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Financial Advisor

Financial Advisors; Why Choose a CFP® Professional

“Most people think all financial planners are “certified”, but that is not true. Anyone can use the title ‘financial planner’. Only those who have fulfilled the certification requirements of the CFP Board can display the CFP® certification after their name. This certification represents a high level of competency, ethics and professionalism along with being held to a fiduciary standard of care when providing financial planning services. A certified financial planner is required to act in your best interest.”¹

"A certified financial planner is required to act in your best interest."

CFP® professionals must complete a comprehensive course of study at a college or university offering a financial planning curriculum approved by the CFP® Board. Once this course is completed, applicants must then complete and pass the CFP® Certification Exam which tests their abilities to apply financial planning knowledge to real-life situations. “The exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.” ¹ In addition to completing the courses and the exam; CFP® professionals are then held to a high level of standards monitored by the CFP® Board. If the professional is not able to maintain these standards, they can have their CFP certification revoked. All these steps were created to ensure that the client gets thorough and detailed financial planning and advice when dealing with a financial planner or advisor.

Navigation Wealth Management was created and is operated by two certified financial planners. Both of our advisors have completed the CFP® course and gone through the rigorous testing in order to obtain this certification. Because the CFP® course and exam is so thorough in its subject matter, our advisors are able to handle a wide variety of financial needs. Navigation Wealth Management is very proud to offer clients “certified” financial planning.

¹ Letsmakeaplan.org: “Consumer Guider to Financial Planning”

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Whether your retirement is a far off dream or a soon to be realized reality, the navigation steps you take today can help you enjoy financial independence you deserve.

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Financial Planning

Why Do We Need Financial Planning

To understand the issues affecting the emotional and financial well-being of working Americans, The Guardian®Life Insurance Company of America (Guardian) conducted a study that sought to answer two important questions:

  • How are modern-day stress and financial decision-making linked?
  • Which behaviors lead to emotional and financial confidence and satisfaction?

The Guardian Study of Financial and Emotional Confidence™ looked at factors both local and global, including such far-ranging topics as: Terrorism. Politics. Retirement Planning. Balancing Information. Technological Change.

The results reinforce what many people already know at a gut level: that an individual’s overall life satisfaction and well-being is inextricably linked with his or her financial well-being. The research results identify an 80/20 Rule: 79% of working Americans surveyed reported serious stress-based concerns about their lives — with finances being a major driver of stress — while only 21% are confident planners about their current behaviors and future prospects.

The good news is that there are specific “model behaviors” that the confident 21% exhibit that can be learned by any of us, at any age or stage.

An 80/20 Rule, or the Pareto Principle, applies when looking at inputs and outputs, such as where 20% of the effort produces 80% of the results. To apply that idea here, if the 79% who lack confidence will adopt some of the attitudes and behaviors of the 21% who are confident, they potentially will see their stress levels — both financial and otherwise — decrease and their confidence rise.

The good news is that there are specific “model behaviors” that the confident 21% exhibit that can be learned by any of us, at any age or stage.

For those who fall into the 79% of people who lack confidence in their financial security, financial planning could be essential in boosting that confidence. Meeting with a financial advisor from Navigation Wealth Management will give you the opportunity to look at your finances from both a macro and micro view.

Our advisors can help you identify your financial priorities and goals and then develop a plan that will help you achieve those. It is hard to reach any goal without any type of planning before you start the journey to reaching that goal. While acknowledging that what financial well-being means, will vary widely from person to person, the research affirms that overall life satisfaction and financial well-being are inextricably linked. Key financial planning is the tool to help you feel more secure and comfortable with where you are with your finances and where you want to be in the future.

Study Methodology
Working with Brightwork Partners LLC, Guardian performed a representative national survey of:
• 4,971 workers age 18+ working full-time or part-time, never retired, with household incomes of $50K
or more
• Weighted by age, gender, household income, ethnicity, and region to conform to Census parameters
• Including an oversample of 2,921 workers age 18+ with household incomes of $100K or more, similarly weighted
The survey was conducted online from December 28, 2015 through January 22, 2016. All data in this white paper was
obtained from this study.

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Asset Management

Asset Management Options; Something For Almost Everyone

Asset Management During Retirement

The thought of being able to access your assets at any time is very appealing. However, it is important to consider the need to generate income in retirement.

Your retirement apple tree

Think of all of your assets as one apple tree with branches (your principal) producing all the apples (income) you need to live comfortably during retirement. In the beginning, you may think there’s no harm chopping off a branch or two (liquidity) for firewood due to the overall size of the tree. But, when doing this you are “double counting” the asset as being able to meet two needs. After chopping off those two branches, the amount of apples produced will be lower and if you keep chopping off branches, there may come a point when your tree cannot produce enough apples and cannot grow new branches, ultimately reducing the life of your tree. No more tree, no more apples.

Create one apple tree or multiple apple trees?

Your view of retirement should be long-term because it is unknown how long your retirement years will be; therefore, you should explore financial products that can provide income for your lifetime and that of your spouse’s lifetime. One of the main reasons that you save for retirement is to produce income (apples) for your necessary expenditures, like paying your mortgage/rent, food and utilities, so you can live comfortably during these years. In addition, a portion of your income should be independent from and not reliant on market performance. Finishing confident is just as important as beginning confident.

Now, think of your assets as being multiple apple trees

You fence off and give up your access (liquidity) to some trees so that these trees produce enough apples to cover your necessary expenses. The remaining trees are for producing apples and firewood for when you need it.

With this approach, you have established sources for solely producing income and you also have sources for your liquidity needs.

