IN THE KNOW
Monthly Newsletter
June 2019
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At
ML&R Wealth Management
, we want to ensure our clients are
In The Know.
In this month's newsletter we have timely articles on questions to ask an advisor before hiring them as well as tips for teaching your kids about money. We are a firm that understands that managing your assets is about more than money. It is about empowering your future. At ML&R Wealth Management, we focus on you.
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Five Questions to Ask a Financial Advisor Before You Hire Them
The time has come to think about hiring a Financial Advisor. Perhaps you just retired, sold a business or are about to, are getting divorced, inherited money, or just need some clarity around the financial direction of your life. Where do you begin when looking for the right person to help you through any transition or time frame in your life? First, it’s important to realize that there is a very broad spectrum of what a Financial Advisor is and the services they can provide. The term “Financial Advisor” can be thrown around loosely and really doesn’t give a clear sense of what that person can actually do for you when push comes to shove. The most important thing, is that working with a Financial Advisor should be about more than just the investments. A good Financial Advisor should serve as your financial quarterback in all aspects of your financial life with your interests placed above theirs. Below are a few questions you should ask any Financial Advisor you are thinking about working with prior to signing on the dotted line.
1.
Are you a Fiduciary?
Some might be surprised to learn that not all “financial advisors” are required to place the interests of their clients ahead of their own. A lot of the broker-dealers (i.e., a lot of the big named Financial Advisor firms) are only required to make recommendations that are suitable for the client whereas a fiduciary is legally obligated to make recommendations that are in the best interest of their client. In fact, a distinguishing difference is that a broker-dealer’s primary duty is to their employer, not their clients.
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Dollars and Sense: How to Teach Your Kids About Money
Raising financially responsible children starts with basic money principles- from budgeting and planning, to saving and sharing. Besides giving them an understanding of the value of a dollar, teaching children about fiscal responsibility prepares them to be financially savvy adults in the real world. Advisor, Vanessa McElwrath, recently spoke with KVUE to give some tips that may help you jumpstart the conversation about money with your own child or little one in your life.
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Financial Wellness Q&A
In this section we will address common personal finance questions. Email
socialwm@mlrpc.com
if you have a question you would like answered.
Question:
What is ML&R Wealth Management's Investment Philosophy?
Answer:
Our approach to investing focuses on achieving diversification, controlling costs, and managing appropriate levels of risk with an evidence-based investment philosophy. This philosophy is rooted in academic research with a disciplined approach to long-term investing.
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Other Helpful Education Links
It's Summertime around here and that usually means vacations and time-off! To get you through the next few months of heat we thought we'd suggest a summer reading list. Whether relaxing by a pool, beach or just curled up at home on a stay-cation - we hope you enjoy these reads!
- Pachinko, Min Jin Lee
- Educated, Tara Westover
- The Wisdom of Finance, Mihir Desai
- The Silent Patient, Alex Michaelides
- Bad Blood, John Carreyrou
- Daisy Jones & The Six, Taylor Jenkins Reid
- City of Girls, Elizabeth Gilbert
- The Lost Girls of Paris, Pam Jenoff
- Where the Crawdads Sing, Delia Owens
- What the Wind Knows, Amy Harmon
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Subscribe to our 401(k) Plan Services Quarterly Newsletter
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Are you responsible for administering your company's 401(k) plan?
Would you like more insight and resources regarding the retirement plan services industry?
If so, please subscribe to our 401(k) Plan Services Quarterly Newsletter. You can check out the last couple issues below.
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What's Happening in Austin This Month
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About ML&R Wealth Management:
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At ML&R Wealth Management, we take investing personally. Your ML&R Wealth Management advisor will work to develop a lasting relationship with you, keeping in touch to understand your changing goals and to provide an asset management strategy to help achieve them. Whenever you need sound financial advice, you have a direct line to a trusted advisor.
For over 20 years, we have served individuals, families, businesses, and nonprofits with wealth management services, custom retirement and 401(k) plans, and portfolio management.
We believe in accountability and transparency and operate as a fee-only advisor with fees calculated solely on assets under management.
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