Category Archives: Investing and fiduciary requirements

Is This the Season to Change Jobs?

image of business people shaking hands

The top financial considerations for those ready to make a move.

Switching from one job to another can literally pay off. Data from payroll processing giant ADP confirms that statement. In the first quarter of this year, the average job hopper realized a 6% pay boost. The salary increase averaged 11% for workers younger than 25.1

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Retirees Are Racking Up Credit Card Debt

credit card debt

New statistics point out an alarming financial problem.

$6,876. That is the average amount of credit card debt owed by an American household headed up by an individual aged 65-69.1

If you are newly retired or close to retiring, that figure may alarm you. It is more than twice the amount of Social Security’s maximum monthly income payment.2

Credit card use is surging, and seniors are taking on more revolving debt as part of the trend. That $6,876 figure comes from personal finance website ValuePenguin, which just published its latest yearly study on U.S. credit card debt. As ValuePenguin found, revolving debt shrinks little with age: in households headed up by those 75 and older, the mean credit card balance was $5,638.1    

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What Expenses Could Change When You Retire?

retirement image

Some costs could rise, fall or even disappear.

Your retirement may seem near at hand or far away, but one thing is certain: your future will differ from your present. Financially, that fact is worth remembering. Some of the costs you have paid regularly all these years may suddenly decrease or fade away. Others may increase.

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What Will the Election Do to the Market?

stock market increase

Will volatility seize Wall Street? Or will calm prevail?

Wall Street has had a rather calm summer. How about fall? Will volatility increase before and after Election Day? 

So far, the market is performing roughly in line with historical patterns. In 19 of the prior 22 presidential election years, the S&P 500 advanced from June through October. The median gain for the index during that 5-month period: 4.1%.1

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Excessive Retirement Plan Fees

As an Accredited Investment Fiduciary, this is the compliance area that worries me the most.  In the last week, notice of suit has been filed against Everett Jones, Cornell University, Northwestern University, Columbia University and the University of Southern California.  These suits allege excessive fees, and alot of that comes from requiring “proprietary funds” in the plan.  A clear example of this seems to be Edward Jones, as the suit alleges that employees are required to invest in high-fee Funds owned/controlled by Edward Jones.

To be clear, none of these companies have been found guilty, and may in fact be found innocent.  It is simply this – excessive fees is the current “hot” lawsuit – and clearly it is avoidable.  Why set your company up for this?

My clients wonder why I provide them an annual fee benchmarking reports, and monitor the investments so closely, and the answer is simple – to avoid this issue in the first place.

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA. - SIPC - Brokercheck