nVest Advisors, LLC
Jeremy Torgerson is the CEO at nVest Advisors, LLC in Texas and Colorado and has over 9 years of experience in the finance industry.
Prior to his time in investment management, Jeremy and his wife were small business owners in Colorado, owning and operating two restaurants, “Torgi’s Pizza & Pasta Co.”, and a large independent video store called “Fast Forward” (yes, Millennials, they really did exist!)
A trained speaker and former professional actor, Jeremy still takes the occasional acting job when his time permits, most recently portraying a modern-day Jesus in the 6-part Christian mini-series Unconditional Love. He narrates audiobooks for Audible, and also hosts two podcasts. He was also a featured actor on the stage at the Camille Playhouse in Brownsville, where he recently starred as Randle McMurphy in One Flew Over The Cuckoo’s Nest and Boolie Werthan in Driving Miss Daisy. Jeremy also utilizes his performance background as our company spokesperson.
Investments became his “day job” after the economic downturn that began in 2006 with a cascade of home foreclosures near Jeremy’s businesses in northern Colorado. The impact of the recession devastated families and small businesses, yet Jeremy felt the “powers that be” were motivated to help only the large banks and investment companies that caused the financial crisis in the first place. Those “mom and pop” businesses, and along with them so many hard-working American families, were left to struggle.
Taking what he learned in both good and challenging business climates, Jeremy began his financial advisor career with Edward Jones in 2008, with a focus on helping small business owners. His office opened in Los Fresnos, TX in 2008. In 2011, he took his practice independent and formed Palo Alto Investments in Brownsville, TX.
Watching the financial industry evolve, and seeing the impact technology could make for the betterment of client service, Jeremy decided in late 2015 to reinvent “Palo Alto Investments” into nVest Advisors, LLC. Doing so, he left behind commissioned securities sales and focused instead on creating low-cost, fee-only, actively-managed investment accounts tailored to the average investor and small business owner.
In February 2017, Jeremy moved his family back to Colorado, and nVest Advisors now serves clients in both south Texas and throughout the state of Colorado.
Assets Under Management:
Great for you that you're tackling this at such a young age! (I'd guess that the average age most clients enter my office is early to mid 40's).
You absolutely should continue to contribute to the 401k. As for the question of debt / savings question, I usually work with clients like you by having us focus on both at the same time.
The issue with focusing on just debt, for example, is when that emergency inevitably comes up, without some savings built, you have no other place to go to cover that expense except back onto a credit card. That becomes the "forever treadmill" we're all so used to.
Instead, try a strategy of saving 50% of that surplus income, and using the extra 50% to pay down just ONE credit line at a time (pay minimums on the others). Once the first debt is paid off, take the entire payment from that debt (the minimum plus the amount you paid extra), and apply it to the next card, and so on.
Continue saving until you've reached at least 3 months' expenses (I prefer 6). Once that's reached, drop that money into your debt paydown plan.
I wish you every success! :)
You can do that, but you need to keep it very liquid and pretty conservative in terms of volatility. A bond ladder or other such strategy may work well for that.
Also, I've tended to notice that we as investors tend to think in terms of "all or nothing" in our different accounts. Depending on how much you have saved, you could invest part, and keep another part in money market.
Best of luck to you!
Because of the way trading commissions will eat up small amounts of money very quickly, I wouldn't start investing until you had a larger pot to work with. By all means, continue to SAVE, but my guess is, if we only have $25, it's not likely you have much of an emergency fund saved yet, and that HAS to be the higher priority.
The other issue you have is, we're at all-time record highs in the stock markets right now. You anything you do buy will likely have never been at higher prices than now.
Save 3-6 months of your expenses (not "income" - expenses) and then shift that savings toward an investment account. Then, start with one of the zero-commission ETFs TD Ameritrade offers, and keep investing into one diversified ETF until you have several thousand dollars.
But baby steps. Do it right. Get some emergency savings built, THEN start working on your investments.
Best of luck to you! :)
I hope it doesn't sound like a cop-out, but I would love to know much more about the rest of your investments, your plans post-retirement, and your temperament as an investor before I make a definite statement.
However, in general, shifting toward more conservative investing strategies as we age is the right thing to do. I think, since it sounds like you plan to retire in your late 50's, remember that you may be retired for 30 to 40 YEARS, which is a very long time for your investments to be too conservative. You need to still earn a return as high above the rate of inflation as you can, for as long as you can, to help make sure you don't run out of money too early.
A good rule of thumb for average-risk investors is to be in stocks using a basic age formula. Until age 60 or so, I'd just go with whatever my understanding of your risk tolerance is. But after that, a good rule of thumb is to take the number 100 minus your age, and that's about how much you should be in stocks. At 60, that formula would put you about 40% in stocks. At 80, you'd still be 20% in stocks. That gives you some growth potential, but slowly "firms up" the account volatility and slowly converts the portfolio into a mostly interest-earning stockpile for you.
Best wishes to you! :)
The question of the ages. :)
Everyone on here will tout their credentials and tell you the best advisor for you is... wait for it.... them. But you are right to be concerned about finding the right advisor, and there are definitely some things you need to think about.
I'm going to keep my answer brief here but give you some links to other pieces I've written on this subject.
First off, I would say that the most important thing you need to find is one who is a full legal fiduciary. That means they are legally obligated to always do what's in your best interest. It may amaze you to know that nearly all of our industry is NOT required to do that. That doesn't mean there aren't great people out there in the finanical world who are not legal fiduciaries, but the industry itself is NOT a friend to their clients. So make this your cardinal rule: the advisor I choose MUST be a fiduciary.
(The Department of Labor and the SEC are trying to force the financial services industry to be legal fiduciaries on retirement accounts, but that's been met with fierce resistance by the industry, including lobbying and more than a dozen lawsuits. It seems crazy that they would fight doing what's in your best interests, but they are.)
Second, I would advise you to seek out an advisor who doesn't work on commission. I know that there are wonderful people earning commission in our industry, but again, the problem is with the incentive of commissions. If I'm having a bad month, or my company puts production quotas on me, or if one product simply pays me twice as much as another product, I'm likely to think of my commission over and above what is absolutely best for the client. It's human nature. Using a fee-only advisor who is also a legal fiduciary means the advisor is being paid by you, not by a company or a product commission. That gives you much more control.
After those two bases are covered, I'd advise you to interview a few of them and get a feel for what their experience, philosophy, procedures and strategies are. Trust your gut on this. They all should be willing to spend the time to get to know you and your financial needs long before they start talking to you about how you're going to invest or what products you should buy. I wrote an article on 10 sketchy things you should be on the alert for here, as well as 9 reasons you should either fire your advisor, or not hire them in the first place.
Finally, make sure to check their history. Although regulations don't allow us to give you references or testimonials from our clients, you can see if we've had complaints, been bankrupt or in legal trouble, etc. at the either the FINRA BrokerCheck website, or for fee-only advisors, the SEC's IARD record search. Simply search for us by name and you'll get a full history of our time in the business.
I hope this helps! Best of luck in your search! :)