People are living longer, often creating more time to enjoy retirement. But with these additional golden years also comes the need to finance them. That’s why local financial advisers remind older adults that it’s never too late to plan for retirement.
Financial advisers say it’s never safe to hedge your bets on any one investment vehicle. So as you assemble your financial toolbox, they recommend only certain investors sparingly add hedge funds as a tool to diversify their portfolios. “Hedge funds are not for every investor,” cautions Maurice Quiroga, executive VP and managing director at PNC Wealth Management. “But for ultra-high net-worth individuals, they can lower the risk of your overall portfolio of stocks and bonds.”
St. Louis has a long tradition and belief in trusts, investment-holding companies that retain and manage assets for the benefit of heirs or institutions. According to St. Louis-based wealth management advisers, local institutions manage a few billion dollars in trusts annually.
Finding the right investment adviser is like achieving the perfect fit of a custom-tailored suit. Local experts share advice on selecting the best adviser for your financial lifestyle—whether the ever-fluctuating market is down in the dumps or flying high.
There’s no question LN readers are in-the-know, so who better to ask about the things that make St. Louis stand out and stand proud? Here, we present the very best, as selected by our readers, in the 2014 Ladue News Platinum List!
It stands to reason, the higher your net worth, the better off you are today and for the future. While this may be true, local advisers say what's more important is that your net worth shows whether you’re on track to reach your personal goals.
Those wanting a more traditional Christmas this year—complete with turtle doves, lords a leaping and gold rings—will need exactly $27,393.17 to foot the bill.
You can’t take it with you. That’s why as Sam Simon, co-creator of TV's The Simpsons, faces a terminal cancer diagnosis, he reportedly is giving away his tens of millions to charity. Like Simon, many St. Louisans are planning to leave a legacy through their charitable impact long after they’re gone. But how can you ensure your name will live on through the things you really care about?
Amid the flurry of day-to-day operations, the future plan of a business often is placed on the back burner. But local financial advisers note that nothing can be more important for a company to address than its succession plan. And with the Corporate Executive Board reporting that only about a third of business owners who intend to exit their company in the next five years have a succession plan, advisers stress the time to start preparing is now.
To flourish financially into future generations, author Ellen Miley Perry says affluent families also have to thrive emotionally. A wealth adviser for 25 years and author of A Wealth of Possibilities: Navigating Family, Money and Legacy, Perry has worked with more than 150 high-net worth families throughout her career—often witnessing the same pattern. “I observed that families who flourish the most were focused on qualitative issues, not just quantitative ones,” she says. “They took time and interest in quality family relationships and raising the next generation. Far fewer families devote the same intensity, energy and commitment to human assets as they do to financial assets.”
You voted, we listened! Ladue News readers know what they like; and with this year's Platinum List, you've made your voices heard. This list compiles the best of St. Louis.
In today’s challenging economic climate with mine fields of financial schemes, a trusted financial adviser has become more important than ever. So local professionals recommend doing your homework to find a reputable one.
Money can be an uncomfortable, negative or even taboo topic for families. So when it comes to parents telling their children about an inheritance, local financial advisors say ‘the right time’ is different for every family.
It’s common custom to sit down with an attorney to plan a will and determine how your assets will be distributed after your passing. You want to make sure the objectives for your wealth are fulfilled, even if you are not there to oversee them. Establishing a relationship with a trust company also can add to that peace of mind, says Maurice Quiroga of PNC Wealth Management. “When you create that estate plan, you’re doing it for the benefit of your loved ones, and a trust company is going to implement the strategy that you’ve underwritten.”
Trusts, similar to wills, are widely used documents that instruct distribution of property. But when it comes to who manages the trust, there is a significant decision to be made. According to John Handy of Commerce Trust Company, there are two types of trustees. “Individual trustees can be a son, daughter or any individual, and corporate trustees, which are usually banks or independent trust companies, serve in a fiduciary role to distribute, monitor and manage assets.”
More than a few women around town are making their mark and achieving successful careers, and these three women are no different. Representing real estate, finance and law, Donna Auld, Diane Flower and Julie Hixson-Lambson, respectively, recently spoke with LN and shared what motivates them.
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DR. JAY PEPOSE (1) and DR. NANCY HOLEKAMP have been named to the U.S. News Top Doctors.
As the end of the year approaches, tax season looms on the horizon. We asked local financial experts for their advice about what you can do now for lesser worries later.
In the early ’90s, country singer Patty Loveless sang, Life’s about change and nothing ever stays the same—every day in this world, people get married, some divorce, and others experience serious illness or even the death of a spouse. While a time of transition may be challenging on many levels, being financially prepared can help to lessen the anxiety and stress. And according to local experts, early preparation is key, well before any major life event occurs.
When does ‘saving money’ turn into ‘building wealth’ for your financial future? We asked some financial professionals for their quick tips on the path to security.
According to the College Board, the average cost of a four-year public college for the 2010-2011 academic year is $20,339. Attending a private college jumps the price to $40,476. With costs rising every year, it’s imperative for parents to plan early.
It’s a sobering statistic that shouldn’t be ignored. According to the U.S. Department of Health and Human Services, at least 70 percent of people age 65 and over will require long-term care services at some point in their lives. But this critical need is not always considered when people plan their retirement.
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Clayco Inc. has appointed MATTHEW WILSON as senior project manager.