Meyer Capital Group
Michael Howley is a fee-only investment advisor representative at Meyer Capital Group in Marlton, NJ. Michael joined Meyer Capital Group in April 2002. Prior to joining MCG, he served as a Senior Investment Specialist and Assistant Branch Manager with Charles Schwab & Company, where he consistently led a $3 billion branch.. In addition to his day-to-day responsibilities, he was selected by Schwab management to act as the Regional Coordinator for their AdvisorSource, a program for high-net wealth investors that have complex financial situations and need specialized planning & investment solutions. For his work with the program he was awarded the prestigious "Excellence In Service Award" for superior performance and client relations. Prior to that experience, Mike worked on a trade desk at Brown & Company in Philadelphia and started his financial services career with Smith Barney specializing in the IPO markets.
Mike holds an Associates of Science in Management from Pierce College, a Bachelor of Science in Business Administration from Rutgers University, and has completed all of the education requirements with Fairleigh Dickinson University for the CERTIFIED FINANCIAL PLANNER™ certification. Mike has also completed all of CFP Board's requirements in education, ethics, experience and examination to earn the right to call himself a CFP®.
BS, Business Administration, Rutgers University
AS, Management, Pierce College
Financial Planning Program, Fairleigh Dickinson University
Assets Under Management:
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Meyer Capital Group) will be profitable. Please remember that it remains your responsibility to advise Meyer Capital Group, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. Please Note: Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Meyer Capital Group is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Meyer Capital Group by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.
Fee-Only Fiduciary Investment Advisor: What's the Difference?
Donald L. Kingett and Thomas C. Meyer - Financial Planning
What is a Fiduciary and Why You Should Use One?
What you need to know when hiring a financial advisor
Focus on paying off the credit cards first. This type of consumer debt is considered "bad debt". A mortgage would be considered "good debt". The two main differences would be that you can deduct mortgage interest from tax liabilities and they are typically a fraction of the rate on credit cards. With that said, you should consider converting your credit card debt to a HELOC (home equity line of credit) and then chopping up all of your cards except one.
Best of Luck!
Great question! Unfortunately, the industry has made this process very very confusing for the public. I can simplify it for you here.
While most financial professionals refer to themselves as financial advisors, only a small number of them can call themselves "Fee-only" and an even smaller number actually conduct business as a "Fiduciary". We are proud to be a member of the National Association of Personal Finance Advisors (NAPFA.org). Our entire Investment Committee has agreed to abide by the NAPFA Code of Ethics and have signed a Fiduciary Oath. When dealing with our clients we must always act in good faith and candor, we must proactively disclose any conflicts of interest and we shall not accept any referral fees for compensation that is contingent on the sale or purchase of a financial product. There is only one way to ensure you’ve found a financial advisor who will put your interests first all the time - Make sure they are a NAPFA member and CFP.
Here are some other helpful tips:
- They have a written 3-5 year business plan, a succession plan and a catastrophe plan.
- They never take possession of your assets. Your assets are always held with an independent custodian (Schwab, Fidelity, TD) with SIPC & FDIC.
- They do not hold a Full Power of Attorney with the ability to extract funds for any reason. Limited Power Only!
- Accounts are 100% visible for daily access on the custodians website as well as the advisors.
- Statements, trade confirmations, and tax documents are sent directly to you by the custodian, not the advisor, on a regular basis.
- They are a SEC regulated advisor subject to stringent protocols as well as periodic SEC audits.
- They perform a number of internal annual audits on various aspects of their business.
- They have been vetted by third-party outside firms for various awards.
The government does not have any restriction on saving in a SEP IRA and Roth IRA in the same year. You will be able to increase your savings by contributing to both a SEP IRA and Roth IRA. Good luck!
In 2017, the maximum collective amount of employee elective deferrals is $18,000 (or $24,000 if over 50). https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits.
Best of Luck!
Unfortunately, IRS publication 590-A prohibits investing your RMD into a Roth IRA. You have to satisfy your RMD before Roth conversions are allowed. You can invest your RMD into a taxable account. Making a direct Roth contribution would also require that you are working and have earned income.