Robo-advisor vs. human advisor

Generation X, Millennial

The financial advising industry has been buzzing about the emergence of robo-advisors for the past few years as web-based advising companies such as Betterment and Wealthfront have entered the industry. These online tools attempt to create and manage a client’s portfolio in a fast and inexpensive way.

One of the big appeals of robo-advising for clients is the straightforward and transparent pricing structures that are shown on many of the websites. For Millennials (born between 1980-1995), they may be enticed because the fee structure may be more realistic for a cohort without many assets. For skeptical Gen Xers (born between 1965-1979), the fee transparency that is offered by robo-advising may be attractive.

Although there are a few obvious perks to the robo-advisor model, there are undeniable advantages that human financial advisors bring to their clients. Tech-savvy Millennials may feel comfortable using an online tool to manage their money; however, there are certain Millennial attributes that make them ripe for a face-to-face financial advisor.

Gen Xers have an independent spirit and may have the confidence to use online financial tools, but they are in the thick of making very critical financial decisions. A true partner will be more helpful to them than an online tool as they manage the financial implications of their next stage of life.

Explaining the benefits of a financial advisor to a Millennial:

Robo-advisors won’t teach you the basics

In order for Millennials to invest in an independent format, they would first need to feel comfortable being in the driver’s seat of their finances. Study after study has shown that financial literacy is greatly lacking among the Millennial generation. Communicate the value you bring by providing explanations and context regarding what is happening with their money. Some of the financial jargon used on robo-advising websites may be enough to scare a Millennial off right away! Additionally, many Millennials are accustomed to mentor relationships. From close relationships to parents, to teachers to coaches, many Millennials expect to have some type of guidance from someone they trust. Financial advisors can capitalize on this need for basic information and mentorship.

Financial advisors customize the approach

Millennials grew up during a time of hyper-customization. Everything from their shoes to their yogurt toppings can be specialized just for them. Many Millennials have the same expectations with personal services. This is a place where human financial advisors shine. No one can create a more customizable experience than another person. By taking the time to get to know your Millennial client, you can customize the tools you use to communicate, the investment strategies you offer, and the advice you bring. An online option cannot offer the same kind of customization.

Explaining the benefits of a financial advisor to a Gen Xer:

Financial advisors can save you time

Gen Xers are in a hectic lifestage. They are climbing the corporate ladder or setting out on an entrepreneurial course as they enter their prime earning years. Robo-advising may save them some money, but it requires time they do not have. On top of everything else these Gen Xers have on their plates, taking on the responsibility of managing their own finances just may not be realistic. Talk to them about how you can save them time. With you, as the advisor taking the reins on investing, they can spend more time doing the things they love.

Robo-advisors can’t offer life guidance

Many Gen Xers are the parents of teenage children. They are dealing with complex financial questions surrounding paying down their mortgage, saving for college and, if there’s money left over, planning for retirement. Gen Xers don’t just need a financial tool, they need a human to ask the tough questions, understand their goals and come up with creative financial solutions. Robo-advising tools can’t ask critical life and financial questions such as: What kind of schools do you want your kids to attend? What would happen you were to become disabled? What do you want your legacy to be? These are the personal, intimate conversations that good advisors can lead clients through. Although these deep conversations aren’t the easiest, they can provide peace of mind to clients if they know that the big topics are covered. Conversations about money aren’t just about money. They are about the dream trip you want to take for your 10-year anniversary, the house on a lake and the ability to care for loved ones. It takes a great financial advisor to help turn these dreams into a reality.

Although Gen Xers and Millennials may have the ability to utilize online tools to manage money, an in-person financial advisor can add so much more as they navigate through the tumultuous waters of “growing up.” Focus on financial education, customization and personal conversations about long-term goals to help Millennials and Gen Xers understand the clear advantages of financial advisors.

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And the Executor Is

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By Tim Lemke on 8 February 2016

Saving for retirement can often feel like a drag, and many of us come up with excuses for avoiding it. After all, who wants to think about finances at age 70 when you’re decades away and enjoying life now?

But no matter what excuse you come up with, there’s no denying that putting as much money aside as you can — as early as you can — will help you maintain your lifestyle even after you stop working.

Here are some of the top excuses people use to avoid saving for retirement, and why they’re way off-base.

