The fiduciary rule change will bring some changes to the financial planning industry. Hosts discuss what the new rule could mean for your savings, then switch the conversation to tax reduction strategies.
00:46 “If you’re not familiar with a 529 plan, it’s a college savings plan that you can invest after-tax dollars that will grow 100% tax-free if it’s used for qualified education”
01:52 – “Other states actually offer extra benefits if you go to college in their state with their plan; California is not one of them”
07:03 – “Shouldn’t all advisors offer advice in your (the client’s) best interest?…That’s the foundation of Pure Financial Advisors”
07:15 – “We’re a Registered Investment Advisor, a fiduciary and fee-only. That means there’s never a commission generated”
07:32 – “We’re trying to eliminate a lot of the different conflicts in the industry”
12:43 – “Those born between January 1st and June 30th of 1946 will turn 70 ½ this year, which means you’ll have to start taking your required minimum distribution”
17:35 – “If you want to do a Roth conversion, you’ve got to do a required distribution first”
21:34 – “You brought up a strategy that’s so good that I want to go over it – it’s called the backdoor Roth contribution
23:55 – “A Roth is not an investment; it’s a type of retirement account. Anything that you can invest in outside of a retirement account you can also invest in a Roth IRA”
26:37 – “If you could protect your wealth from taxes, you can take on less risk…the markets are volatile, but guess what? Right now is a great time to do Roth conversions if you haven’t done it already. There are tax moves you want to make right now”
32:52 – “You’ve got to take the noise out and understand that the fundamentals of capitalism should prevail”
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IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
