Duell Wealth Preservation
Owner and Founder
Gary Duell is the Owner and Founder of Duell Wealth Preservation, an Oregon Registered Investment Adviser firm. Gary and his team know Health and Life Insurance is more than protection and risk reduction, it is a financial tool that helps secure the future of their clients retirement and gives them the freedom to experiment with new ideas and realize the passions that they put on hold while they are building a career and raising a family. That is why they specialize in insurance and financial products that help provide financial security such as Life Insurance, Annuities, and Long Term Care.
Gary provides comprehensive financial plans and the appropriate insurance and investments to implement them, continuing ethics education classes for insurance agents, as well as public seminars. He is currently on the faculty of Portland Community College’s Community Education department to provide retirement education to pre & current retirees.
Gary was born in Garden City Kansas, moving with his family to Salem, Oregon at the age of 5. He graduated from Willamette University in 1974 with a double major in psychology and philosophy. There being a scarcity of philosophy jobs, Gary took a harrowing nine-month stint at Oregon State Hospital as a psychiatric security aide on the women’s maximum security unit. “One Flew Over the Cuckoo’s Nest” was filmed there during that time, which only added to the chaos. The experience prompted Gary to change careers. He graduated from Willamette U. again, in 1977, with an MBA. After 18 years with Farmers Insurance, first as an underwriter, then supervisor, and then as an agent, Gary left in 1996 due to the purchase of Farmers by British American Tobacco. In 1997 he completed the last series of courses and exams to get the Chartered Financial Consultant (ChFC) designation from The American College at Bryn Mawr PA.
Gary served a three year term on the Clackamas County Economic Development Commission and was chair of the Surface Water Management advisory committee. He was Treasurer on the Clackamas Community Land Trust board of directors and helped merge the CCLT with Proud Ground, their Portland counterpart. He is also a charter member, past President and current Treasurer of the Happy Valley Business Alliance. Gary loves what he does mostly because of the people he gets to work with. Many clients and friends have been made over the years.
B.S. in Philosophy & Psychology 1974, Willamette University
MBA 1977, Willamette University
Chartered Financial Consultant (ChFC) 1997, The American College
WARRANTIES & DISCLAIMERS
All information offered on this website is for guidance and informational purposes only and should not be considered specific advice. This website and information are not intended to provide investment, tax, or legal advice. Every situation is unique. You should speak with your adviser prior to making any investment decisions. Advisory services are offered through SGL Financial, LLC (“SGL”), an SEC registered investment adviser, and Gary R. Duell (“Duell”), an Oregon registered advisory firm. Insurance products and services are offered independently through individually licensed and appointed insurance agents in appropriate jurisdictions.
SGL is an SEC Registered Investment Adviser located in Buffalo Grove, IL and Gary R. Duell is an Oregon Registered Investment Adviser. SGL and Duell may only transact business in those states in which they are registered, notice filed, or qualify for an exemption or exclusion from registration requirements. Duell Wealth Preservation’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of this web site on the internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the internet. Any subsequent, direct communication by an investment adviser representative of SGL or Duell with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of SGL or Duell, please contact the SEC or your state securities regulator for further information. A copy of SGL’s or Duell’s current written disclosure statement (Form ADV 2A) which discusses SGL’s and Duell’s business operations, services, and fees is available at the SEC’s investment adviser public information website www.adviserinfo.sec.gov or from Duell Wealth Preservation upon written request. SGL and Duell do not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Duell Wealth Preservation’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
The information contained herein has been compiled from sources deemed reliable and it is accurate to the best of our knowledge and belief. However, SGL, Duell, and Duell Wealth Preservation cannot guarantee its accuracy, completeness, and validity and cannot be held liable for any errors or omissions. Changes are periodically made to this web site and may be made at any time.
All information contained herein should be independently verified and confirmed. SGL Financial, LLC, Gary R. Duell, and Duell Wealth Preservation do not accept any liability for any loss or damage whatsoever caused in reliance upon such information.
Again, readers are advised that the material contained herein should be used solely for informational purposes.
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Duell Wealth Preservation made reference to directly or indirectly by Duell Wealth Preservation in its web site, or indirectly via a link to an unaffiliated third party web site will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the payment of which would have the effect of decreasing historical performance results.
