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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    Debt, Investing
What should I do with the $10,000,000 I just acquired after selling my company?
78% of people found this answer helpful

This is one of these life events that call for a detailed overview of your situation.  The successful sale of your company is a real achievement.  It appears this sale put you in a strong financial situation and may afford you the chance to live very comfortably for the rest of your life and the life of your family if you plan appropriately.  At this point, I would not worry so much about the stock market reaching all-time highs as I would establishing a game plan for the rest of your life.  The game plan includes mapping out whether you plan to never work again, how much income you will need, and making sure you have retained the services of a competent CPA, financial advisor, and an attorney to name a few.  This team of professionals will be helpful to you going forward.  

Depending on your goals and objectives, and more specifically, your annual income needs, you may not have to have as much exposure to riskier assets like stocks than you think.  There are a number of ways you can invest this money that will help sustain your standard of living for the rest of your life.  You could establish a globally diversified investment portfolio that includes a number of asset classes like stocks, bonds, cash, or even annuities, which I do not particularly care for.  In other words, you could take some of the money and generate a lifetime stream of income that will last the rest of your life using an immediate annuity so you are not entirely dependent on market returns.  Again, I do not believe you need to take as much risk as you think necessary given the size of your assets, but this depends on your long-term income needs.  You could live another 45 years plus so you want to be sure that any strategy considers a long-term life expectancy.  

It may also make sense to interview at least three to five financial advisors before making a decision to hire one.  You want a firm that will work with you and guide you prudently.  You do not want to use a firm that wants to sell products as your solution(s).  Be very careful and obtain referrals from other professionals.  Please visit the CFP web site--CFP.net and try to find fee-only advisors.  

Take your time and do not make any quick decisions.  This is a time for personal reflection and goal setting.  

I wish you the best of luck!

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