1. “I Have a Pension”

If your company is one of the few remaining organizations that offers a defined benefit plan, that’s great. But it should not be a reason to refrain from saving additional money for retirement. Having additional savings on top of your pension can make retirement that much sweeter. And pensions have been under assault in recent years, with companies and governments backing off of promises to retirees due to financial troubles. Protect against this uncertainty by opening an individual retirement account (otherwise known as an IRA).

2.”I’m Self-Employed” or “My Company Doesn’t Offer a Retirement Plan”

You may not have access to an employer-sponsored retirement plan, but that does not mean you can’t save a lot for retirement. Any individual can open a traditional IRA or Roth IRA and contribute up to $5,500 annually. With a traditional IRA, contributions are made from your pre-tax income. With a Roth IRA, you pay taxes up-front, so that you won’t have to pay them when you withdraw the money at retirement age. In addition, the federal government now offers a “myIRA” plan, which works like a Roth IRA and allows anyone to invest in treasury securities with no startup costs or fees.

3. “I Won’t Be at This Company for Very Long”

One of the key advantages to 401K plans offered by employers is that they are portable. This means that any money you contribute to a plan will follow you wherever you go. In some cases, contributions from your company need to “vest” for a certain amount of time before you get to keep the them, but usually only for a year or so. There’s no real downside to contributing to a company retirement plan, even if you don’t plan to be there for very long.

4. “The Expenses Are High”

It’s very true that many investment products, including mutual funds, have high costs tied to them. It’s annoying to buy funds and notice an expense ratio of more than 1%, thus reducing your potential profits. But fees are not a good enough reason to avoid investing, altogether. Over the long haul, your investments will easily rise in value and more than offset any costs. And if you direct your investments to low-cost mutual funds and ETFs, you’ll likely find the fees aren’t so objectionable. Look for mutual funds with expense ratios of less than 0.1%, and for those that trade without a commission.

5. “I Need to Fund My Kids’ College Education”

Putting money aside to pay for college is a wonderful idea, but it should not be done at the expense of your own retirement. Your kids can always work to pay for college or even take out loans, if necessary. But you can’t borrow for your own retirement, and you don’t want to find yourself working into old age because you didn’t save for yourself. In an ideal world, you can save for both college and your own retirement, but you should always think of your own retirement first.

6. “My 401K Plan Isn’t Very Good” or “My Company Doesn’t Match Contributions”

I’ll occasionally hear someone say that they won’t contribute to their retirement plan because it’s a bad one. No employer match, bad investment options, or high fees can kill any motivation to save. But contributing to even a bad 401K is better than not saving at all. And if you’re not thrilled with the offered 401K plan, you can take a look at traditional or Roth IRAs, or even stocks and mutual funds in taxable accounts. There are many bad retirement plans out there, but they are almost all better than nothing.

6. “I Don’t Understand Investing”

There’s no question that investing can be a very intimidating thing. It takes a while to grasp even the basics of how to invest, and the number of investment products can be bewildering. Don’t let fear hold you back from achieving your dreams in retirement. These days, there’s a lot of great free information about investing that can help you get started. And many discount brokerages, such as Fidelity, offer free advice if you have an account. Certified Financial Planners are also plentiful — and often reasonably priced — and can help you establish a plan to save for retirement and keep you on track.

7. “I Don’t Earn Enough”

It’s definitely hard to think about retirement when you’re having trouble making ends meet now. But it’s important to recognize setting aside even a modest amount of money each month can help you achieve financial freedom. Consider that even $25 a month into an index fund can grow to tens of thousands of dollars after 30 years.

8. “I’m Young — I Have Plenty of Time”

If you’re not saving for retirement when you’re young, you are costing your future self a lot of money. Thanks to the magic of compound interest and earnings, someone who begins saving in their early 20s can really see big gains over time. If you have $10,000 at age 20 and begin setting aside $200 a month until age 65, you’ll have nearly a million dollars, based on an average market return. But if you wait until age 35, you’ll end up with barely one-third of that.

9. “It’s Too Late for Me”

It’s true that the earlier you start investing, the more money you’ll likely end up with. But hope is not entirely lost for those who are approaching retirement age but have not saved. Even five to 10 years of aggressive saving and the right investments can result in a nice nest egg. Older people can take advantage of higher limits on contributions to retirement plans including IRAs and 401Ks.

