All articles tagged with #financial advisor
The article emphasizes the importance of asking if your financial advisor is a fiduciary, as this ensures they prioritize your best interests, helping you avoid costly conflicts of interest and high fees, and provides guidance on how to verify their fiduciary status.
Former NFL player Reshad Jones was defrauded of over $2 million by his former financial adviser and an accomplice, with the latter currently jailed for theft and money laundering. Jones's attorneys have filed a lawsuit against Merrill Lynch to recover damages, highlighting the exploitation of athletes by financial institutions.
Former Miami Dolphins safety Reshad Jones was defrauded of approximately $2.58 million over two years through a scheme involving his financial advisor Isaiah Williams and accomplice Octavia Monique Graham, who stole and laundered his money for personal expenses and lifestyle, with Graham now facing charges.
Financial advisors are considering the potential impact of a Trump reelection on investment strategies, suggesting moves such as targeting stocks benefiting from tax cuts, investing in banks and financial services stocks, and considering real estate investments. However, they emphasize the speculative nature of these moves and advise maintaining a diversified portfolio and sticking to smart fundamental investing principles regardless of the political climate.
Former Treasury Secretary Summers suggests that there is a possibility for an upward movement in the market, but it's important to note that foreign exchange trading carries high risks and may not be suitable for all investors. It's crucial to carefully consider investment objectives, experience level, and risk tolerance before engaging in such trading, and seek advice from an independent financial or tax advisor.
A backdoor Roth IRA conversion is not taxable if done correctly, but certain circumstances can result in a taxable transaction. The backdoor Roth strategy allows individuals with income exceeding Roth IRA contribution limits to contribute to a traditional IRA and then convert it to a Roth IRA. However, factors such as the pro-rata rule and tax implications need to be considered. Consulting with a financial advisor is recommended to determine if a backdoor Roth conversion makes sense and to optimize tax strategies.
When selling your primary home and making a $750,000 profit, you may owe capital gains taxes depending on various factors. The IRS taxes home sales as gains or losses on investments, with capital gains rates applying if you owned the property for one year or more. However, there is a capital gains exemption for primary residences that allows married couples to exclude up to $500,000 in profits from taxes, and individuals can exclude up to $250,000. Calculating your capital gains taxes involves considering factors such as marital status, total household income, duration of ownership, and adjusted cost basis. It is advisable to consult a financial advisor for assistance in managing your tax liability.
Victims of a Ponzi scheme orchestrated by a former Morgan Stanley financial advisor are seeking accountability from the firm, claiming that Morgan Stanley has resisted their efforts to recover their losses and is still holding them responsible for lines of credit that the advisor fraudulently convinced them to open. The advisor, Shawn Edward Good, ran a $7 million scam targeting Morgan Stanley clients for over a decade, using a Morgan Stanley product known as a Liquidity Access Line of Credit. Good spent the money on personal expenses, leaving victims in financial ruin. While Good has been sentenced to over seven years in prison, victims argue that Morgan Stanley should be held responsible for failing to reasonably supervise its employee.
Americans estimate they need $1.27 million for a comfortable retirement, but the average amount saved for retirement is only $89,300, according to a new survey by Northwestern Mutual. The study found that nearly half of Americans estimate they won't have enough money saved to retire comfortably, and on average, Americans say there's a 45% chance they will outlive their savings. Many people are counting on Social Security to provide more than a quarter of their overall retirement income, but experts suggest reaching out to a financial advisor or using a retirement calculator to determine how much is needed for retirement.
Former investment advisor Shawn Edward Good has been sentenced to 87 months in prison and ordered to pay $3,619,594 in restitution for carrying out a $7 million Ponzi scheme from 2012 to February 2022. Good solicited investments from clients for purported real estate projects and tax-free municipal bonds, touting these opportunities as low-risk investments that would pay returns of between 6% and 10% over three- or six-month terms. He used the money for personal expenditures including luxury vehicles, fine dining, and vacations.
A list of the Best Financial Advisory Firms of 2023 has been developed by Statista for USA TODAY, based on the growth of their assets under management over the short and long term, and recommendations from clients and peers. Registered investment advisers (RIAs) are recommended as they have a fiduciary duty to act in their clients’ best interests at all times. RIAs charge fees rather than sales commissions and employ investment adviser representatives (IARs) who are licensed to give financial advice. The article provides tips on how to choose an RIA, including finding a firm based in your city or state, deciding on the type of service you want, and considering the fees.
A Powerball ticket sold at Discount Liquor in Indianapolis, Indiana won someone $50,000 by matching four out of five numbers and the Powerball. The winning numbers for Saturday's drawing were 11-19-21-29-52 with the Powerball of 17. The jackpot now grows to an estimated $159 million. The ticket holder is advised to meet with a financial advisor and contact Hoosier Lottery customer service for specific claim instructions.
Four individuals, including a financial advisor, financial planner, and NBA agent, have been charged with defrauding professional basketball players of over $13 million in two separate schemes. The charges include wire fraud, investment advisor fraud, and aggravated identity theft. The defendants allegedly used various tactics, including fraudulent life insurance policies and non-profit donations, to steal money from their clients. The FBI and U.S. Securities and Exchange Commission were involved in the investigation.