Author: Richard Archer

Case Studies: How We Helped Three Clients Finance College

Posted on December 31, 2016 by - Smart Money Tips

At Archer Investment Management, I’ve spent a number of years working closely with families who seek to send their children to college. In the past few decades, tuition costs have skyrocketed. When the average annual tuition for an in-state public college is $24,610, and $49,320 for a private college, planning far in advance is just as essential as it is for retirement, purchasing a home, and other significant financial goals.

I work with a number of families, many of whom are concerned about the nearly $100,000 price tag that comes with a four-year education. I’ve incorporated various services to help families plan for college. Here are three recent client case studies:

CASE STUDY #1: LONG-TERM COLLEGE SAVINGS

There’s never a bad time to start saving for college, and one couple I worked with started when their child was a newborn. This couple had high-paying careers and the means to save early. The husband Brian was a tech executive at Apple and the wife Betsy was a doctor who owned her own practice. They were concerned about their own graduate school debts and wanted to make sure their child didn’t have a burdensome amount of student loan debt as well. Additionally, the couple’s parents were eager to contribute to the college fund for their new grandchild.

Together, we first projected college costs at various public and private schools, with and without graduate school. This allowed us to set a reasonable range of possible future college expenses they would need to cover. We then incorporated these costs into their comprehensive financial plan to see how they impacted their current lifestyle.

From there, we helped them build a budget to see what they could reasonably afford to save.  For Brian and Betsy, it meant we also had to assess the best way for them to pay off their own graduate school debts while still being able to enjoy life and afford necessities. When you have multiple other bills, adding in a new savings goal can be tricky and requires careful planning to balance paying off debt while also maintaining liquidity.

Once we evaluated how much they could save each month for their child’s college tuition, we evaluated appropriate college savings vehicles. We also discussed how they can obtain life insurance at a low cost to protect their child financially and ensure her college is funded should the unexpected happen. Beyond college expenses, since Brian and Betsy were starting their saving early, we discussed the potential for saving tax-efficiently for the primary private school costs they expect once their child is in elementary school.

We also looked at opportunities for the grandparents to help. We encouraged one set of grandparents to make direct contributions to the college fund in lieu of physical presents for the child. For the other grandparents, we suggested accelerated gifting strategies. This was designed to work in their favor as they sought to lower their estate valuation to minimize future estate taxes and to take advantage of potential long-term tax-deferred growth.

By proactively tackling future college expenses, we were able to help this couple seamlessly integrate a new financial goal with their other goals and expenses.

CASE STUDY #2: PREPARING FOR APPROACHING COLLEGE COSTS

Often, parents start seriously considering college expenses when their child enters high school, and this case was no exception. This divorced couple shared a daughter Alexa who was a sophomore at a private high school when they realized it was time for college funding planning. They wanted to make sure to allow enough opportunity to implement their strategies before it became time to apply for financial aid through FAFSA.

This couple had a unique situation. They were divorced and had very different incomes, as the husband Eric was a self-employed artistic consultant while the mother Alana worked for a nonprofit. Our first step was to discuss the rules around determining the custodial parent and how it would affect Alexa’s projected financial aid. We also reviewed how a high-income family such as theirs can reduce their out-of-pocket tuition costs.

Next, we identified all the information the family would need to collect to complete their FAFSA paperwork and calculate their EFC (Expected Family Contribution).  They already had an idea of what kind of college Alexa would attend: an Ivy League to study Environmental Science, so we knew we needed to project costs for a private college with high tuition costs.

To do this, we reviewed their total expected cost of attendance at the five top schools they were considering. Next, we identified scholarships Alexa may be eligible to apply for at each of these schools. Through this process, we discovered she may be eligible for several significant merit scholarships if she could raise her GPA by just two-tenths of a point by the time she graduated high school. This gave her two years to work on boosting her GPA.

And although this family already had schools in mind, we helped them review several other schools they hadn’t previously considered that may fit Alexa’s goals better and offer them more financial aid. By reviewing these options, it helped the family potentially avoid the costs of transferring schools, changing majors, needless college visits, or attending a school that wouldn’t provide enough financial aid.

In looking at these new schools alongside their desired Ivy Leagues, we projected the various projected graduation debt levels and offered guidance on where they may qualify for more financial aid.

Beyond addressing savings needs and scholarships, we also evaluated student loans. We identified ongoing loans and tax credits they may be eligible for while Alexa is in school, and then estimated her starting salary at graduation (based on major and desired career) and the time required to pay off student loans.

To provide a more visual illustration, we set up a tool for them to track their ongoing student loan debt and repayment schedule as Alexa progresses through college. The system we use combines all of the loans into one place and helps them stay organized. By having this information, the family can more clearly see their projected loan repayment options and timeline.

This family intends on meeting with us again when Alexa is a senior in high school, as we can help them complete their FAFSA form, navigate financial aid roadblocks, complete and file the major forms on their behalf, and determine the fairness of the offers they receive. With this family, we are establishing an ongoing relationship where we can serve as their go-to guide for answers to their college planning questions.

CASE STUDY #3: TACKLING STUDENT LOAN DEBT AFTER COLLEGE

College planning doesn’t necessarily stop when college starts. Many people don’t realize the importance of college planning ahead of time, or simply were unable to do so. This means many must plan to pay off their college expenses after they graduate.

One client we worked with named Aaron was in this very situation. A recent graduate, he had just accepted a good technology job and it was time for him to start paying off his student loans. Like many graduates, he had a significant student debt load. It can be particularly difficult to make the required payments when you’re new to the workforce and just starting your career.

To start, we used our student loan calculator for Aaron. This tool organizes all of the loan information, calculates the loan repayment options, generates a personalized living expense analysis based on the individual’s income, and helps them start their financial future with greater clarity and knowledge.

We first calculated all eight federal loan repayment options and discovered that consolidating and refinancing his loans with a private lender would save him hundreds of dollars each month and allow him to fully pay off his loans within 10 years.

