Balanced Wealth Management
Rob Auclair is a 1996 graduate from Providence college with a degree in accountancy. Rob spent one year in Boston as a bond accountant with State Street Bank. In 1998, Rob joined Northwestern Mutual where he received new representative of the year along with reaching MDRT (million dollar round table) status. In 2005, Rob merged with Randall Financial Group to bring financial planning and investment strategies to the forefront of his practice. In 2006, Rob helped lead Randall Financial Group's purchase of King Tax Planning in Uxbridge, Massachusetts. The practice prepared over 500 returns annually along with integrating financial planning and investment planning with tax clients.
In 2015, Rob opened up Balanced Wealth Management where he integrates technology, investment planning, financial planning, with the psychology of motivating people to reach their life and financial goals. Rob specializes in portfolio management, 401K Fiduciary Fund Management, Individual Financial Plans, Tax and Investment Integration Planning. He is committed to building client relationships based on trust, competent professional advice, continual communication and prompt personal service. As with all successful professionals, he believes that a good financial plan is the foundation for long term financial success.
Rob was featured for four years on Fox Providence's Money Pros as the financial planning pro. In addition, he has been heard on WPRO, along with several appearances on Providence's ABC-6. He continues to be a resource for local media in regards to investments and financial planning.
BS, Accountancy, Providence College
Generally, fees are on a sliding scale and usually range from 0.50%-1.50%. Be sure to know if you pay maintenance fees, account closing fees, cost to trade, etc. Not only is knowing the charges important, but it is important to know what you get.
For example, someone who charges 1% may never even see you and someone who charges 1.25% may see you often, provide tax services, estate planning, insurance, etc.
Or you could potentially use your local bank.
If you take the lump sum, the following scenario might be worth a look:
$500,000 invested for 20 years at an assumed 8% would produce $50,926 per year. That is definitely an increase from the $37K, however be aware of the two variables (1) rate of return and (2)DISCIPLINE to not take any money earlier.
Taking the $37K per year would guarantee everything. You are sacrificing $13K per year for the guarantee.
So I think you need to make a call on if you are disciplined and smart about investment management, or if the guarantees make more sense for you.
In most cases, you can rollover the security directly to the IRA (this is called an in-kind transfer). Where I have run into an issue is when a mutual fund in a 401(k) is not offered at the institution you are transferring to, in which case, a liquidation must occur. In many cases, 401(k)s offer a share class that an IRA does not offer, but may offer the same investment in a different share class. This is a bit technical, but simply put, you can probably get the same fund just with a different fee structure.
Only your contributions count toward the 401(k) contributions. For 2016, you can contribute $18,000 to your 401(k) and if you are over 50 years old, you can contribute another $6,000. If you are 50 and able to contribute the maximum, this is quite an advantage. Assume your company matches 6%, you earn $100,000 and you are taxed at 25%. It would cost you $18,000 to invest $30,000 (Cost of $24K- tax savings of $6K and $6K employer contribution)=GREAT DEAL