DRM Wealth Management, LLC
President Founder - Financial Planner
David Rae is the independent LA CFP®, AIF® to Lead Your Financial Team. We believe everyone can retire earlier and with more money than they ever thought possible.
David Rae, Certified Financial Planner®, Accredited Investment Fiduciary® and Wealth Manager positions his clients for prosperity.
Name one of the "100 Most Influential Financial Advisors" by Investopedia.
“Once you get your financial house in order,” he says, “It’s a lot easier for everything else–personal life, professional life, family life and recreational life–to fall into place too.”
Working with a wide diversity of clients for well over a decade, he has built a successful career developing comprehensive financial plans to meet life goals, retirement, tax planning, estate issues, portfolio revision, life insurance, portfolio management, business exit strategies and more. While based in Los Angeles, he serves clients across the country. At the same time, he enjoys a solid reputation as a smart, go-to financial guy for both mainstream and LGBT print, broadcast and online media.
David grew up Irvine, California. His father Mike Rae retired from a career as an NFL quarterback (USC, Raiders, Redskins, Buccaneers) while he was still in elementary school. This gave him a front row seat to retirement planning and money manners early on. His mother, Terri, was something of a financial genius who ran a tight ship, planned carefully, got the most bang for the buck and successfully avoided the financial traps that often snare former athletes and their families.
At the University of Redlands, David majored in Business and Musical Theatre, earning full-ride scholarships in both disciplines. A year studying abroad in Vienna, Austria – in addition to consistent and considerable amounts of world travel that he keeps up to this day – engendered a dimensional world view about peoples and cultures.
Life in finance
Financial planning has proven an excellent fit for fully engages David’s considerable math, social and communication skills. He began in 2003 as a Financial Advisor and hit the ground running. After completing the CFP’s rigorous two-year preparation program, in 2006 he passed the two-day CFP exam (the financial industry’s equivalent of the bar exam) with flying colors, earning him his professional certification. He achieved his Accredited Investment Fiduciary certification in 2015. He became President of DRM Wealth Management in 2017. This independent RIA specializes in helping the friends on the LGBT community reach their financial goals.
In addition to building his own business, David has always been active in helping others build their businesses as well. In 2004, he founded the Beverly Hills Breakfast Club chapter of BNI, an international networking group, which has grown today into the largest and wealthiest chapter in Southern California. He was also named an "Adviser with Heart" by Wealth Management Magazine.
“There’s a significant lack of financial literacy in the general population,” David reports, “Even among those who are very bright. This may be related to being phobic about math since so much about money is really about math too. My function is to translate what may seem to be overwhelming and confusing concepts and programs into something clear, understandable and attainable. Essentially it’s pretty simple. You have a dream or life goal? Great, let’s sit down together, plan a workable strategy on how to finance it and make it a reality.”
David Rae is the go to Financial Expert for the media. He has been seen, quoted and published in many national publications including Nightline, ABC News, CBS News, Fox News, NBC News, KTLA News, KCAL 9 News, Time Magazine, MSN Money, Men’s Health, NBC News, The Today Show, US News & World Report, Yahoo News and 401(K) Specialist Magazine and many more. He blogs weekly on financial issues for The Huffington Post where he is noted for his trenchant observations and spot-on wit. He is also a regular contributor to The Advocate Magazine and Investopedia blogs. Recently, David was interviewed by Nightline. He also has his own personal finance blog Financial Planner LA
David has completed the 545 mile Aids Lifecycle bicycle ride from San Francisco to Los Angeles for seven years in a row becoming not only a top fundraiser personally but heading a team that raised over a million dollars for the organization. A longtime and enthusiastic resident of West Hollywood, he lives with his husband Ryne Meadors and their two chihuahuas.
More info at www.davidraefp.com
or the top rated www.FinancialPlannerLA.com blog.
BA, Business Adminstration, University of Redlands
Assets Under Management:
All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy.
Securities and investment advisory services offered through DRM Wealth Management LLC Registered Investment Adviser. DRM Wealth Management LLC, Trilogy Capital, TD Ameritrade, SEI and Investopedia are separate and unrelated companies. www.financialplannerla.com
Fiduciary Rule and Dodd Frank Video From ABC 7 News
Record Powerball Lottery What to do if you Win - VIDEO
Tax Reform and your Wallet NBC News with David Rae
How to get a Friend to Pay You Back KTLA Video
In general I love the idea of maxing out your 457 plan to minimize you tax bill. Where you lose me is the benefit to maxing it out if you are putting your entire income and losing your other itemized deductions. Technically your itemized deductions will be deductible but THEY WON'T LOWER YOUR TAX BILL. So it is like you are losing them.
If you have roughly $11,000 in itemized deductions it may make more sense to put say $46,000 into the 457plan to pay no income taxes this year and next. This is assuming you don't need the money before retirement.
Live for Today, Plan for Tomorrow.
DAVID RAE, CFP®, AIF® is a Los Angeles-based financial planner with DRM Wealth Management, a regular contributor to Advocate Magazine, Huffington Post, Investopedia not to mention numerous TV appearances. He helps smart people across the USA get on track for their financial goals. For more information visit his website at www.davidraefp.com or the Fiduciary Financial Planner LA blog.
You want to check out the XYPN planning network. They offer a lot of resources for folks launching thier own RIA firms.
If you have your 65 you should be able to take AUM.
RIA is the future of financial planning advice. As a financial planner I really like your plan of starting slowly while still in the military. It will make the transition easier, and if you want to work with other military members you will be in a good position to meet many of them, and speak their language and understand their needs.
The best retirement plan for your business will depend on how many employees and how much you want to contribute. You can offer a 401k with both ROTH and Regular contribution allowed. You should be able to make contribution shortly after setting up the plan. Your employees can choose which investment and whether to invest in a ROTH or Regalar 401k.
If you want to choose the best account for your business check out this post:
Live for Today, Plan for Tomorrow.
DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planning specialist with DRM Wealth Management. He has been helping small business owners reach their financial freedom for over a decade. He is a regular contributor to the Advocate Magazine, Investopedia and Huffington Post as well as the author of the Financial Planner Los Angeles Blog. Follow him on Facebook, or via his website www.davidraefp.com
OMG RUN this is a huge red flag!!!!!!!! You should be leaving your broker- look a for a Fidiciary Fee-Only Certified Financial Planner to avoid obvious conflict of interest.
To put this in perspective I was the advisor and partial beneficiary on one of my parents accounts. They had to sign several additional forms, and disclosure. AND we had to get special approval and oversight by my firm and the investment firm where the account was held.
Live for Today, Plan For Tomorrow.
This boils down to you "cost basis" - How much have you paid into this Flex Life Insurance Policy? If you have paid more than $40,000 into the policy the withdrawal would be tax free, but if you have made a profit on the policy over the year you may owe taxes. If you do sell, surrender, or withdraw from the policy, the difference between what you get back and what you paid in is taxed as ordinary income.
If you are concerned about taxes talk with a Fee-Only Fiduciary Certified Financial Planner may be able to help restructure the policy to maximize the cash value and minimize the death benefit. Also help come up with a strategy to minimize or eliminate taxes on your withdrawals.
A bit more info on how to maximize the value of your insurance:
Live For Today Plan For Tomorrow
DAVID RAE, CFP®, AIF® is a retirement planning specialist with DRM Wealth Management. He has been helping people reach their financial goals for over a decade. He is a regular contributor to the Advocate Magazine as well as Huffington Post, and is an on demand guest on TV and Radio. For more information visit his website at www.davidraefp.com or the Fiduciary Financial Planner LA Blog