10. “I’ll Get Social Security”

You’ve been contributing to Social Security all your life, but that doesn’t mean it guarantees a comfortable retirement. A typical Social Security benefit these days is about $1,300 a month. That’s enough to keep you from starving, but you won’t be able to do much else. Moreover, concerns over federal budget deficits suggest there is no guarantee of Social Security funds being available when you retire. For certain, there is constant talk by lawmakers of entitlement reform, which could mean to lower benefits or other changes.

What’s your excuse for not saving for retirement?

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As we prepare our tax returns this season, Heather Pelant shares how you can at the same time seek to build on your investment returns.

Somewhere between a root canal and a trip to Hawaii lies doing our taxes. However, I find this to be an opportune time to reflect across all your financials.

As of March 11 this income tax season, the IRS has already received over 74 million returns and doled out approximately $176 billion in tax refunds.

If you’re in this camp, good for you! For the rest of us, we’re knee-deep in gathering paperwork and filling out those tax forms. Schedule Ds, 5498s, 1099-DIVs, 1099-Rs — clearly, your taxes and investments are related.

It is worth a pause amid the frenetic tax season to remind ourselves of the connection between our taxes and our investments; and savvy investors pay attention to both.

To get you started, here are three connection points and actions to consider for tax season. First and most basic — contribute toward your future; second is to use potentially tax-friendly investments such as ETFs; and lastly, make sure that tax return doesn’t sit in cash for too long.

1. Contribute to your retirement accounts. Did you know that this year you can contribute to your IRA until April 18 for it to count toward 2015 deductions? The traditional Tax Day of April 15 is Emancipation Day, a holiday in the District of Columbia, so you get another full weekend to prepare and boost your traditional or ROTH IRA (be sure not to exceed the annual contribution limit).

Depending on your income, however, you may not be able to deduct IRA contributions if you also have a 401(k) at work. If so, set yourself up for 2016 and beyond by making sure you are contributing as much as you can toward your 401(k), up to the allowable limit. This not only lowers the amount of income tax deducted from each paycheck you earn now, it also maximizes any potential employer match. These tax-friendly actions can help you reduce the risk of not having enough retirement savings when you need it.

2. Look for tax-efficient investments. Many people don’t realize that the taxes you pay on the capital gains associated with trading inside an investment fund are costs that affect your total return, if you’re not invested in a tax-deferred retirement account. Consider switching some of your investments to exchange traded funds (ETFs). Because of their structure, ETFs typically pay out less in taxable capital gains than mutual funds. In fact, Morningstar data as of the end of 2015 indicates that only 7% of iShares ETFs paid capital gains distributions in 2015, compared to 58% of mutual funds.

3. Invest that refund. The average refund has been about $3,000. Certainly, there are many things you may want or need to do with that money, such as pay off expensive debt. But if you can, consider investing it in low-cost ETFs that serve the core of your portfolio and allows that money to work for you over time. If you’re saving for a short-term goal (over 6 months), a bond ETF may provide a better return for a little more risk than a bank savings or money market account.

And if you’re not expecting a refund this year, refer back to steps 1 and 2 for tax year 2016.

Sometimes the tax-man giveth

By taking just a bit of time to follow a few simple steps, tax season can be an opportunity to help prepare your assets to grow, and grow some more over time. While the tasks may never feel the same as a trip to Hawaii, being tax efficient could potentially add to your “Save-for-Vacation” fund. Aloha.

Heather Pelant is Head of BlackRock Personal Investing for BlackRock. She is a regular contributor to The Blog.

Do not fall into the fear trap.

It’s very easy to do. It’s actually perfectly natural. You see a scary event and the first instinct is to pull back and go into protection mode. But this is a trap. This initial instinct can hurt your long term portfolio and on a grander scale the economy as a whole. There is little doubt that in the next few hours/days we will hear from all major political leaders speaking of solidarity against extremism and in support of our friends in Europe. But since this is an election year we will also hear from candidates and their reps about how this could have been avoided if they were in charge and how we need to take drastic steps to protect ourselves in the future.

Do not fall into this trap

The markets are getting better at taking these terrible events with a much more calm approach. We as investors should follow that lead and not the fear mongering that comes from politicians. The last time we have had the isolationist drum beating this loud was the 20’s/30’s. And that ended really poorly on a lot of levels. The markets are never better by shutting doors. And as investors we need to reject that urge to run for cover when things get scary.