As stated above, different types of investments involve varying degrees of risk, and therefore there can be no assurance that the future performance of any specific investment or investment strategy will be profitable. Certain portions of Duell Wealth Preservation’s website (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, various positions and/or recommendations made by Duell Wealth Preservation and/or those of other investment and non-investment professionals as of a specific date. Due to various factors, including changing market conditions, such discussions and/or positions may no longer be reflective of current position(s) and/ or recommendation(s). Moreover, no client or prospective client should assume that any such discussion or information presented serves as the receipt of, or a substitute for, personalized advice from SGL, Duell, Duell Wealth Preservation, or from any other investment professional. SGL, Duell, and Duell Wealth Preservation are not a law firms or accounting firms, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
Duell Wealth Preservation throughout this website has provided links to various other websites. While we believe this information to be current and valuable to its clients, we provide these links on a strictly informational basis only and cannot be held liable for the accuracy, time sensitive nature, or viability of any information shown on these sites.
SGL FINANCIAL, LLC IS AN SEC REGISTERED INVESTMENT ADVISER. GARY R. DUELL IS A STATE REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.
Gary Duell interviewed by Investopedia
No and yes. Qualified (pre-tax) retirement account contributions can only be made if you have earned income. To contribute specifically to a 401(k) you would need to be employed by an entity that sponsors a 401(k) plan.
Here's a general heirarchy to follow:
1. If you have any high interest consumer debt, pay that off first. Interest saved is interest earned. Plus, if you have high interest debt, then that indicates a willingness to spend your future today. If you stay in debt and invest your $1800, how will you feel if the debt payments become unmanageable and you have to withdraw your investment in a down market?
2. If you have money left over, put it in a liquid cash account with a credit union or virtual bank. Add to it until you've accumulated enough to handle 3-6 months living expenses. This Emergency/dOpportunity fund is essential. It helps keep you from going into debt for those unexpected lump sum expenses that periodically surprise us, and, it makes you less likely to raid your retirement funds thereby incuring taxes, penalties and untimely market losses.
3. Then, and only then, do you have any business investing. A great exception is if you are working and have a matched savings plan at work. Then you should contribute at least enough to get the maximum match.
You should only do an in-sevice withdrawal if the grass is indeed greener on the other side. What are the pros and cons the adviser listed for both options, i.e. simply staying put vs. the withdrawal? Lower fees? Less volatility? More investment choices? Annuity rider benefits like guaranteed income and/or long term care? If the alternatives to staying put aren't clearly superior, then stay put.
Congratulations! Here is my heirarchy of how to use a windfall:
1. Pay off all high interest debt such as credit cards, consumer & education loans. If you have the discipline to not reaquire such debt, this will be a permanent improvement in both your cash flow and net worth.
2. Pay off low interest debt for depreciating assets such as car loans.
3. Make maximum IRA contributions for you and your spouse if you qualify (you can contribute the lesser of $5500 or earned income. $6500 if over 50.) Whether this is a Roth or Traditional IRA depends on future cash flow projections.
4. If you don't own a home, and have money left over, buy a home!
5. Set up a liquid emergency fund of at least 6 months of your budget. So if your household budget is $3000/mo, that's $18k.
6. Finally, if you still have money to invest, visit Vanguard, set up an account and educate yourself.
All great answers from my colleagues. You really don't provide enough information to justify a firm yes or no answer. Are you single or married? What's your current tax bracket? What is your total household income? Do you have other employer sponsored retirement savings?
In general it wouldn't make sense unless you (and your spouse, if any) might be in a zero tax bracket the year you make the IRA withdrawal. Then you would only incur the 10% penalty. It might also make sense if you split the withdrawal between two tax years and would remain in a low or zero tax bracket. Otherwise you'll incur a permanent and hefty reduction in your retirement savings.
Rather than risk treating only your symptom ($10k in credit card debt) why not visit Consumer Credit Counseling to see if you have a budgeting problem? It's heartbreaking to liquidate savings to bail yourself out of consumer debt only to find yourself back in the same situation . . . except without any savings! Plus, they may have tips on negotiating down the interest rate or even the balance.