As the founder and Managing Partner of Auctus Advisors LLC, Mr. Miller maintains overall responsibility for all client outcomes.
Mr. Miller began his career as an analyst with an investment management firm in Washington DC where he researched and analyzed portfolio holdings. In 2005, he joined Northwestern Mutual and a d/b/a of the firm, Powell Financial, that he later helped take private in 2007. Mr. Miller spent 9 years as a partner at Powell Financial where he oversaw the firm’s planning and investment process. In 2015, Mr. Miller became Managing Director of MBL Advisors, a boutique wealth advisory firm within McColl Brothers Lockwood, the family office established by Hugh L. McColl Jr., former Chairman and CEO of Bank of America.
Due to continued regulatory reform, and the desire to be a fee only investment firm, Mr. Miller founded Auctus Advisors and amicably spun out the wealth management practice, retaining key members of his team.
Mr. Miller earned his B.A. degree from Pfeiffer University; attending on a 4 year soccer scholarship. He then earned his M.B.A in Finance from East Carolina’s College of Business. Miller also holds his Series 65 and Life, Health and Long Term Care license.
Board of Trustees, Finance Committee, Pfeiffer University
Chair, Finance Committee, Charlotte City Club
Advisors with Heart, Wealthmanagement.com (2014)
Forty under 40, Charlotte Business Journal (2015)
Presidential Merit Award, Pfeiffer University (2015)
Forbes Best-in-State Wealth Advisors (2018)
Forbes Top Next-Gen Wealth Advisors (2018)
MBA, Finance, East Carolina's College of Business
Assets Under Management:
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Auctus Advisors: Growing Legacies
Include the form in 2017 and request waiver. The income though should be claimed in 2018 when you received teh 1099-R from your brokerage company. You need those forms to match. I would attach a letter to the form of course, and if you can withhold taxes from the distribution to let the IRS know you paid something immediately.
Don't invest an emergency fund, keep it liquid. There are some liquid strategies to get at least SOME return, although its not much in today's environment. There are some high interest checking/savings accounts from like Ally bank and others that are around 1%, so that is fantastic. There are also some 1 year no penalty cd's that you can put some money into where you can get out of the CD with no penalties but get some return while you don't need it. 1% would be a good return for an emergency fund in this environment.
DO NOT BUY AN ANNUITY!! First step is to determine your mom's monthly income need. This will help drive the allocation and income to be generated from the investment portfolio to supplement SS. Renting creates flexibility, so I would probably err on teh side of renting assuming she can find something she likes. Keep the money in her name, as the rules around gifting are relatively strict. Make sure she has her estate planning in order, and the assets are titled with a "TOD" registration so they avoid probate.
I would probably allocate her around 50/50 stocks to bonds but wouldn't be able to give that recommendation until proper income need planning was done.
Your debt is necessarily bad debt. I like the liquidity you have outside of the house so I wouldn't. While you certainly guarentee a return of 5.25% to pay down the mortgage, once you do so its very hard to get the money out of the house. I would hold off paying down the debt and look to make sure your money is effecicenty invested.
Given your unemployment, I would keep the vast majority in cash until you get another job. Once you do, then I think you can explore investing some of it, but until then it doesn't make sense to put any of it at risk as you aren't sure how long you will be unemployed for.