Steven J Sivak

Personal Finance, Retirement, Investing
“With over 14 years of experience in the financial industry, Steven J Sivak serves his clients by alleviating common issues of the financial services industry.”

Innovate Wealth

Job Title:



Over the past 10 years, Steve Sivak has worked with high net worth individuals in all situations and through several market cycles. Client frustrations with the ‘Big Bank’ model of the business led him to want to improve the experience. Steve created Innovate Wealth with the vision to refocus the business away from a product sales culture and back to the clients, their education, their behavior, and do it all at a more affordable cost.

Steve has been in the financial services industry for 14 years and spent the last 10 working for Wall Street banks. He is a Certified Financial Planner™ (CFP©) and previously attained the Certified Divorce Financial Analyst (CDFA) and Certified Portfolio Managers (CPM) designations while at Morgan Stanley, and an engineering degree from Lafayette College. He spends his free time reading (a lot of finance!), with his dog Kimo, serving on various community Boards, or doing anything outside or active.


BA, Civil Engineering, Lafayette College

Assets Under Management:

$11 million

CRD Number:


All Articles
Sort By:
Most Helpful
last month
    Personal Finance, Debt
October 2017

All Answers
Sort By:
Most Helpful
    Retirement, Pensions, Social Security, Insurance, Life Insurance
Should I purchase a permanent life insurance policy to supplement my retirement plans?
63% of people found this answer helpful

Let's start with a basic question:  why do you feel you need permanent insurance?

I usually recommend permanent insurance to accomplish a few very specific goals:

1.  You have estate planning complexity

2.  You have permanent debt that you'd prefer not to pass to your heirs

3.  You want to guarantee a fixed inheritance for someone

4.  You are trying to kill two birds with one life insurance stone

Your answers to 1-4 will go a long way towards a decision to pursue permanent life insurance.  The most likely scenario for your situation is #4.  Many life insurance carriers will issue whole/indexed life insurance policies with an additional rider that allows you to use the death benefit for nursing or long-term care needs.  Long-term care can be a significant expense as we age and is often overlooked.

With money in a retirement account and a government pension, it seems like retirement cash flow will not be an issue.  Unfortunately at your age, a permanent life insurance policy will be expensive, so you should carefully consider the goals 1-4 above.  If you don't feel like you need to solve those goals, I would consider a much cheaper term insurance policy to cover your early retirement years, or perhaps you don't need life insurance at all?  If your assets far exceed your liabilities, life insurance becomes a frivolous expense as you are effectively self-insured.

April 2018
    Investing, Annuities
When is a Tax Deferred Variable Annuity a good strategy?
25% of people found this answer helpful
December 2017
    Investing, 401(k), Real Estate
Which investment and/or saving option will help me generate the most funds to put toward a down payment?
22% of people found this answer helpful
December 2017
    Financial Planning
What is a wrap account and what are the advantages of using one?
18% of people found this answer helpful
September 2017
    Banking, Investing
What does it mean when you move your investments to cash?
17% of people found this answer helpful
September 2017