From there, we built a custom financial plan. The first component of this plan was a budget that factored in his expenses, including his car purchase, rent, travel plans, and loan repayment.

Next, we reviewed the best employer-sponsored benefits he was eligible for at his new job. We showed him how a high deductible health insurance plan for a young person can be a substantial long-term savings opportunity. We also looked at his 401(k) options, and found enough low-cost investment options in his plan to build an appropriate portfolio for his long-term retirement savings.

Lastly, we integrated this comprehensive plan online through a program that digitally links all of his student loans, bank accounts, and bills so he can track everything in one place. Aaron loves using the app on his phone so he can track his progress while on the go. In the end, he has greater confidence and visibility into his financial future and how to tackle his bills while embarking on his new tech career.

HELPING YOU

I work with a broad range of clients facing unique needs and circumstances. Whatever the situation, I strive to address them through a proactive process that focuses on understanding your personal situation, addressing your concerns, and creating strategies that help you work toward your goals.

If you’re experiencing a situation similar to one of these case studies or face an entirely different need, I encourage you to reach out to me. I can evaluate your situation and share how I can help. You can easily book an appointment with me online here. I look forward to speaking with you.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and an MBA, he is a CERTIFIED FINANCIAL PLANNER™ and CFA® charterholder. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com.

Become a Financial Aid Genius: Part 2

Posted on December 30, 2016 by - Smart Money Tips

If the thought of sending your child to college is making you sweat, don’t fear! While it is a major endeavor to get all the details in place, from choosing schools, navigating the application process, and planning for the transition, don’t let the worry about how to pay for all of it keep you up at night. In our last post, we provided an overview of the financial aid process and gave you ways to conquer the FAFSA. Now we are going to let you in on even more tips and tricks to maximize the financial aid your child could receive.

1. VERIFY HOUSEHOLD SIZE

The more people in your household, the better aid you will receive. If you have grandparents, nieces, nephews, or other family members living with you and relying on you for more than 50% of their support, you can include them in your household number. If you are expecting another child in the next school year, you can also include your unborn baby in the household size! Finally, if you have children who do not live with you but still rely on you for more than half of their support, they are also considered part of your household.

2. CORRECTLY REPORT YOUR BUSINESS

If you own your own business, be careful not to overvalue it on your application. Not all businesses are treated the same by FAFSA and the valuation could be quite low based on their criteria. For example, if you have small business with 100 or fewer full-time employees, you may not need to report your business at all!

3. CHOOSE WHO FILES

If you are divorced or legally separated, only one parent will file for financial aid. Since it can make a major difference in the aid received, make sure the right parent files. According to FAFSA, the custodial parent is the one who should apply, and that is the parent with whom your child has lived the most for the past 12 months. Ideally, the parent who makes the least money and has the lowest amount of assets is the custodial parent for financial aid purposes.

4. IGNORE COLLEGE LIFE INSURANCE

Many people aren’t even aware of college-oriented life insurance policies, but a salesperson may approach with this option. These policies often have high and unnecessary commissions and fees and have the potential to hurt your aid chances down the road, since utilizing these policies to pay expenses could increase your overall taxable income.

5. WATCH THE MARKETS

If you have a considerable amount of non-retirement investments, make sure you pay attention to the markets and file your aid application on a bad market day. This will lower the value of your assets and give you a chance to receive a better aid offer.

6. UNDERSTAND INCOME CATEGORIES

If your adjusted gross income is less than $50,000 and certain other criteria are met, (1) you do not have to share your non-retirement assets on the FAFSA. If you have found yourself without a job or underemployed, this can be a huge help in getting aid so your child can attend college.

7. STRATEGIZE GRANDPARENT CONTRIBUTIONS

If you are lucky enough to have parents who want to assist your kids with college, make sure you are smart about how you use that money. If a grandparent started a 529 account for their grandchild, that money will count as untaxed income for the student as soon as they take the money as a distribution. That amount could be assessed up to 50% in the aid formulas. Instead, grandparents can transfer ownership to parents where the amount will be assessed at the lower parent rate of 5.64%, or they can take a distribution in the child’s last year of school when the student will no longer be applying for aid.

8. COMPARE OFFERS

When you’ve completed the long, drawn-out application process and financial aid award letters start to roll in from your selected colleges, analyze the numbers. Your expected family contribution (EFC) should be listed on the letter, which will help you compare offers between the schools. If the award is much lower than the EFC suggests it should be, then it’s likely an inferior offer.

GET THE HELP YOU NEED

Applying for financial aid is not a simple process, but don’t let the stress and confusion stop you from making the wisest decisions and strategizing your application answers. Did you know that Archer Investment Management offers services to help you pay for college, including a specific Fafsassist package that will help you navigate financial aid roadblocks, complete and file major forms on your behalf, and help you determine which offer is best? We want to help you send your child to college with the best financial aid situation possible. Click here to schedule a phone call to get started!

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

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(1) https://www.edvisors.com/fafsa/secrets/reduce-adjusted-gross-income/

What Does Trump’s New Tax Plan Mean for You?

Posted on December 29, 2016 by - Smart Money Tips

On Wednesday, December 20, 2017, Congress passed the final version of their new tax bill. Since the campaign trail, President Trump has spoken of sweeping tax reform and this bill entails a number of changes to the U.S. tax code that will impact both corporations and individuals.

Many economists and experts believe this tax bill will provide a short-term boost to the economy, but by how much we don’t know. The Joint Committee on Taxation believes the bill will boost growth the total size of the US GDP by 0.8 percentage points over the first decade, while Goldman Sachs is estimating GDP growth will increase 0.3 percentage points above their baseline over the next two years.

Regardless of how much or how little economic growth we can expect in the coming years, the big question is, what exactly does this bill mean for you and your investments? In a nutshell, it lowers tax rates for individuals and corporations, increases the child tax credit, doubles the standard deduction, and caps or eliminates several deductions. Here’s what we can expect from this bill.

WHAT DOES IT MEAN FOR HOUSEHOLDS?

It’s estimated that around 80% of people will see a tax cut in the first year of the legislation, and the Tax Policy Center estimates that the average person will see a tax cut of $1,610 in 2018. However, the amount will vary based on income bracket. In general, the tax bill favors wealthier Americans, offering more tax breaks the more you earn, with fewer benefits to lower and middle class Americans. The TPC estimates that 65.8% of the total federal tax benefit will go to the top 20% of earners.

As a result of an increased after-tax income, some economists believe this may boost consumer confidence. However, the after-tax income increase may not be enough to see an economic change.

WILL BUSINESSES BENEFIT?

Big businesses will significantly benefit from the tax bill, namely with the federal corporate tax rate dropping from 35% to 21%. Companies will likely see a serious boost in their profits, with JPMorgan estimating that this bill could boost the earnings per share of S&P 500 companies by $10 per share in 2018. 

Additionally, some experts estimate that giant companies like Google will save several billion dollars in 2018 due to the new tax code. With these tax cuts, businesses could use these savings to increase wages, pay down debt, invest, or pay for capital expenditures.

HOW MAY THE STOCK MARKET REACT?

Small and mid-cap stocks, consumer staples, telecoms, financials, and industrials pay the highest tax rate, so with the new tax cuts, values of these companies could go up in the short term. Many experts believe that stocks will rise as a result of the news, with the markets already seeing much activity. Experts at JPMorgan believe stocks could even rise 5% after the bill officially passes. However, they also anticipate volatility in the new year.

REMEMBER THE HISTORICAL CONTEXT

It’s important to remember that the stock market is already at an all-time high and values have been increasing for years. This current rally is just months away from being the longest rally in history, close to surpassing the dot-com rally of the 90s. How much higher can stocks go without a major correction? No one knows for sure. But history does tell us that markets do not go up forever and this bull market is no different.

With much uncertainty in the future including global political instability, natural disasters, and a growing federal deficit, it’s important to make sure your portfolio is prepared for temporary and long-term market corrections. Any major unexpected shock to the economy could cause a significant correction in the stock market. Especially for investors approaching or in retirement, now is not the time to gamble on predicted short-term market gains.

WHAT SHOULD YOU DO?

This tax bill is brand new, so there is still much to learn and understand to see how it will impact households and businesses in the near and far future. No one is sure exactly how the economy will behave in the coming months or years. If you are one of our clients, your portfolio has been built with tax reform in mind and we are continually monitoring the markets so we can make appropriate changes if needed. If you have any questions, call or email our office.

If your friends or family are concerned with so many potential swings in the markets, now is a good time for them to review their financial plan to see how their strategies may be impacted by this tax bill and whether or not it’s appropriate to make adjustments. We’re never too busy to help someone you care about, so feel free to put them in touch with our office.

Become A Financial Aid Genius: Part 1

Posted on December 28, 2016 by - Smart Money Tips

Regardless of whether your child is two or twelve, the thought of college has probably crossed your mind. In the business of life and never-ending financial pressures, it is all too easy to ignore impending college years. But, your child’s education is one of the most important investments you can make, and, with today’s costs, it pays to have a plan in place.

These days, a high school graduate can expect to pay upwards of $200,000 for an undergraduate degree at a top school (1) and over $10,000 each year for in-state tuition alone at a public institution. (2) Thankfully, there are some genius ways you can maximize the financial aid your child receives to pay for their education.

FINANCIAL AID BASICS

Before we get into the tips and tricks to get as much money as possible, let’s look at how financial aid is determined. Here are the five factors that the federal student aid board takes into consideration:

  • Parental income
  • Number of children in college simultaneously
  • Marital status of parents
  • Assets in your child’s name
  • Schools on your child’s list

Keep in mind that these factors are not all weighted equally. For example, income has a much greater impact than assets.

Expected Family Contribution

The FAFSA, or Free Application for Federal Student Aid, is the method used to potentially qualify for financial aid at your child’s college of choice. When you fill out this application, you will be asked to provide your financial information, which will then be calculated as your Expected Family Contribution, or ‘EFC’.

There are two types of aid available:

  • Need-Based Aid: Colleges will offer need-based aid if a student can demonstrate their family has limited resources to provide for their education costs.
  • Merit-Based Aid: To qualify for merit aid, students must show academic achievement, high test scores, and/or above average talents or accomplishments.

The College Factor

One of the main determinants of financial aid is the college choices on your child’s financial aid application. As an example, state universities rarely give nonresidents need-based financial aid, and many high-end colleges don’t offer merit scholarships to high-income families. For private institutions, much of the aid is in the form of loans, which only leads to a heavy debt load after graduation.

HOW TO CONQUER THE FAFSA

If you have a high-income or plenty of assets, you are not out of luck. Use these five tips to maximize the amount of financial aid your child might receive:

1. Exclude Retirement Accounts

Retirement accounts such as IRAs, 401(k)s, 403(b)s, etc. are exempt from your application. Your best bet to get the most money possible is to save as much as you can in these accounts before the college aid application base years. Also, avoid withdrawing money from retirement accounts in financial aid application years since the funds will be treated as taxable income.

2. File Early

Apply for aid as soon as possible after January 1st. Some schools and states award aid on a first-come-first-served basis until it runs out.

3. Move Assets

Your child’s individual assets will count for 20% for aid purposes, but yours will only count for 5.64%. (3) Take a look at your child’s assets and, if possible, move money out of their name and into yours. This step alone can affect your child’s eligibility by thousands of dollars in aid.

If your children have assets that can’t be moved or that you decide against transferring, make sure you use those assets first when paying for college expenses. This will increase financial aid opportunities in their subsequent college years.

4. Pay Down Debt

Your debt doesn’t affect your financial aid eligibility, but your cash reserves will. Consider using your excess cash to pay off debt, therefore reducing the amount of savings you have to declare on your FAFSA.

5. Double Up On College Enrollment

The more kids you have in college at the same time, the better. Having two children enrolled in college simultaneously can decrease your EFC  by 40% – 50%. (4)  If your children are close in age, think about delaying college for the eldest so they can overlap.

Hopefully this overview gives you both confidence and peace of mind as you draw closer to your children’s college years. In our next post, we’ll be discussing even more tips to help you become a genius about financial aid so you can both preserve your wealth and protect your children’s financial future. If you want to discuss your options with someone who knows the ins and outs of college planning, schedule a phone call today!

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

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(1) http://blog.collegetuitioncompare.com/2015/05/ivy-league-2015-2016-estimated-tuition.html

(2) https://trends.collegeboard.org/sites/default/files/2017-trends-in-college-pricing_1.pdf

(3) https://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10089

(4) https://www.usnews.com/education/best-colleges/paying-for-college/articles/2017-08-02/explore-how-multiple-children-in-college-affects-financial-aid

Should I Get a Reverse Mortgage?

Posted on December 26, 2016 by - Smart Money Tips

Imagine this: you are nearing retirement and worried about whether your savings will last you through your golden years. Then your neighbor mentions a reverse mortgage. They tell you that you can get cash payments from your home’s equity and live off that money. It sounds like the answer to your problems, but like many financial products out there, it may just be too good to be true.

Before making a rash financial decision, arm yourself with some valuable reverse mortgage information.

REVERSE MORTGAGE BASICS

Here’s a quick primer on reverse mortgages. A reverse mortgage is a type of home equity loan, created specifically for those 62 and older who own their home outright or have small mortgages. Instead of making your normal monthly mortgage payment with the goal of paying off your home, you essentially give the equity you’ve built back to the bank and they pay you monthly, as a lump sum, or as a line of credit.

Reverse mortgages don’t require payments until you sell your house, die, or permanently move out. You are still required to pay property taxes and homeowner’s insurance and your home must be your primary residence. How much you receive through a reverse mortgage will depend on your age, the value of your home, and current loan interest rates.

RISKS

Now that you know the bare minimum about reverse mortgages, let’s look into why you might want to avoid them.

They Aren’t Cheap

You might obtain a reverse mortgage to create some money to live on, but your upfront costs will be hefty, up to 3-5% of the loan amount. (1) This includes an origination fee, appraisal fee, closing costs, and a required mortgage insurance premium.

When you invest your money, compound interest is on your side, but with reverse mortgages it works against you in a major way. The more the bank pays you, the more the interest grows. As its name implies, it’s the reverse of a regular mortgage where your interest payments decrease as you pay off more of the principal. For example, let’s say you have a $100,000 reverse mortgage that you decide to take as a lump sum at a 5% interest rate. After your first year, your loan balance will be $105,116. But after ten years, it will be sitting at $164,701. (2) The interest eats away at your equity, meaning you own less of your home as time goes on.

They Hurt Your Heirs

If you were planning to leave your home as an inheritance for your children or grandchildren, a reverse mortgage will make that impossible. If the interest has racked up enough by the time you die, every penny from the sale of the home could go to the reverse mortgage lender. If your heirs decide to keep the home, they will be responsible for paying off the full value of the loan, even if it’s higher than the sale value of the home.

You Could Outlive Your Mortgage

Just as there is a very real chance you could outlive your retirement savings, you could also outlive your reverse mortgage. What happens when you have borrowed the maximum amount and no longer have money coming in? Other living expenses aside, you will still need to pay for taxes, insurance, and utilities. If you default on those payments, you risk foreclosure. This leaves you with nowhere to live and no money to live on, not something any retiree dreams of.

ALTERNATIVE OPTIONS

It’s not all doom and gloom. If you feel like a reverse mortgage is your only way to fund retirement, here are some other options to consider.

Downsize

If you are willing to make some changes, downsizing your home or moving to a cheaper area could drastically decrease your living expenses and stretch out your retirement savings. When you sell, you capitalize on the equity you’ve built and can stash away the profit to live off of. A smaller home will also have lower maintenance costs, property taxes, and utility bills. You could also rent instead of buying another house and have extra money to invest or spend.

Investigate Other Assets

Even if your retirement savings seem meager, you might be able to maximize what you have by making a few wise decisions. For example, if you work a few years longer and max out your employer-sponsored plan and IRAs, how much would that give you over the long-term? Is there an option to work part-time after retirement? Have you determined the most beneficial time for you to claim your Social Security benefits? Making small tweaks to your financial plan can make a significant difference in the long-term.

Rely On A Professional

A financial advisor has the knowledge and experience to walk you through your worries, reexamine your goals, and provide you with multiple retirement scenarios. A reverse mortgage should be avoided unless you have experienced a financial emergency and no other assets are available for you to tap into. If you want the advice of a professional to help you make the best decisions for your money and find creative ways to reach your goals, click here to schedule a phone call. I would love to help you feel more confident in your financial future.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

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(1) https://reversemortgagealert.org/reverse-mortgage-rates/

(2) https://www.mortgagecalculator.org/calcs/ReverseMortgage.html

LGBTQ Financial Challenges: 4 Important Considerations for LGBT Couples

Posted on December 24, 2016 by - Smart Money Tips

It’s important for all couples in long-term relationships to talk about finances, what they want to accomplish, and how they want to handle certain financial decisions. But it’s even more important for LGBT couples to be proactive with financial considerations because of ever-changing and complex laws. Whether or not you’re married or plan to marry, LGBT couples should address these important financial considerations to navigate LGBTQ financial challenges effectively:

Retirement Savings

How LGBT spouses are treated through corporate benefit plans varies by state and company, and they may not always be able to receive Social Security survivor or Medicaid spousal protections, especially in non-recognition states. This can present significant LGBTQ financial challenges when planning for retirement.

It’s important to speak with your HR department to determine if your employer recognizes LGBT partnerships and whether or not you can name your partner as a beneficiary. Additionally, update beneficiary designations on all 401(k)s, 403(b)s, IRAs, etc., to make sure your partner receives their proper inheritance. Proactively addressing these LGBTQ financial challenges ensures that your loved ones are protected.

Life and Long-Term Care Insurance

Two of the most appropriate ways for LGBT couples to protect each other is with life and long-term care insurance. As LGBT couples may miss out on a number of spousal benefits for which heterosexual couples are eligible, life and long-term care insurance can replace lost earnings, pay for the college educations of children, and cover ongoing custodial expenses to ensure families have enough income to last throughout retirement. These tools are critical for managing LGBTQ financial challenges.

When evaluating your insurance options, you may consider taking out larger policies to make up for potentially lower spousal and tax benefits than heterosexual couples receive. It’s also critical to name your spouse as the beneficiary to ensure he or she receives the policy benefits. This helps address LGBTQ financial challenges by providing financial security and protection.

Health Benefits

LGBT couples may not both be eligible to receive health benefits from their employers, which can be a significant LGBTQ financial challenge. This is another instance where it’s important to have a detailed discussion with your company’s HR department regarding health benefits available to your partner.

Additionally, if a partner in an LGBT relationship falls ill, the other may not be legally allowed to make important health decisions on his or her behalf. This is where an advanced medical directive can help. A medical directive defines your wishes for health care if you become too injured or ill to make decisions for yourself. With a directive, you can ensure your partner is allowed to make decisions for you. Having these directives in place helps manage LGBTQ financial challenges related to health care and decision-making rights.

Estate Planning

If you were to die, your closest living relative, such as your spouse, has legal rights to your inheritance. But if your marriage isn’t recognized in your state, that may not be the case. This presents a significant LGBTQ financial challenge. LGBT couples need to make sure they include their partners in their wills to ensure they receive an inheritance.

Beyond creating or updating a will, make sure you acknowledge your partner in other essential documents, including durable powers of attorney, healthcare powers of attorney, letters of intent, living wills, and advanced medical directives. This can help provide your partner with more power when it comes to decision-making should you be unable to make decisions yourself. Proper estate planning is crucial for addressing LGBTQ financial challenges.

You may also consider setting up a trust, especially if you’re concerned that another family member may contest your will. You and your partner could contribute assets to the trust. When one partner dies, the trust likely won’t go through probate and there will be less of an opportunity for anyone to contest it. Trusts can be an effective way to mitigate LGBTQ financial challenges related to inheritance and probate.

Next Steps

It’s unfortunate that LGBT couples face so many additional financial hurdles that can make financial planning complex and overwhelming. But you don’t have to go it alone.

As an advisor who frequently works with LGBT couples, I understand the common questions and concerns you face. I’d be happy to meet with you to discuss your situation and how I may be able to help. You can easily book an appointment with me online here. I look forward to speaking with you.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. With a focus on understanding and addressing LGBTQ financial challenges, he provides tailored advice to ensure that his clients can secure their financial future and protect their loved ones. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client.

Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

Should I Pay Off My Mortgage Before Retirement?

Posted on December 23, 2016 by - Smart Money Tips

If you are like most Americans, your mortgage payment is probably your highest fixed expense. A mortgage is often seen as “good debt” since you need somewhere to live and you’re going to have to pay for it. But what about when you retire and you are living off of your savings? Will your mortgage payment overwhelm your budget? Should I pay off my mortgage before I retire? Or should you carry it with you? As with most things in life, the answer is not cut-and-dried. Answer these seven questions to decide what is best for you.

How Tight Will Your Retirement Budget Be?

Have you determined your investment withdrawal rate and what your monthly income will be once you leave your working years behind? If your budget will be tight or your income will be significantly lower than what it is now, you might want to work longer to eradicate your mortgage payment. This will increase your cash flow in retirement, possibly freeing up some funds so that you can travel or pursue other passions. Evaluating these factors can help answer the question, should I pay off my mortgage before I retire?

What Is Your Interest Rate?

Over the lifetime of a mortgage, you pay tens of thousands of dollars in interest. If you pay it off early, you will save a lot of interest charges. Even though you would lose the tax benefits mortgage interest offers, you would still have more at the end of the day. Understanding your mortgage interest rate is key when considering if you should pay off your mortgage before you retire.

But, if your choice is between paying off your mortgage and investing more to build up your retirement wealth, you need to do the math. Compare your interest rate with expected market returns based on historical data. If you locked in your mortgage when interest rates took a nosedive and only pay 3.5%, then you might want to pour your extra cash into your savings if you believe you could get a return of 6%. The opposite is also true. If your interest rate is higher than what you think the market could give you, pay off your mortgage first.

Do You Have Additional Debt?

Is your mortgage your only debt, or are you paying off student loans or credit cards too? Make sure you use any excess cash to pay off higher-interest debt first. Addressing other debts can influence your decision on whether you should pay off your mortgage before you retire.

Are You Maxing Out Your Retirement Contributions?

The benefits of retirement savings accounts are touted everywhere we turn. Roth IRAs offer tax savings in retirement, Traditional IRAs and 401(k)s let you save on taxes now, and many employer-sponsored plans give you a match, essentially building up your nest egg with free money. If you aren’t maximizing your savings to the limits these accounts allow, you should do that first.

This will bulk up your retirement savings and give you more financial flexibility and freedom in retirement. Consider your retirement savings goals when deciding if you should pay off your mortgage before you retire.

How Will You Pay Off Your Mortgage?

Getting rid of this budget line item is a noble goal to have, but where will you get the money to accomplish this? Are you thinking about withdrawing from your retirement accounts to make this goal a reality?

First, don’t pay off your mortgage at the expense of your standard of living in retirement. If you are worried about your retirement income already, don’t increase that worry by decreasing the balance in your accounts. Second, maybe use funds from a Roth IRA before taking from a taxable account, that way you won’t be adding to your annual income tax, potentially pushing you into a higher tax bracket. Depending on your age, you will not only face taxes but also penalties if you make a withdrawal from an IRA or 401(k). You will also lose the future growth on the balances in your accounts.

But if you are determined to pay off your mortgage before you enter your golden years, here are some other options that avoid raiding your precious retirement nest egg:

Make Extra Payments

To slowly but surely minimize the amount you owe on your home, put any extra cash towards additional principal payments. It might not be as satisfying as paying your mortgage off in one big chunk, but even small amounts can take years off of the back end of your mortgage and reduce the total amount of interest you pay. Making extra payments is a strategic way to approach the question of whether to pay off your mortgage before you retire.

Think About Biweekly Payments

Another option is to make biweekly payments of half your usual monthly payment. Because there are 52 weeks in the year, you’ll make the equivalent of 13 monthly payments by year-end. On a 30-year mortgage, making 13 monthly payments each year instead of 12 would reduce the term of your loan by about four years. Biweekly payments are an effective tactic if you’re wondering, should I pay off my mortgage before I retire?

15 Years vs. 30 Years

One way to slowly decrease your mortgage before retirement is to refinance to a 15-year loan. Your monthly payments will most likely be higher than those for a 30-year mortgage, but the increase will be balanced out by a lower interest rate and you will save thousands of dollars in interest over the term of the loan. Make sure you speak with an unbiased professional before taking this step to ensure the difference in interest rates will be worth the refinancing fees.

Are You Planning To Move?

If you want to relocate to a sunnier place or maybe move to be closer to your grandchildren, don’t worry about paying off your mortgage before taking on a new one in a different location. You can take the equity from the sale of your home and combine it with your savings to put towards the new house if you decide to go that route.

Moving plans are crucial when considering if you should pay off your mortgage before retirement.

How Much Peace of Mind Will a Mortgage-Free Life Bring?

Many people place a high value on being debt-free. They want to enter retirement with nothing holding them back financially. Retirees with the least amount of stress and the most financial freedom are those with the lowest fixed expenses. If you want to retire with a clean slate, paying off your mortgage might be the right decision for you. When contemplating if you should pay off your mortgage before you retire, consider the peace of mind it might bring.

After answering each question with your personal situation in mind, where do you stand? If you want help weighing your options and making the decision that will benefit you the most, click here to schedule a phone call.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

Divorce is Painful: Financial Planning for Divorce and Achieving the Best Financial Outcome

Posted on December 22, 2016 by - Smart Money Tips

As wonderful as marriage can be, there’s no denying the fact that around 50% of marriages in the United States end in divorce. (1) Regardless of the reason for the separation, a divorce can be painful, emotionally draining, overwhelming, and expensive. While there’s no avoiding the emotions that come with such a significant life event, you may be able to reduce some of the stress and financial implications if you prepare ahead of time. 

Why Financial Planning for Divorce is Important

There’s no doubt about it; divorce can absolutely devastate your financial situation. Financial planning for divorce is critical to avoid financial pitfalls. Think about it this way: in order to maintain the same standard of living post-split, individuals would need more than a 30% increase in income. (2) And it’s even more challenging when children are involved. Since most children live with their mother after a divorce, one in five women find themselves in poverty due to the financial burden associated with taking care of the children. 

Don’t let yourself become a statistic. Before you file papers for a divorce, make sure you’ve reviewed these tips that will help you plan for the best financial outcome:

Guard Your Emotions During Divorce

We all know that it’s unwise to make financial decisions based on emotions, but it’s easier said than done. When walking through a divorce, both sides often try to take out their feelings on the other. Try to avoid this behavior at all costs by focusing on the tasks at hand and turning to your advisor to help you keep a clear head about what really matters. 

Because there are so many difficult decisions to be made, don’t rush the process. As unenjoyable as a divorce is, you want to carefully consider each decision. The choices you make will have a long-term impact. Effective financial planning for divorce involves taking the time to make rational and informed decisions.

Understand That Everything is Fair Game

When splitting up assets and liabilities, almost everything is up for grabs, even things that are in only one person’s name. Whether it’s credit card debt or frequent flyer miles, understand that it all needs to be negotiated. There’s one area where this doesn’t apply; gifts and inheritances that are linked to one spouse only are not at risk of division unless they are commingled with other assets. 

When you are entering marriage, it’s understandable that you don’t want to think about a future divorce. But with the high rate of divorce from first marriages and the shocking fact that subsequent marriages have an even higher chance of failure (3), it’s worth it to consider a prenuptial agreement or at least create an inventory and valuation of assets prior to marriage. Preparing an inventory of assets is a crucial step in financial planning for divorce.

Plan Your Purchases Before Filing

If you know you have a significant purchase on the horizon, make the acquisition before filing for divorce. Once the papers are in the hands of the court, many states prevent people from making big purchases through an automatic financial restraining order. Strategically planning purchases is a part of comprehensive financial planning for divorce.

Gather Evidence and Documentation

Despite the emotional toll of divorce, it’s vital that you are thorough in your organization. Since you’ll want an accurate record of the assets you own and the debts you owe, start a list of all marital assets and liabilities. Of course items like your home and cars are important to include, but remember to list other assets including artwork, pensions, inheritances, second homes, and other valuables. It might be worth it to take photos of your assets, make copies of account statements, and have a record of all important numbers.

Proper documentation is a critical aspect of financial planning for divorce to ensure fair division of assets and liabilities.

Be Honest About Your Assets

Hiding assets is not the way to go. If you try to conceal something from your spouse and it is discovered later, you could lose your credibility in court and face penalties. Transparency is key in financial planning for divorce to avoid legal repercussions and ensure a fair process.

Know That Non-Alimony Money is Not Taxable

If you receive a transfer of money as a result of the divorce agreement, you will not face taxes on that income. While alimony is taxable, any other payouts escape taxation. Unfortunately, the party paying the cash will not benefit from a tax break.

Consider a Mediator to Reduce Costs

Other than double the living expenses and loss of income, divorce can devastate your finances due to all the legal fees involved! The average cost of a contested divorce ranges from $15,000 to $30,000. (4) 

If you want to avoid these high fees, use a mediator who will facilitate agreements and help you avoid hefty legal costs. Using a mediator can be a smart choice in financial planning for divorce to keep costs down.

Update Beneficiaries Immediately

With all the paperwork and life upheaval, many people forget to update their beneficiary designations. It’s common for married couples to have each other listed on their accounts, so if the unthinkable happens and you pass away, your ex might end up with your assets. Make a list of all accounts that have a beneficiary listed and make the changes right away. Updating beneficiaries is an essential task in financial planning for divorce.

Educate Yourself About Finances

In many marriages, one spouse will take on the responsibility of handling all financial matters from budgeting to paying bills. In a divorce, that can mean the other spouse is completely clueless about their financial situation as well as how to manage finances on their own. 

If you aren’t in charge of your household’s finances, you’ll want to review accounts and get a handle on everything you and your spouse own before starting the divorce process. It’s important that you understand your current income, savings, regular bills, and debts. You may be assuming you have more or less than you actually do, or you may discover a loan or account you weren’t aware of.

By obtaining a big picture of your finances, you’ll have an idea of what you and your spouse will split, how you’ll handle your children’s expenses, and other financial decisions that will have to be made. Education is key in financial planning for divorce to ensure you are prepared for financial independence.

Plan for the Future Post-Divorce

Going through a divorce is hard enough; you want to get back on your feet as quickly as possible without another series of hurdles and roadblocks. Although many people will experience a divorce in their lifetime, few are prepared for all the details that need to be handled after the divorce settlement is in place in order to restore peace of mind and independence. 

Once the divorce is finalized, it’s time to move forward. You’ll need to create your own budget, determine new goals, and review your investments to ensure they line up with your personal risk level. For many, this can be overwhelming, but divorce is not the nail in your financial coffin. Find a financial advisor who can walk you through the process and help you set yourself up for success. If you or someone you know is going through a divorce, I’m here to help. Click here to schedule a phone call.

About the Author: Richard Archer

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client.

Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

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(1) https://www.mckinleyirvin.com/Family-Law-Blog/2012/October/32-Shocking-Divorce-Statistics.aspx

(2) https://divorce.usu.edu/files-ou/Lesson7.pdf

(3) https://proactiveadvisormagazine.com/financial-impact-of-divorce/

(4) https://info.legalzoom.com/average-cost-divorce-20103.html

What Can You Do About the Equifax Data Breach?

Posted on December 21, 2016 by - Smart Money Tips

The recent Equifax Data Breach has compromised sensitive information for almost 150 million Americans. To see if you were affected, you can enter your information here. If you have been affected, it’s important to be proactive to protect your credit. Here are some steps I recommend.

For those who believe their data was compromised, the free credit monitoring that Equifax is providing could be a good start: Equifax Security 2017.  

Instead, I pay for the credit monitoring service from Zander Insurance Group to help protect my family: Identity Theft Protection by Zander Insurance

Another option is to potentially pay and get a freeze put on your credit for one year. You  can visit the following two websites of the other two credit reporting bureaus as well to sign up:

1) TransUnion: Place a Credit Freeze

2) Experian: Five Things to Do After Your Information Has Been Stolen

Also, here’s a free website I use to personally monitor and improve my annual credit report , you can set up proactive alerts to warn you if there’s a big change on one of your credit reports by selecting ‘Profile & Settings’, then ‘Communications & Marketing’, and checking the ongoing alerts you would like to receive.

If you don’t wish to use CreditKarma.com or a similar site, you can also visit https://www.annualcreditreport.com/index.action and obtain your credit reports for free from each of the credit reporting bureaus.

THE DAY MY IDENTITY WAS STOLEN

It was a seemingly ordinary day when it happened. My phone rang and, when I answered, I heard the voice of an unknown man.

“Hello, is this Mr. Richard Archer? This is John from Neiman Marcus in Atlanta. We’re just calling to confirm that you were just in our mall location and applied for a new store credit card.”

These three sentences commenced my unfortunate identity theft journey. In the next few days, I came to learn that a man had my Social Security number and full name and had created a fake driver’s license with my correct home address alongside his picture. He walked around the Atlanta mall impersonating me, moving from store to store trying to open credit accounts. So far, he had succeeded at Neiman Marcus, Best Buy, Toys ‘R’ Us, and several times at Verizon. Before we were alerted, he’d run up more than $1,000 in cell phone charges.

HOW DID IDENTITY THEFT HAPPEN TO ME?

Some people might wonder how I, a financial planner, could become the victim of identity theft. I’ve helped multiple clients get through identity theft, and I know what a mess it can be. Hoping to avoid it happening to me, I shred account statements religiously, watch my credit score online, consistently update my passwords, use a locked mailbox, and never click on suspicious links online. So what went wrong?

I thought long and hard about it and then I remembered notices from my alma mater and TJ Maxx. Both had suffered huge data breaches in the past two years, and they had each notified me that my personal information might have been compromised.

Here’s the truth: identity theft can happen to anyone — even to a financial planner and even to people who proactively safeguard their personal information. If you’ve ever had a bank account, credit card, shopped online, or included your Social Security number on an application, your identity could potentially be stolen.

WHAT TO DO ABOUT IDENTITY THEFT

It was in the evening when I received that call from Neiman Marcus, and it was hard not to panic at the thought of everything I was going to have to do to get this fixed. I knew I needed to cancel my credit cards, change my account passwords, and notify my bank and credit agencies. I had read stories about others who had their identities stolen and it had taken them, on average, a year and 200+ hours to get to a point where they could use their rebuilt credit again.

But then I remembered I had purchased ID Theft Concierge Protection from Zander ID Theft Solutions. I found their hotline number and called them, crossing my fingers that their office wouldn’t be closed at this time of night. My anxiety was high as I pictured a crook walking around Atlanta ruining the good credit I had worked so hard to build.

Luckily, a professional from Zander was available and immediately helped by placing a freeze on my credit and requesting me to send in everything I could to help him fix this problem. Over the next four weeks, I scanned and sent copies of all related correspondence I received regarding my many new credit accounts while the folks at Zander personally contacted and cancelled each new fake credit request. They had to contact several companies multiple times because the companies really wanted to get paid the thousands of dollars they were owed. 

Three months later, Zander had my entire credit report back to normal, and within four months my credit score was restored. 

LESSONS LEARNED

Experiencing this process firsthand, I learned the value of having expert help. It was such a relief not having to figure out all of the ins and outs of rebuilding my credit by myself. The professionals at Zander were faster, more persistent, and more successful than I could have been while also trying to run a business and spend time with my family.

Based on the amount of information my identity thief knows about me, I am positive it will happen again in the future. However, I have alerts set now that tell me when anyone requests new credit and a special verbal password to use with the credit agencies and my banks. I continue to do everything I can to protect my data myself, but a lot of it is out of my hands since I’ll frequently have to share my Social Security number, date of birth, name, address, driver’s license number, or other information. Furthermore, data breaches are becoming more common, so it’s just a matter of time before it happens again.

However, I feel more confident and at ease knowing someone else is also looking out for me. These are the feelings I hope to provide my clients. By serving as a family’s financial professional, I am there to provide a second set of experienced eyes on their strategies, offer guidance, and take some of their responsibilities off their plate so they can focus on their family.

Whether you have questions about protecting your identity in the wake of the Equifax Data Breach or seek advice about other elements of your finances, I’m here to help and am available to chat. You can easily book an appointment with me online here.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

How To Have A Sustainable Home In Austin For Under $100

Posted on December 20, 2016 by - Investment

For most of us, one of our biggest investments is our home. As such, we often want to improve it, making it the best it can be with the hope of seeing a significant return when we sell. 

One of the big buzzwords in the homeownership world right now is sustainability. People are becoming more aware of how their lifestyles affect the environment and want to do their part to address climate change. One way to do this is to power your home with 100% renewable energy. But how can you do this without breaking the bank? Is it a worthwhile investment? 

WHAT IS RENEWABLE ENERGY?

First, a definition is in order. Simply put, renewable energy is electricity generated from renewable sources such as wind, sunlight, biogas, and tidal energy. Energy from these sources is limitless and clean and it does not add pollution to the atmosphere. Non-renewable energy sources like coal and natural gas have environmental costs, such as emissions into our air and water.

Is It Worth The Cost?

One question many people have is whether or not switching to renewable energy will save them money down the road. I recently had a financial planning client asking about this exact topic. They wanted to do their part to address climate change by powering their home with 100% renewable energy and asked if they could afford a large solar array on the roof of their home.

The problem was that a solar array big enough to completely power their home was going to cost almost $20,000. When we crunched the numbers, we realized it might take about ten years for them to recoup the upfront costs. Instead of the high initial investment of a solar array, I suggested another solution that would upgrade their home to 100% renewable energy sources for less than $100 extra per year. At that price, my client was intrigued. Are you?

The Power of Wind

Currently, fossil fuels make up 81.5% of U.S. energy production and about 40% of total US energy consumption is from the residential and commercial sectors. (1)  However, renewable energy production was at record highs in 2016. From a local perspective, Austin Energy generates about 30% of its energy from wind, solar, and biomass. (2)

Wind power is a net zero energy source, meaning it has zero fuel cost, produces zero emissions, and requires zero water use for production. If you live in Austin, you have the opportunity to take advantage of the GreenChoice program, which allows you to support renewable energy by ensuring Austin Energy purchases Texas wind energy to match 100% of your usage instead of energy produced with fossil fuels. (3) When you subscribe to GreenChoice, you make a lasting contribution to Austin’s quality of life and take a leadership role in moving Austin toward its community goal of 55% renewable energy by 2025 and 100% by 2050.

Subscribing to GreenChoice means that Austin Energy can purchase wind energy to meet your needs instead of electricity produced from natural gas or coal-fired power plants. Relying less on fossil fuel combustion for energy means less air pollution and less water wasted in drought-prone Texas. Your purchase of GreenChoice energy supports the growth of the renewable energy industry in Texas, which creates new jobs in the state and produces new revenues for school districts.

In 2016,  Austin Energy GreenChoice customers invested in more than 719 million kWh of renewable energy. This translates into reduced carbon emissions equivalent to the impact of more than 11 million trees. If that isn’t enough to entice you to make this change, the average Austin residential customer can switch to wind energy for about an additional $6.70 per month with no contract, no subscription fees, and no penalty for unsubscribing.  Additionally, new and existing Archer Investment Management clients who switch to Austin’s GreenChoice program before the end of 2017 will receive a one-time $100 discount off our fees.

IS RENEWABLE ENERGY RIGHT FOR YOU?

As with any financial decision you make, it’s important to do your research and talk to experts in order to make an educated decision. At Archer Investment Management, we ascribe to a disciplined, unemotional, and highly diversified investment approach, favoring objective and time-tested advice to “trendy” stocks. If you want to invest into companies that further the social missions that you value, reach out to us for a complimentary portfolio review. Click here to schedule a phone call.

About Richard

Richard Archer is a financial advisor and the President of Archer Investment Management with more than eighteen years of industry experience. Largely working with successful individuals and couples, he specializes in providing comprehensive investment guidance and personalized care and attention to each client. Along with holding a Bachelor of Science in Economics and a MBA, he is a CERTIFIED FINANCIAL PLANNER™ certificant and a Chartered Financial Analyst®. He combines his advanced industry education and knowledge with his genuine care for people to provide clients with an exceptional experience. To learn more about Richard, connect with him on LinkedIn or visit www.archerim.com. 

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(1) https://www.eia.gov/tools/faqs/faq.php?id=86&t=1

(2) http://austinenergy.com

(3) http://austinenergy.com/wps/portal/ae/green-power/greenchoice/greenchoice-renewable-energy