I learned, at a fairly young age, that life can change as quickly as it takes a heart to beat. It was the day before Thanksgiving, 1973, when my father suffered a heart attack. He was 56 and I was 8. As the sole breadwinner, I am sure all the worries he had about caring for his wife and seven kids (four of whom were minors) were pinging in his head, keeping time with his rapid pulse rate. Thankfully, after several weeks in the hospital, he was allowed to come home in time for Christmas. It was a gift; but frankly, the anxiety over his health issues would haunt me throughout his lifetime. Fortunately, he lived into his late eighties; but having no way of knowing that he would be blessed with longevity, I began the egg-shell walk that would span decades. It took me well into my adulthood before my fears eased up a bit. Perhaps experiencing milestones that I worried might never come, like having my father walk me down the aisle, allowed me to exhale. And now, at the age of Read on...
Pope Francis: The Best Case for Fiduciaries
Coming up on the (gasp) 30th anniversary of my graduation from Fairfield University, I find myself nostalgic for the courses that taught me so much beyond the classroom. The (late) Dr. Art Anderson gave his Sociology students much to chew on, including this nugget: “In the work world, all of you are ahead of the game. You have straight white teeth and a nice smile.” He wasn’t paying us a compliment though. Being a Jesuit school with an emphasis on education and social justice, the underlying challenge was to be more than another fresh face in a fancy suit with a captivating smile. If you’re not familiar with Jesuits, think Pope Francis; the most outspoken Jesuit of all. The financial services industry could use a little Jesuit influence, if you ask me; everyone would be a fee-only fiduciary. Regardless of religious affiliation (or lack thereof), financial professionals would do well to take a page from the Pope’s book: He puts the interests of others ahead of his own, Read on...
Why the “F” Word is so important for Women Investors
Ladies, it’s time to take charge of your money. You know you need to; you know you want to. So what’s holding you back? According to a 2015 Money Fit Women Study conducted by Fidelity Investments, 92% of women want to learn more about financial planning, and yet only 47% feel comfortable discussing money with a planner on their own. What is the cause for this insecurity? Trust. They don't trust their own knowledge and they are not sure what professional they can trust. Here’s the “F” word that can change all that: fiduciary. Here’s another “F” word – fee-only. Put them together and you have someone who is looking out for your best interests (fiduciary), who will only receive compensation from you, their client, and not from mutual fund companies, insurance companies, and other financial institutions for selling products. This keeps their advice conflict-free, since the only criteria for investment selection is what is in your best interest (as opposed to which investment Read on...