What is Your Advisor’s Technical Expertise When you hire a financial advisor, you might not be clear about what you are paying for. The fact is, there are numerous analytical and technical activities that I carry out on behalf of clients. These services – whether portfolio-related or client-focused – take time and require special expertise. Here are a few.   Portfolio Services: 1. Developing investment strategies. First of all, I do an analysis of the portfolio you are bringing to our engagement. I seek to minimize any hidden fees; evaluate the character of your current holdings, and wor ..read more

What does “fiduciary” mean? How do you know if you can trust a financial advisor?  One of the ways is to know if he or she is a fiduciary. Why is this such a big deal? Because clarity is necessary when understanding whom you should partner with to help you with your wealth – whether you’re growing it, protecting it or passing it on to the next generation. Women are especially sensitive to this because of the challenges we often face within society. Ads for financial advisors on television and social media advertise that they are “fiduciaries,” so let’s unpack that term a bit. There are a ..read more

Calling All Gen-Xers: Here’s How a Certified Financial Planner Can Help You Save Money In the complex world of personal finance, one question looms large: How can we maximize our money while minimizing costs? Making personal money decisions can be daunting, especially for those who are managing some major assets. Enter the CERTIFIED FINANCIAL PLANNER (CFP®) — a trusted ally in the pursuit of something we all want: financial success. Let’s delve into the seemingly endless ways a CFP® can help you cut costs and save money. Forget Those Fees One of the biggest advantages of working with a CFP® i ..read more

Gen X – Salute to Turning 50 Welcome to the midlife checkpoint for Generation X, those born between the years 1965 – 1980! As members of this unique generation, you’ve weathered tremendous economic shifts, technological revolutions, and societal changes. Now, as you approach the milestone age of 50, it’s time to assess your retirement savings. In this blog post, we’ll explore the importance of retirement planning, factors influencing Gen X’s retirement, and how much you should ideally have saved by the age of 50. As a member myself, during our lifetime, we have experienced some major economic ..read more

5 Tips for Saving Money on Your Summer Trip I have a wide variety of friend groups, all different with varying interests. We have many inside jokes and memories that are special, making each friend group unique in their own way. However, one thing that many of these friendships all have in common is that they often wait until the last minute to plan and finalize group vacations. Destination ideas and travel dates will linger in our group chat until the trip is literally just around the corner — which is why I keep a mental stash of ways to save money while traveling with my friends. The best p ..read more

Planning Tips for the Savvy Summer Traveler  As summer begins, we start envisioning taking time off.  You figure, I’ve worked hard, and feel I deserve to enjoy a fabulous vacation! Because rest and time away is an important part of self-care. As you start planning, it’s not too late to book the ultimate trip this summer — especially if you follow a few key recommendations. The below strategies and suggestions can help you plan a safe, enjoyable, and affordable vacation during the summer season. Heed the below tips, and you’ll be basking on the beach (or exploring another country) in ..read more

How to prepare to pay for college — from a parent and a planner If you have a child or children in high school, then you are starting to feel the pressure of planning for college admissions. This is something my husband and I are in the midst of doing for our daughter. Believe me, the process can be daunting. The issue that plagues many parents is cost. How do we pay for it? When children are young, I encourage parents to put money in their state’s 529 savings plan if they are considering out-of-state colleges. Our state, Maryland, offers a state tax credit, and I encourage others to explore ..read more

It was a pleasure to appear on the Barron’s Level Up program in honor of Black History Month, joined by my colleague, Kamila Elliott, who has done work chronicling the wealth gap. One of the things that I like about Kamila’s work is that she conducts an apples-to-apples comparison of a typical Black family compared to an average white family. The research shows how student loan debt, interest rates, lower salaries, and less income growth have a major impact on wealth accumulation. All of these factors align with the 2019 Survey of Consumer Finances, which shows that white families have ..read more

Planning for Your Future: Retirement and the Roth Conversion As we dive into 2023, there are ongoing discussions around the fact that markets are continuing to be volatile. These periods of unpredictability can be nerve-wracking — but there are certain actions you can take now that may help. To put it in perspective, here are a few things that money managers, those with their finger on the pulse, foresee happening: Continued anticipation of interest rate hikes may continue to drive a weaker economy and lead to slow growth. Geopolitical or global issues between the U.S. and China, as well as ..read more

Psychology of Wealth: Knowing You’re More than Enough Darlena Austin is the owner of Synhergy Venture Group, LLC, the parent company for Synhergy Behavioral Strategies and Darlena Austin. She is the leading psychotherapist and clinical social worker for SynHerGy Behavioral Strategies. In her work, she provides women with a blueprint which supports them achieving an intentional self-redesign. She states this is the core of her passion and purpose. She often says, ‘You may not be able to change your “Before, ” but you can absolutely choose and redesign your “After.” Darlena is convinced that eve ..read more