As the founder and Managing Partner of Auctus Advisors, Mr. Miller maintains overall responsibility for all client outcomes. With his 15 years plus of experience in wealth and investment management he has built the foundation to be his clients' most Trusted Advisor. He brings customized, analytical, and proven processes in both planning and investment management to help his clients navigate the financial landscape.
He started his career as an analyst with an investment management firm in Washington D.C., while there he was tasked with research and analysis of portfolio holdings. In 2005, he joined Northwestern Mutual and a d/b/a of the firm, Powell Financial. He helped take Powell Financial, Inc. private in 2007, forming their own Registered Investment Advisor, and specializing as a full service wealth management firm. He spent 9 years there as a partner and the dynamic center of the firm helping oversee the firm’s investment and planning process. He spent the last 2 years as Managing Director of MBL Advisors, a boutique 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, he founded Auctus Advisors and spun out his investment practice, retaining key members of his team.
He earned his B.A. degree from Pfeiffer University; attending on a 4 year soccer scholarship. He later earned his M.B.A in Finance from East Carolina’s College of Business.
MBA, Finance, East Carolina's College of Business
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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.
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.
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.