Tag Archives: Best financial advisors in Virginia

Single Women and Investing

Women are in charge of more than half of the investable assets in this country.  A recent Business Insider article claims that women now control 51% of U.S. wealth worth $14 trillion, a number that’s expected to grow to $22 trillion by 2020.

Single women, whether divorced, widowed, or never married, have been a significant part of our clientele since our founding.  Widows that come to us appreciate that we listen and take time to educate them, especially if their spouses managed the family finances.  Once their initial concerns are alleviated they’re often terrific investors because they are able to take a long-term view and don’t let short-term issues rattle them very much.

Unfortunately, we have had women complain to us that other advisors that they’ve had in the past did not want to discuss the details of their investments and the strategy employed. Other women have come to us with portfolios that were devastated by inadequate diversification.

Our female clients are intelligent adults who hire us to do our best for them so that they can focus on the things that are important to them.  We are always happy to get into as much detail on their portfolios as they require.  Our focus on education, communication, diversification and risk control has led to a large and growing core of women investors, many of whom have been with us for decades.

Our book, BEFORE I GO, and the accompanying BEFORE I GO WORKBOOK, is a must-have for women who are with a spouse that handles the family finances.  Men who have always handled the family finances should also grab a copy and fill out the workbook.  If something were to happen to them, it would be a tremendous relief to their spouse to have such a resource when taking over the financial duties.  The first three chapters of our book are available free on our website.

We welcome your inquiries.

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What to look for when getting financial help

What should you look for when you are searching to financial guidance? Finding the financial advisor that is right for you can be difficult. You want someone you can trust; a fiduciary, someone who will put your interests ahead of his own. In some respects, it’s like getting married because a good relationship is open and long-lasting.
To help you in your search, here are a few things to look for.

  • Compatibility: like a spouse, you want someone you can talk to and who shares your view of life. If you are not compatible, you will always be on the lookout for someone else.
  • Philosophy: what is your advisor’s investment philosophy? Is it capital preservation, beating the market, getting a fair return? Is that compatible with what you’re looking for?
  • Strategy: how does your advisor go about achieving your objectives? Do you understand it? If not, ask more questions.
  • Experience: how many years has he been in business? Try to avoid having a rookie learn on the job with your money.
  • Certifications: does your financial advisor have a certificate from the International Board of Standards and Practices for Certified Financial Planners? The CFP™ designation means that he has completed the coursework and passed the test to become a Certified Financial Planner™ certificant.
  • Affiliation: is your advisor an employee of a large financial firm or is he Independent RIA (Registered Investment Advisor). Employees of large financial firms work for their company, an RIA works for you.
  • Compensation: how is your advisor paid? Fees, commissions, a combination of fees and commissions? It’s important for you to know this ahead of time.
  • Reputation: does your advisor have a good reputation in the community? You can also check to see if he has any mark on his record by checking with FINRA.
  • People like you: does your advisor deal with other people like you? This can make a difference in his understanding of the issues you are dealing with.

Finding a good advisor can make the difference between your financial success and failure. He can keep you from making major investment errors and bring you peace of mind. Twice as many people who get professional advice feel very secure about their financial future as opposed to those who do it on their own.   Korving & Company is an RIA whose principals are Certified Financial Planners™ (CFP™).  We are fiduciaries who put our clients’ interests first.  Our objective is to get a fair return.  We have decades of experience. We are fee-only.  We are proud of our reputation in the community.  Are we right for you?  Find out.

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A wise young couple

A wise young couple came to see us yesterday. They were wise because they took the advice of their wise grandmother who told them they needed the services of a financial planner.

Too often, couples starting out in life take a do-it-yourself approach. There are any number of reasons. But what this means is that they make all the mistakes that amateurs make. And while there is no bill attached, those mistakes are very expensive.

Young couples have lots of financial questions. Questions about spending and saving, about whether to rent or buy a home, how to invest their 401k, what kind of IRA is best, how to create a budget, and how to create a long-term financial plan.

The wise grandmother told the couple that they should find a fee-only financial planner; someone who did more than simply manage money but could help answer the questions that arise from day to day. A financial planner who they could call any time they had a question involving finances. One who would meet with them whenever they wanted. One who had experience in the issues that affected them as they begin building their future.

If you know a young couple like this, you can be like the wise grandmother and tell them to contact us at Korving & Company. We are just the kind advisor they need.

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Viewing “Generation Now”

Chapter 12

Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.

“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.

Difficult Navigation

Despite some negative in – going perceptions and attitudes towards financial advisors (at large), most “Generation Now” Investors know that great, unique advisors exist. But it’s just not that easy to find them.

Most rely on word of mouth networks and referrals, and are reluctant to cold call a new advisor based simply on a website, listing or ad.

If I could find one that really was just there to inform me and be a partner in the process rather than trying to steer me into one thing or another that they believe is good for me. I’d rather be educated and allow to make my own decision. I don’t care if they make money off the decisions. But I want to be the one who makes the decision and understands why I’m making it. So if I could find a financial advisor like that who could assist but not to pressure or guide too strongly, then it would be an ideal situation.

This is the twelfth of 12 posts examining Generation Now.

Contact us for a complete copy of the report.

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Viewing “Generation Now”

Chapter 11

Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.

“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.

Easy prey

Most “Generation Now” investors have, at some point, had a negative experience with some type of financial advisor.

In these times, investors have been misled by advisors, or sold products with hidden fees, only to find out later what had actually happened.

The perceived lack of transparency and honesty in the broader field (of investment services) causes “Generation Now” to approach advisor relationship with caution and a degree of skepticism.

I would say for me to work with a financial advisor, I would want somebody who’s honest. You know, explains to me the fees up front… I just want something that’s real, and not cheesy, and not trying to hide anything, or hold anything back

This is the eleventh of 12 posts examining Generation Now.

Contact us for a complete copy of the report.

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Viewing “Generation Now”

Chapter 10

Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.

“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.

Misaligned Interests

Though exceptions exist, many “Generation Now” Investors don’t believe their best interests are taken to heart when dealing with the Financial Professionals and Advisors in their life.

For these investors, there’s the perception that advisors are simply salesmen in suits, who steer clients into products that they’re incentivized to sell – either from corporate directives, or due to high commissions – rather than based on a client’s best interests or unique needs

Sometimes I feel like they have an agenda, and they’re really interested in how much you have to invest, and how much you have. And I just kind of feel like it’s really self serving sometimes. So if they really try to get to know me as a person, and come to my level, respect me and treat me as I want to be treated, with my best interests in mind, then maybe I would trust them a little bit more.

This is the tenth of 12 posts examining Generation Now.

Contact us for a complete copy of the report.

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Viewing “Generation Now”

Chapter 9

Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.

“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.

Abundant Misconceptions

Most “Generation Now” Investors are unaware of the diversity that exists in the wider world of financial advisors. Advisor perceptions, often unfairly, are based on cumulative interactions with financial professionals, most of whom aren’t technically RIAs.

Like the retail guys that we see on TV, like Schwab and TD Ameritrade… I thought they were kind of like basic advisors. You know they have a desk in the office, in the big office with a bunch of other guys with desks… They just give basic investment advice. I guess I’m looking for more of a detail or a sit down with a professional. I think that’s what Chase Private Clients is like. I think it’s really more like upscale.

This is the ninth of 12 posts examining Generation Now.

Contact us for a complete copy of the report.

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Viewing “Generation Now”

Chapter 8

Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.

“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.

Financial Freedom:

Above all, “Generation Now” Investors are seeking a lifestyle of financial freedom – the point where they have enough assets and security to no longer watch account balances, to know they have plenty to not just cover bills, but unknown liabilities, and are able to live life spontaneously, without so much focus on planning, budgeting and saving.

Financial freedom is the ability to do what you want, without relying on others. It is important because it elevates your soul to feel like anything is possible. And that really is what financial freedom is. It’s the ability to do anything you want and not have to rely on others, or ask others, and it feels like that is the beauty and freedom of living in a free society.

This is the eighth of 12 posts examining Generation Now.

Contact us for a complete copy of the report.

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