Oil is going to zero, completely a fear overreaction. The people who benefited were the ones who kept a level/logical head and were able to buy in cheap because of the fear.

A few years ago, the markets were going to zero because of financial firms. Again a fear overreaction. And those who were able to see past that reaped the rewards.

There are examples of this as far back as you want to go. Something scary happens, the masses get frightened and overreact negatively, things eventually bottom but most people don’t realize it til long after it happened.

The only difference is now we have politicians overreacting as well. And that can make it easier for people to jump on board. This is a dangerous series of events, one where logic and reason can quickly be overrun by emotions.

Don’t give in to the fear. As investors you need to look past it and see the greater picture and not just the latest headlines. Buy on the fear. (and then close your eyes since it will likely be bumpy)

 Steven Dudash – President IHT Wealth

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By Anna B. Wroblewska, The Motley Fool

It is often the most boring and obvious lesson that is the most valuable — and the hardest to apply to real life. This is why we roll our eyes when we read things like “Set aside some of your income for savings” or “Stop eating processed food.” Surely there’s a better, sexier, more exciting answer somewhere!

Unfortunately, those boring and difficult-to-execute solutions tend to be the most effective. Cutting back on expenses and saving more, much like cutting back on calories and exercising more, may not be fun. A recent report demonstrates the value of such a boring approach. It’s not about ingenious portfolio allocation, incredible financial acumen, or even a high income.

It’s simple: consistency

The Employee Benefits Research Institute, a behemoth of retirement research, looked at millions of 401(k) participants who saved consistently from 2007 to 2012. The people who qualified to be in the “consistent savers” sample accounted for just 34% of the 2007 database. Yes, this was during the recession, when a lot of people lost their jobs or experienced some other form of financial distress, but the number of people interrupting their savings is nonetheless far too high.

For the minority of savers who kept at it, the benefits were substantial. By the end of the five-year period, the average consistent saver’s account balance was 67% higher than the overall average 2012 account balance.

The average account growth rate for consistent savers was almost 7% per year, including appreciation and new contributions. Younger savers, or those in their 20s, saw average account growth of over 40% per year (partly because contributions to a small account make a much bigger difference than contributions to a large one).

Put it in numbers. Say you save $5,000 in your retirement account every single year for 10 years, earning an average annual return of 8%. At the end of the decade, you’ll have $78,230. Now pretend you only contribute the $5,000 every other year — after all, you have other things to spend money on. Your ending balance? A paltry $37,600. Even if you only skip every third year, your ending balance would still be only $54,000. I don’t know about you, but I’d say the promise of $78,000 makes skipping a year seem like an incredibly bad idea.

It’s typical salt-of-the-earth advice: totally obvious as a hypothetical but incredibly wise once you actually follow it.

This isn’t exactly news

The importance of saving consistently might be painfully obvious, but sometimes it’s the obvious things that are the hardest to do. Between 401(k) loans or distributions, job transitions, and sheer procrastination, it’s easy to become wildly inconsistent in our savings habits.

And if we want the benefits of a consistent savings habit—that is, tens or hundreds of thousands of dollars more in retirement—we have to change.

How to be consistent

As a wildly inconsistent person performing this research, I have discovered three key conclusions.

First, automation is your friend—your best friend. It has never taken me more than five minutes to automate a financial transaction, and that includes the time I needed to change my 401(k) deferral with HR. Once something is automated, you pretty much never have to think about it again. The money just goes where it’s supposed to, and you never know the difference. It’s beautiful. It works. Whether you’re sending money to a savings account, your 401(k), or an IRA, just automate it.

Unfortunately, the second lesson is that even automated things have to be recalibrated once in a while. This is painful, because I, for one, hate revisiting things I’ve already addressed. Too bad. Pick a day and make it the day to increase your deferral, reroute some money to an IRA because you’ve maxed out your 401(k) contribution, or rebalance your portfolio because some of your investments are simply tearing it up. (Best advice I’ve seen: if you get a raise, increase the deferral by that amount. You’ll never miss it.) Put that date on the calendar and don’t miss it.

