Richard Reyes

CFP
Retirement, Investing, Taxes
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“Richard Reyes, The Financial Quarterback™, provides sleep well at night solutions for retired and near-retired individuals through comprehensive retirement plans customized to each client’s needs.”
Firm:

The Financial Quarterback™

Job Title:

The Financial Quarterback™

Biography:

Years ago Richard Reyes was working diligently doing his job as an investment advisor, wealth manager, or financial planner (he was never sure what to call himself back then). As far as he understood it, his job was to search for investments that would generate above average returns for his clients. That’s what the entire industry was built on and really, that’s what clients thought they hired him to do. Now think about this for a moment…the entire industry is based on the idea that their job is to find the best investments, and in the process, they are “killing the investor” and keeping YOU from meeting the challenges of being able to retire and stay retired.

When Richard realized these implications, his entire job and mission changed. He realized that investment success is not at all about skill—it is about having a process, a plan, and good behavior. Financial planning does not end nor begin with the words, “Buy, Sell or Hold.” His real job and passion is to help YOU create sleep well at night solutions in order to not only help you retire, but to make sure YOU stay retired.

Richard received his formal education at the University of Florida and completed the Certified Financial Planner Professional Education Program at the University of Central Florida. In addition to his professional qualifications, he is active in the local community and have served in ministries, associations and community organizations. He is frequently asked to speak and teach workshops on various financial topics to corporate groups, individuals, professional organizations and business owners.

He has contributed in authoring portions to the following books titled The Dirty, Filthy Lies My Broker Taught Me and 101 Truths about Money and Investing, The Complete Guide to Investing in Annuities, and The Mutual Funds Book and have been published in various magazines, newspapers, and local television such as Fox 35, Real Estate Broker Agent, Senior Advisor Magazine, Seminole Success, Orlando Business Journal, and Central Florida Business, Wall Street Journal, BankRate.com, and various others.

Richard is married to a fabulous wife, Marcia and have two wonderful boys. Lastly, they make their home in the #1 city as named by Money Magazine – Lake Mary, Florida.

Education:

BS, Construction Management, University of Florida

Assets Under Management:

$1 million

Fee Structure:

Flat
Asset-Based
Commission
Hourly

Disclaimer:

Copyright The Financial Quarterback™ • CFP ® CERTIFIED FINANCIAL PLANNER ® and the CFP symbol are marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP™ Boards initial and ongoing certification requirements. Investment advisory services offered through Wealth and Business Planning Group, LLC., A Registered Investment Advisor. Wealth and Business Planning Group, LLC [The Financial Quarterback™] is a Registered Investment Advisor in the State of Florida which offers Fee Planning and Asset Management. Annuity and Insurance services offered through Wealth and Business Planning Group, LLC [The Financial Quarterback™]. Depending on your state of residence, Wealth and Business Planning Group, LLC [The Financial Quarterback™] may not be able to immediately provide services. Use or viewing of this site acknowledges that you have read, understand and will abide by our terms of use, legal notices, and disclaimers.

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    Debt, 401(k)
Can I withdraw $25,000 from my 401(k) without incurring a large amount of penalties?
100% of people found this answer helpful

Thank you for your question.

You can definitely use the money from your 401k to pay down your debt. There is a variety of ways to pay down debt which are better than using your 401k because that will be your most expensive route. However, lets stick to the 401k alone.

1) You can take a loan from the plan if available to pay down your debt. Some plans do not allow this. In addition, you will have to pay the loan back over a certain amount of time depending on what your paln allows. You must understand that if you lose your job, this will no longer be a loan and will be taxable immediatedly in the same year which will mean you will owe taxes and 10% penalty if you are under 59 1/2.

2) You can take a regular withdraw or hardship withdraw. The amount you withdraw is fully taxable in that year plus you will have a 10% penalty if under 59 1/2.  This is your most espensive way and often times they do not allow you to contribute for a period of time since if you take a hardship withdraw then it does make sense that you are saving at the same time.

3) You can stop contributing and just double up on payments to your debt. This is the best solution if you think you will be diligent enough to get it done right away and begin saving again after the debt is paid. 

Hope this helps you out some. Good luck!

Richard E. Reyes, CFP, The Financial Quarterback TM

 

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