Jack K. Riashi, Jr.

CFP®
Personal Finance, Retirement, Investing
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“Jack Riashi, Jr., a Fee-Only Investment Advisor with Bloom Asset Management, Inc., has been advising individuals and families for more than 20 years in areas such as financial planning and investment management, among others.”
Firm:

Bloom Asset Management, Inc.

Job Title:

Financial Advisor

Biography:

Jack K. Riashi, Jr., CFP® has been with Bloom Asset Management since 2002 and has been an active member of the firm’s Investment Committee since inception, which is responsible for setting investment strategies and selecting approved securities for client portfolios. He provides a wide range of financial expertise including personalized investment management, asset allocation, and comprehensive retirement planning.  Jack has been featured as a financial expert for the Detroit News' Money Makeover series and has been a frequent guest on WXYZ-TV Channel 7 Action News providing financial advice and market observations.  He has also contributed numerous articles for the firm’s website, MoneyTalk and MoneyWatch newsletters. Jack has also been selected as an HOUR Detroit Five Star Wealth Manager each year since 2011, an honor he works hard to achieve.    

Jack has been serving clients in the financial service industry since 1987, holds the designation of Certified Financial Planner (CFP®) and is an active member of the Financial Planning Association. He is a graduate of Wayne State University with a bachelor's degree in finance and has been a featured speaker at many Bloom Asset Management seminars. 

As a CERTIFIED FINANCIAL PLANNER™ practitioner, Jack has met rigorous education and ethical requirements and has gained extensive knowledge in the areas of financial planning, risk management, investments, income tax planning, and retirement and estate planning.

In his free time, he enjoys spending time with friends and family and is an avid golfer and cyclist.  Jack is also very actively involved in his Church and has contributed his expertise in financial planning and goal setting to the Church’s Finance Committee over the years.  

Education:

BS, Finance, Wayne State University

Assets Under Management:

$1.1 billion

Fee Structure:

Asset-Based
Fixed

CRD Number:

1670490

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August 2017
    Investing, ETFs, Mutual Funds

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    Investing, Annuities
When is a Tax Deferred Variable Annuity a good strategy?
100% of people found this answer helpful

It sounds like you and your spouse have done a very good job of saving toward retirement.  If you have not already done so, you should consider maintaining at least six months of living expenses in cash.  That is important and will prevent you from having to withdraw from longer-term assets.  

Without knowing your specific goals and objectives, I would tell you that investing in a variable annuity is a bad idea.  Even no-load variable annuities from places like Vanguard, Schwab or Fidelity, which are far less expensive than other annuity products, are still a bad idea.  Even though you receive tax-deferred growth on your money, you are held captive to the somewhat limited investment choices in those annuities.  But more alarmingly, you are deferring your assets to a possible tax nightmare for yourselves and to your beneficiaries.  Assuming the variable annuity grows over time, all of the gains must be distributed first with annuities, which means that either you or your beneficiaries would have to pay ordinary income taxes on the gains.  If you end up establishing a monthly income stream from the annuity rather than taking periodic withdrawals, then those distributions are taxed somewhat differently (please refer to a tax professional on this). 

Too, your beneficiaries would receive no "step-up" in cost basis as they would if they inherited assets in a taxable brokerage account.  If you invested some or all of the $200k in a taxable account, then you would grow your assets at capital gain tax rates, which are less than ordinary income tax rates, or the rate you would pay if you withdrew from a variable annuity.  Upon your death, your beneficiaries would inherit the taxable account on a "stepped-up" cost basis, meaning all of the gains would get zeroed out at the date of death value.  The beneficiaries could then sell those asses without limited to no capital gain liabilities.  

You should seriously consider working with a financial planner that can help you formulate a long-term game plan for your situation.  They can help you figure out what types of accounts make sense.  I've been a planner for many years, and very rarely have I ever recommended someone purchase a variable annuity.  If you desire a stream of income or want to be more conservative, then fixed annuities and/or immediate annuities may work more effectively.  But again, a competent, client-focused advisor would be very helpful to you and your family.  Be very careful with advisors that work for insurance companies and/or earn their compensation by purely selling financial products.  They often invariably recommend variable annuities for their solutions.  Make sure you ask lots of questions about their approach, investment strategies, and compensation structure before committing to anyone.  

I wish the best of luck to you!  

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