Comprehensive Wealth Management Group, LLC
Owner and Founder
Allan Katz strongly believes that his main focus is to help clients discover and work toward their financial goals. As a Certified Financial Planner (CFP®) and completely independent financial advisor, Allan takes a fiduciary perspective to all of his work with his clients.
Allan has been licensed for over 25 years and has owned his own practice, Comprehensive Wealth Management Group, LLC, for over 14 years and counting. Before beginning his own firm, Allan worked at as a Financial Advisor for the United Nations Federal Credit Union as an investment advisor. After a few disagreements with management regarding how to best help clients work toward their financial goals, Allan realized that it was time to go independent. To this day, Allan views this as one of the best decisions he has made in his career.
Allan’s specialties include college financial aid planning, retirement, estate planning, and Medicare planning. His firm is committed to utilizing all of their resources, education, and hard work to help clients work towards their goals. Each client and family is treated individually, as his firm believes that tailoring each plan is crucial to preserving wealth.
Upon receiving his Bachelor of Arts of Arts Degree in Economics from the State University of NY at Binghamton, Allan commenced his rewarding and challenging career in the Financial Services Industry. His career path has helped him to build a base of education, knowledge and experience that enables him to guide clients through the complex financial world and empower them to achieve their financial goals.
Allan is a dedicated Financial Planning Association (FPA) member and is keen on providing pro-bono planning and engaging in speaking opportunities on behalf of the FPA. He is also dedicated to giving back to his community and is currently a member of the Board of Managers of the Staten Island YMCA and President of the Board of Directors of the Staten Island Alzheimer’s and Dementia Foundation, just to name a few of his charitable endeavors.
Allan's office is located at 243 Main Street Staten Island, NY 10307.
BA, Economics, SUNY Binghamton
BA, Economics, NYU
Securities and Investment Advisory Services offered through Royal Alliance Associates, Inc., Member FINRA/SIPC. Financial Planning Offered through Comprehensive Wealth Management Group, LLC., a Registered Investment Advisor and Separate from Royal Alliance Associates, Inc.
Annuities are not a short term investment in most cases. Fixed annuities can be a good compliment to the fixed income portion of your portfolio, but there is usually quite a bit of fine print. Very often the rate you are shown by your agent is a teaser rate and only lasts for a shorter duration then the surrender period of the contract. You need to know how long the rate lasts and how long the surrender period is. For instance, you mention a 4 year annuity. Does that mean 4 years of that guaranteed rate or 4 years of surrender charges? You may be guaranteed that rate for only 1 year, and then fall back to the contract minimum, which in many cases is 1 or 1.5 %.
I would suggest sitting with a professional with a CFP designation to get an unbiased opinion and explore the many options there are for the fixed income portion of your protfolio.
I think it is a very smart idea to contribute what is necessary to get the maximum company match. I believe rolling your previous 401k to an IRA is a good idea as well. IRA's have unlimited availability of investment choices and you can seek the advice of a Financial Advisor. 401k's are limited in the number of options available, which is not always optimal in creating a portfolio. Contributing to a Traditional IRA is not allowed by the IRS because you are covered by a 401k at work. You may however contribute to a ROTH if you are under the income limits. I believe that a ROTH can be very advantageous because the growth will not be taxed as long as you hold it for at least 5 years or until age 59 1/2, whichever is longer.
From your question it sounds to me that you need to seek a CFP Professional who is independent. Unfortunately, most people in the business are trained for the accumulation stage, because that's where the commissions are. Very few are educated in how to utilize the money once the goal has been achieved. In regard to minimizing taxes, there are many factors, but a good financial advisor working with a quality accountant should be able to accomplish this. This doesn't seem complicated enough to warrant the expense of a tax attorney in my opinion. Of course, I am on able to respond to what I know from this brief post, so you may very well need a tax attorney if there are further details and complexities not divulged here.
I think step 1 would be pay off your debt. The next step would be to purchase a reasonable home. This can be tricky in the Tri-State area due to varying prices. With the remainder I would recommend setting up a diversified portfolio that can combine potential growth with a certain level of income. This income in addition to working should hopefully allow you to spend on enjoyment like periodic travel, a car, etc. I realize it seems like alot of money, but if not handled prudently can disappear quickly. Also beware of all the new friends and relatives who will start coming around. They can become expensive.
In regard to rolling over an IRA, if you do what is called a Trustee to Trustee Transfer, meaning the money moves from one account to another withouth you touching the $, you can do that as many times in the year as you like. If you take posession of the money you can only do that once per year.
That said, your choices are virtually unlimited in regard to what type of accounts can be used. You would need to figure out what you want to accomplish and find the proper account to achieve that. I would suggest finding an independent finacial planner, preferably one with the CFP Designation. Keep in mind some banks can only offer savings accounts and CD's and some offer investment services. You have to figure out if the representative has your best interest in mind or is merely selling product.