Amid global uncertainties and a slow, frustrating recovery, many are grappling with how to keep their money safe and make it grow at the same time. In this sector portrait, some of Florida’s leading financial advisers offer advice and perspective.
Senior vice president/market executive, PNC Wealth Management, Sarasota
Best money advice he's ever given: I have a client who is still with us today. When her husband passed, she was left with nothing but a $500,000 life insurance policy. An unscrupulous adviser was trying to sell her high-commission products. My advice to her was put a well-thought-out, diversified plan together, stay engaged and have open dialogue with your adviser. To this day, after eight years and taking $25,000 a year in distributions, she is worth in excess of $700,000.
Advice to clients now: Stay engaged. Ask those hard questions and take responsibility for your long-term financial affairs.
How he'd invest $50,000: I would eliminate any non-value debt such as credit card debt or student loans. I would then establish a Roth IRA or a general IRA. Some people would want to put aside some money for their kids' education. I think the kids could borrow for college. I think it's imperative to provide for a retirement that could last up to 20 years. Sometimes, financial planners are so cold with their advice. I think it is OK to carve out $5,000 to fly out to see the grandkids or go to your class reunion.
|$31 million Average assets under advisement per adviser|
Founder/senior wealth adviser, Arch Financial Group, Boca Raton
Best money advice ever received: Don't spend more than you make.
Best money advice he's ever given: Always put together a plan before you start investing or start out in business. A plan keeps you on track.
Advice to clients now: The world today is so dynamic. You need to be constantly looking where you need to adapt to change.
How he'd invest $50,000: Long term, I would put 40% in equity and 60% in fixed income. Equities would be mostly large-cap multinationals. The world is expanding and growing. Strong global brand names will do extremely well. Everything that caters to the domestic market will struggle. On the fixed-income side, I would stay with investment-grade corporations. I would not go long term but rather stay intermediate. I like municipals, but it's time to step aside and go back as the price goes down.
$68,200 Median annual wage for financial planners nationwide
$49,200 Median annual wage for financial planners in Florida
Investment Banking Firms
City and senior executive
Allen C. Ewing & Co.
Calton & Associates
Cross Keys Capital
Farlie Turner & Co.
Florida Capital Partners