Note: If your 401(k) doesn’t have auto-escalation, schedule your day for December or January—i.e., before you fritter away your bonus and/or your New Year raise.

The third conclusion: You must ruthlessly keep investment fees to a minimum and be positively smug about avoiding lifestyle inflation with every raise. Be the self-controlled type who makes everyone say, “Whoa. You are totally going to be a millionaire.” (By the way, this kind of person is also considered highly attractive in romantic scenarios.)

Start soon enough and save enough every year—consistently—and someday you could even achieve millionaire status. And who doesn’t want to have the last laugh because they can afford a throwback purple Cadillac while others are stressing over the bills?

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By Zane Brown

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By Cameron Huddleston

You have been diligently saving for retirement for years. Finally, the time has come to start tapping your accounts. You want your money. Now what?

If you don’t know the ins and outs of withdrawing money from your IRA, 401(k) or similar plan, you’re not alone. “A lot of people don’t know their options at retirement,” says Clare Bergquist, director of 401(k) strategies at Charles Schwab.

When you retire, you should receive from your employer a notice that explains how you can collect your benefits from the company’s retirement plan. But this document can be difficult to follow. So here’s what you need to know — in simple terms — with the benefits and drawbacks of each option explained.

When you can access your money

The general rule is that you must be 59½ to tap your 401(k), 403(b) or IRA without paying a 10% early withdrawal penalty. However, there are exceptions

72(t) payments. Named after a section of the tax code, these payments offer a way to avoid the 10% penalty. You must take substantially equal distributions based on your life expectancy for at least five years or until you are 59½ — whichever is longer. The calculators at www.72t.net can help you calculate your payments.

You’ll have to pay the 10% penalty retroactive to your first withdrawal, plus interest, if you deviate from your payout schedule.

Early retirement. You can take penalty-free withdrawals from a 401(k) if you are at least age 55 in the year you retire and if you leave your money in your former employer’s plan. (If you roll the money into an IRA, however, the 59½ age rule kicks back in.) However, not all employers allow this option. You also can access 403(b) money penalty-free if you retire at 55.

457s. You can withdraw your money from this plan without penalty after you leave your job — no matter how old you are.

What you can do with your account

You have several options for handling the money your company retirement plan when you retire. You can:

Leave your money in your employer’s plan. Departing employees with accounts worth more than $5,000 can leave their money in their 401(k) plan. The benefits include continued access to investment advice, if your employer offers it for 401(k) participants, Bergquist says. If your company’s plan offers good investment choices, you might want to stick with it, especially if you would have to pay much higher fees for those same investments outside your 401(k).

And many company-sponsored plans will allow you to take a loan (you can’t do so with an IRA). You can borrow the lesser of $50,000 or 50% of the vested balance. If you’re 701/2 and still working, you don’t have to take minimum distributions until you actually retire. The exception doesn’t apply to 5% owners in a company.

However, there are drawbacks to leaving your money in your former employer’s plan, says Rick Meigs, president of 401khelpcenter.com. Employers aren’t as good about communicating with ex-employees, so you have to make sure you don’t lose track of your 401(k) and your employer doesn’t lose track of you. Another negative: You can’t continue to contribute to your employer-sponsored 401(k) once you leave the company.

Roll over into an IRA. The primary benefit of transferring your 401(k) to an IRA is greater control over your money. You can invest in the stocks, bonds or mutual funds of your picking – not just the limited choices in your 401(k). And, as long as you still have earned income, you can continue to contribute up to $6,000 a year to an IRA if you’re 50 or older.

Just make sure you tell your employer to transfer your 401(k) assets directly to the IRA custodian. Otherwise, your company will withhold 20% for taxes if it sends the money to you. Then you’ll have 60 days to move the entire 401(k) balance — even the 20% you didn’t receive – into an IRA. (Any part of the distribution not rolled over on time will be taxed in your top bracket and, if you’re under than 55, hit with a 10% penalty.)

The drawback is that you must start taking mandatory withdrawals — even if you’re still working — by April 1 of the year after you turn 70½. You will have to pay a penalty of 50% of the amount you failed to withdraw if you don’t take a required distribution each year.

Roll over into a Roth IRA. You now can roll over your 410(k) directly into a Roth IRA, without going through a traditional IRA first. The catch: Your income has to be less than $100,000 (married or single). But even that restriction disappears in 2010.

