3 Major Misconceptions Regarding Roth IRA’s

As Roth accounts and Roth conversions continue to grow in popularity, there are several misconceptions in regard to the rules surrounding these qualified accounts. Today we will take a look at 3 of the most common statements we hear, and provide and explanation as to why these are not necessarily true.

Understanding your options with Inherited IRA’s

I think we all have a pretty solid understanding of how IRA’s work. We know there are annual contribution limits, income level restrictions and different tax treatments for the distributions during retirement, but what happens to these IRA’s when one passes away? There are several important rules that come into play depending on who was designated to be the beneficiary of the account, and what their relationship was to the deceased account owner.

Five New Year’s Resolutions to Reconsider

by Shelley Seagler A recent study published in the University of Scranton’s Journal of Clinical Psychology indicates that 45 percent of Americans will make New Year’s resolutions next week. Some resolutions look good on paper, but unless they are executed appropriately, they may actually be counter-productive.  Moreover, just because a resolution seems like the right thing to do, doesn’t mean it …

End of year resolution… Take back your old 401(k)

Every year we revisit our goals and set a new list of items to accomplish throughout the year. About this time of year we reflect on all the items that were left incomplete and try to justify the reasons why we didn’t get them taken care of. Today I’m challenging you to set a goal to complete before the end of this year. Consolidate your accounts and roll that old 401(k) into your IRA account.

Creating a Succession Plan for the Snider Method

A question we consistently hear is, “I’ve been trading my account for years, and my spouse has no interest in trading whatsoever. What should I do?” Creating a succession plan is a very important piece to the financial planning puzzle. By creating a plan and educating those who will ultimately be left behind, you can provide your loved ones a great deal of comfort in a very turbulent time of loss.

10 Steps to Improve Your Finances at Any Age

A few simple steps can make all the difference when it comes to being prepared for retirement. While it’s never too early to start saving for retirement it’s also never too late to evaluate your financial situation and make sure you are making wise financial decisions. Research shows that these simple tasks can dramatically increase one’s chances of financial success

How Too Much Information Can Make You a Worse Investor

In the modern digital era we have access to up to the minute information 24 hours a day, seven days a week. Everything from stock quotes, news reports, sports scores, to weather half way around the world can be accessed in a matter of seconds from your smart phone. Information is a great tool, but in today’s digital era, too much data can also be impeding.

You Lack BASIC Financial Knowledge

Thanks to the Dodd-Frank Act, the U.S. Securities and Exchange Commission (SEC) conducted a study of the existing level of financial literacy of retail investors. To no surprise to us at Snider Advisors, the study found most investors have “a weak grasp of elementary financial concepts.” This is the biggest reason we made financial education a critical component to our approach to investing. (If you are interested in the full report, you can find the 200+ page document here.)

The Investor Sentiment Wheel

Here is a great graphic outlining the emotional cycle investors struggle with year after year. When I discuss these factors with prospective clients most react by saying, “I’m smarter than that!”, “This time is different.”, or “That won’t happen to me.” You must first recognize your mistakes before you can avoid them in the future.

ANSWERED: The Top 9 Questions Potential Clients Should Ask Advisors

I recently read an article on the Top 9 Questions Potential Clients Ask Advisors. Having been in many meetings with potential clients, some of these are more common than others. Overall, I thought it was a great list for someone interviewing potential advisors. I’ve never had to sit on the other side of the table in one of these meetings, but these are questions you should ask and answers you should know about your investment advisor. Here are my responses to the top questions: