guarantee against loss of principal … but you must die to collect on that guarantee.
  • Annuities are tax deferral vehicles, like IRAs.  But you must pay taxes when you withdraw.

But there are the disadvantages:

  • Variable annuities much higher expenses than the same mutual funds outside the annuity.
  • Fixed annuities currently pay relatively low interest rates.
  • They have redemption fees that can run into double digits and last for more than 10 years.

The feature I like about annuities for retirees is that they can provide lifetime income - if you annuitize - like a pension, for those who don’t have enough steady income during retirement.  They provide an income safety cushion that is not dependent on the stock market.  However, if you are using annuities as a substitute for an investment portfolio of mutual funds or CDs, I don’t think this is the best way to go.

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