The benefits are huge: No taxes on withdrawals after you are 59½ and the account has been open for at least five years and no mandatory distributions.

Take a lump sum. You can cash out your company retirement account entirely, but you will have to pay taxes at your regular income-tax rate on the entire amount — not just earnings. Plus, the big influx of income could force you to pay the alternative minimum tax, Meigs warns. Never take a lump sum without going over it with tax expert, he says.

How the tax bill is handled

Unless you have contributed to a Roth IRA, Roth 401(k) or made after-tax contributions to a traditional 401(k) or IRA, you will have to pay taxes on your withdrawals. The question is how? Are taxes withheld when you tap the account?

Joint effort for a 401(k). Employers must withhold 20% of the amount you withdraw. Consider that a down payment, Meigs says. You will receive a Form 1099-R that shows how much you withdrew during the year and that 20% that already was withheld for Uncle Sam.

You’ll have to cover the rest of the federal tax bill, as well as any state and local taxes, on your own. All 401(k) distributions — not just earnings — are taxed as ordinary income. Most likely, you’ll need to make estimated tax payments so you won’t get hit with a big tax bill in April (and a penalty for underpayment of taxes).

The IRA administrator can handle it. Cash coming out of an IRA is taxable in your top tax bracket, except to the extent that it represents a return of nondeductible contributions. Unless you indicate otherwise, the IRA administrator (brokerage, mutual fund company or bank) will withhold federal taxes, and sometimes state, taxes whenever you take money our of your account. You will receive a Form 1099-R showing the amount withdrawn and taxes withheld.

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Do you have what it takes to be a successful investor? Heather Pelant shares her rule of thumb for setting — and achieving — her financial goals.

One of my favorite mantras that I’ve carried over from my days as a financial advisor is that it’s not always what you own, but why you own it, that counts.

We live in a world where there are countless options when it comes to investing, from individual stocks and bonds to exchange traded funds (ETFs) and more. We all appreciate having a wide variety of choices, but sensory overload sets in fast if you don’t have a goal in mind. A random collection of investments does not an investing plan make.

This is where investing with a purpose comes in handy. For example, I am admittedly somewhat delinquent when it comes to figuring out how I want to allocate my daughters’ 529 plans. I think it stems from the fact that they’re growing up much too fast. However, the thing that motivates me to put a plan in place is knowing that I’m investing for their future, laying the groundwork for their education. This makes the investment selection process much easier — I just have to keep focusing on the end goal.

Steps to Stay Focused: SMART

I modified a well-known management acronym, SMART, to fit my investing goal setting guidelines. Here’s the breakdown:

Specific

Write down your goals. Have you ever noticed that anticipating the packing process for a business trip can be somewhat stressful, but the minute you write down a list of what you need to bring, it seems a bit less daunting? It works the same way for your investments. Jotting down “Retirement at Age 70” or “Help Ava Pay for College” gives you a tangible objective.

Measurable

You need to have a way to quantify your progress. Similar to those fundraising thermometers that you see at PTA meetings, it’s figuring out how much further you have to go to reach your goal is easier when you have a visual. Calculating that you’ll need to set aside X for the next Y years — then setting up automatic transactions so you don’t even notice — makes this a manageable process.

Ask

When in doubt, find someone who can help you. No one expects you to be an expert investor overnight, and resources abound. Whether it’s your money-savvy cousin who has already put two kids through college and knows 529 plans like the back of her hand, or a trusted financial advisor, it never hurts to get an objective opinion from someone with experience.

Responsible 

While you can automate payroll deductions to pad your 401(k), it’s not a good idea to set and forget your investments. The market will move up and down, and from time to time you’ll have to regroup. This doesn’t mean having a knee-jerk reaction every time the market fluctuates, but planning for taxes and rebalancing at the end of each year.

Transparent

I told my clients time and again that the worst thing you can do is be close-lipped about your plans among others, especially family. If you’re planning for retirement, be open and honest about your situation with your loved ones. Make sure they know what your plans are in the event something happens to you.

A good way to get started on your path as a smart investor is to take advantage of social calendar reminders, like checking your 401(k) when you change your clock for daylight savings. Here are some helpful hints.

Heather Pelant is Head of BlackRock Personal Investing for BlackRock. She is a regular contributor to The Blog.