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Captain's Log
We have a very important update for this month's newsletter that I believe everyone needs to be aware of when it comes to investment strategies or retirement planning.
Over the past months, I've mentioned several times the new Department of Labor Fiduciary Rule. That rule will go into effect this Friday June 9th, 2017. Simply put, this will require any financial advisor who gives advice on retirement accounts such as 401(k)s, IRAs, pensions, etc. to act as a fiduciary and operate under a "best interest standard". Note that many insurance agents, stock brokers, and bankers are not currently required to act as fiduciaries in most cases, so they'll have to acquire additional licensing in order to comply going forward.
Under the new rule, the sale of any commissioned product could be considered a conflict of interest and possibly be a "prohibited transaction" in the eyes of regulators. There are certain exemptions that will be allowed through the remainder of the year. Full implementation of the rule is scheduled for January 1st, 2018, but there is still some debate as to whether certain parts of the rule will be changed prior to full implementation. The DOL is re-examining the requirements in the rule and there is still a chance that some of the requirements may change.
I know this all sounds confusing, but just leave it up to good old Uncle Sam to make our heads spin!
Bottom line: Know who you're working with, know their qualifications, know whether they are legally compliant, and know what their area of expertise is. Not all financial professionals are the same, and many times the advisor who got you to retirement isn't the one to get you through retirement.
Also, we'll have a very exciting announcement in next month's newsletter and we can't wait to tell you about it. There is a hint in this month's newsletter, but we'll save the big reveal for next month.
Enjoy this month's articles, and we'll be back at you next month.
And, as always, remember -
The purpose of the money dictates where you put it.
Until Next Month,
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Tune In To
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The Importance of Having Proper Legal Documents
By James D. Stillman
June 2017
Last month we touched on the importance of having the right financial advisor for your retirement planning. We also discussed the importance of working with an advisor who is a fiduciary, which we feel generally applies to everyone, but particularly to retirees. Those are definitely two important points to get a handle on when you're looking to get things in order in your later years, but they certainly are not the only things to be thinking about.
That leads me to another issue we come across quit often while meeting with people -not having proper legal documents in place. This can be a huge problem when the time comes to pass on your estate or even well before that in certain cases. I will start off by saying that we are not attorneys and we cannot give legal advice. However, as planners who regularly work with retirees, we have seen firsthand how having or not having legal documents in place can affect families. In our experience, it's best to be sure you've got the right documents in place, because it makes things a lot easier for everyone involved in settling your estate.
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The Wealth Report:
May 25th 2017
Best-Laid Plans: What Can Derail Retirement?
Overview
We often fall into a trap where we think we have all the bases covered.
Take retirement planning, for example. You can plan for the lifestyle you
want. You can plan for the income you need. You can even stash away
extra funds for unexpected expenses retirees typically encounter. But
can you truly plan for every variable?
There are many threats than can derail even the most solid retirement
plan. Here are three of the most common:
1. Underestimating income needs
2. Withdrawing more money than you should
3. Overexposure to market risk
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JDS Client Corner
This month we are proud to feature one of our many talented clients, singer and songwriter, Judy Renaud. Judy and her husband Tom became our clients back in 2010. Judy had been singing almost all of her life and was finally able to put more of a focus on her true passion as her career wound down. They lived in the Charlotte area and sang together at many local venues including the Cajun Queen.
Tom & Judy relocated to Southwest Florida where Judy connected with another talented musician, Eddie Tobin. They brought out the best in each other and soon they were in the studio capturing beautiful music. Judy released her first album last fall at the young age of 75. The album, "When Love Comes Around the Corner", featured Judy on vocals and Eddie on Piano. She followed up her first album with another fabulous release this spring, "Something Cool".
Judy is very humble and thankful and just enjoys making incredible music and sharing with others. Please check out her wonderful music below, including links to purchase her albums on Google Play. You can also find her on Itunes and Spotify. We are looking forward to her next release in the Fall!
We will feature pictures and stories from our valued clients as well as our family in this section each month.
If you'd like to be featured in next month's Client Corner,
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All content is intended for informational purposes only. Any guarantees are for insured products only and are dependent on the claims paying abilities of the insurer.
All investments carry some risk and you should be advised by your personal financial advisor before implementing any strategies discussed, as they are not suitable for everyone. James D. Stillman is an Investment Advisor Representative of JDS Wealth Management Corporation and Global Financial Private Capital.
JDS Wealth Management Corporation's outgoing and incoming e-mails are electronically archived and subject to review and/or disclosure to someone other than the recipient. We cannot accept requests for securities transactions or other similar instructions through e-mail. We cannot ensure the security of information e-mailed over the Internet, so you should be careful when transmitting confidential information such as account numbers and security holdings. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this message and deleting it from your computer."
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