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  • 1. I want to save for retirement and my advisor is suggesting a life insurance policy before I sign can you suggest if it makes sense - Alexandra?

     

    Dear Alexandra,

    Life insurance generally has two objectives (1) to have liquidity to pay for estate tax in the event your estate is higher than the exemption ( in 2017 it is $5,490,000) when you are no longer here on Earth (2) to replace the amount you contribute to your dependents in the event of a premature death for as long as they depend on you.  For option #1, generally a whole life policy is common and for option #2, generally a term policy is recommended.

    For retirement, there are plans that allow you to save on a tax-deferred basis and in some cases deduct it from your taxes.  For example, you can contribute up to $5,500 in 2017 if your AGI is less than $194,999 (always check with your CPA and go to IRS.gov for updates).  If you are employed take advantage of a 401K and if you are an employer, talk to your CFP(r) about the different plans that not only you but your employees can contribute – and maybe you can defer and save some more taxes too.

  • 2. What is the difference between a financial advisor and a Certified Financial Planner (TM)?

    In the financial services industry, there is no regulation that monitors titles, anyone can call themselves a financial advisor, financial planner, a financial consultant.  The key difference is the professional with the CFP(r) marks must abide by the rules and regulations of the CFP Board of Standards (http://www.cfp.net/about-cfp-board/cfp-certification-the-standard-of-excellence).  To become a CFP(r) professional, one must complete the 4 E’s; education, experience, examination, and ethics.  It has been considered by the Wall Street Journal the gold standard in the financial industry.

  • 3. How should I choose a Financial Planner?

    As it is recommended in every profession, always check for credentials, experience, testimonials and most importantly compensation structure.  It is always good practice to ask for any potential “conflict of interest”.  Here is a WSJ article that explains it in more detail http://guides.wsj.com/personal-finance/managing-your-money/how-to-choose-a-financial-planner/

  • 4. How much do you charge?

    This question is tricky because Family and Money Matters(TM) offers three core services (1) For institutions we offer keynote presentations and financial planning programs that can last from one hour to 12 months. (2) For family owned business we offer family-focused programs that can range from governance, financial literacy, impact investing to philanthropy.  (3) For individuals, we offer action-oriented financial planning which we work monthly with clients to ensure they are on track to their financial well-being and these engagements can also last as long as needed.  For some reference of the last one here is an article that talks about fees.   http://www.bankrate.com/finance/savings/financial-planners-not-just-for-millionaires-anymore-1.aspx

  • 5. Should I save or pay my debt first ?

    Reducing debt is always a great strategy when you want to accomplish financial independence.  However, the answer will depend on your situation, priorities, interest rate, type of debt, live changing events and obligations.  For example, if your debt is something that has the potential to appreciate and it is a low interest you may consider saving.  Always consult with a CFP(r) professional because that answer depends on your unique circumstances

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  • 6. What kind of clients do you work with

    Depending on the type of service we have three type of clients.  Our institutional clients such as;  the US Embassy, E&Y, PWC, Oriflame, BCP, Skandia, Our families that own international companies abroad.  And our professionals that need organization, understanding, and control of their finances and want to do so with an action-oriented financial plan.

  • 7. What kind of clients do you work with?

    Depending on the type of service we have three type of clients.  Our institutional clients such as;  the US Embassy, E&Y, PWC, Oriflame, BCP, Skandia, Our families that own international companies abroad.  And our professionals that need organization, understanding, and control of their finances and want to do so with an action-oriented financial plan.

  • 8. How will we work together?

    The first step is to schedule a call via the internet.  We will then determine what is the best route for you.  Sometimes we receive calls that we are able to offer alternatives in 30 minutes, others require a proposal and a plan of action.  Depending on the service, we can work person in your country of origin, from Miami, FL or Lima, Peru or virtually.  We work with online systems that will help us stay on track.

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  • 9. How can we create an alliance?

    There are many ways we can work together (1) as an institutional client, family-owned business or individual seeking financial related planning (2) as a content collaborator for our blog, interviews or videos (3) as a provider related to the media; social media, TV interviews, or radio contributions.  Email us and let us know when you need the information and your budget.

  • 10. What other tools do you provide other than services, especially for kids?

    Family and Money Matters (TM) offers educational products for the following audiences through its books, games, and manuals.  Check out the store here

  • 11. Are there programs just for children?

    We have a special Summer Camp just for children.  We will need a local school, organization or university to collaborate with a location.

  • 12. What programs are available for women?

    Financial Empowerment for Women is available as a program for organizations, institutions or companies.

  • 13. Do you offer financial coaching?

    Our coaches are graduated from the University of Miami and certified with the International Coach Federation.

  • 14. How do you work with families?

    This is done on a case by case.

  • 15. What should I expect from working with you?

    You should expect your financial anxiety to decrease with a feeling of more control, understanding, and organization.

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