Asset Management Product Options Outside Retirement

For those of you who may need help managing your assets but are not ready to retire, Navigation Wealth Management can help you with a wide variety of strategies. Our goal is to help ensure that you get the account management style that fits your needs; from aggressive stock portfolios to conservative cash management accounts, we can help with it. Some of the products that we offer for our clients are:

ADVISORY SOLUTIONS: Access a suite of objective, fee-based asset allocation and model portfolio solutions based on your investment needs.

BROKERAGE ACCOUNTS: Custodied through Pershing, a subsidiary of BNY Mellon – one of the safest banks in the U.S. – your clients can rest assured their money is consolidated with access to key investment features and capabilities.

CASH MANAGEMENT: Cash protection and securities-based lending capabilities with your brokerage and advisory accounts provide safety and liquidity when needed.

EDUCATION ACCOUNTS: Competitive solutions to help you save for primary school and college.

Navigation Wealth Management is able to help you manage your assets from the early days in your working life through your life into retirement with a variety of products and options. Our goal is to help ensure that you are financially secure in all stages of your life.

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Investing, Technology & the Infamous “Millennials”

Tired of Working With Your Parent’s Advisor?

Navigation Wealth Management is quite familiar with the “Millennial” mind. Our Director of Investments falls into that category; which brings us a fresh perspective on what today’s young families and professionals may be looking for from their financial advisor.  Millennials have grown up with technology as an integral part of carrying out their day-to-day lives. So, when it comes to finding, receiving, and acting on financial advice, is it all digital, all the time? Quite the contrary.

Yes, millennials value tech-driven solutions and dashboards in their financial planning but they also want the face-to-face advisor experience. What’s more, texting and social media trail far behind as preferred methods for advice. We believe that meeting with our clients on a regular basis is not only required in our industry but is vital to keep us in tune with our clients, their needs and their lives. 

Getting to know our clients and watching them succeed through life is our primary goal.

As for education? Technology, namely social media, facilitates learning and researching products and services; it does not replace an in-person learning environment. Navigation Wealth Management hosts several events throughout the year to not only thank our clients for their business but to also offer educational opportunities for financial subjects that our clients would like more information on.

Whether your preference is to work with an advisor on a face-to-face or on a more technological basis, Navigation Wealth Management can accommodate what you are most comfortable with. We believe in a diverse service platform and building investments that will work for you and your personal needs.

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Business Planning / 401K Retirement Benefits / Business owners succession planning

Retirement for You and Your Employees

Business owners are involved with the day-to-day activity of growing their businesses. Providing benefits to attract and reward quality employees, including the provision of a competitive retirement plan, can be an overwhelming task. When it comes to offering a retirement plan to their employees, business owners may need professional assistance in navigating the vast maze of complex rules and regulations.

Navigation Wealth Management wants to help you offer your employees retirement options for your business. In addition, we want to help you, the business owner, plan for your own retirement by helping you mange your assets, develop a succession plan and help you have a better idea of what your income will be in retirement. We understand that managing a 401(k) or Simple IRA plan can be overwhelming when you are trying to run a business. Our advisors want to help take that stress off your shoulders by helping your company find a plan, assisting your employees with enrollments into the plan, handling any questions or concerns you may have.

Navigation Wealth Management currently works with multiple businesses and their retirement plans, so we have experience in handling the needs of a business client. Our goal is to make sure that your retirement program runs smoothly and efficiently in addition to making sure that you are also prepared for your own retirement when the time comes.

For those businesses that may not currently offer a retirement plan, we encourage all businesses to offer this option for their employees. It is a benefit to the employer when it is time to hire new employees and it is a benefit to the employee when it is time to retire. Navigation Wealth Management can help you establish a plan for your business. This is a step towards success for both business owners and employees

Complimentary Financial Assessment

From realizing your dreams to building the lifestyle you envision for your family, growing your wealth may help provide resources necessary to accomplish what matters most to you.

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Cash Flow planning

Keep The Cash Flowing

As the study results have shown, overall life satisfaction and well-being is inextricably linked to financial well-being. And yet many individuals’ attitudes and behaviors are not aligned.

To begin to help individuals modify their sub-optimal behaviors — and thereby reduce stress and increase financial confidence — we need to look at the effective behaviors displayed by the most confident working Americans.

These behaviors include:

  • Having healthy attitudes toward money, including taking a long-term view and living within their means
  • Pursuing proactive financial education, both understanding basic financial concepts and financial products
  • Utilizing tools and guidance to create a detailed financial plan
  • Owning the right mix of growth and protection financial solutions
  • Leveraging a strategic relationship, like a financial representative, to “offload” financial stress

Navigation Wealth Management can help you increase your cash flow and/or maintain your cash flow by helping you adopt and implement the behaviors listed above. We can sit down with you and look at your expenses, your savings, and your income and come up with a plan that will maintain a positive cash flow for all the “buckets” of your life. The “buckets” include categories like; retirement savings, investments, college savings, monthly expenses, etc. We want to make sure that you feel like you have a system that works for you and a resource that you can always turn to for help by becoming your financial advisor and helping you manage your cash flow.

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Maximizing Retirement Income

How Much Do We Need To Retire?

A couple retiring today at age 65 will need $280,000 on top of Medicare to cover their health care costs.¹ That dollar amount doesn’t include any living costs; only healthcare throughout your retirement. Seems crazy right?

As with most things in life, there are risks in retirement. Understanding these risks is essential to a confident retirement, no matter how long or short that may be. Simple math tells us that the earlier you retire, the longer your money needs to last and the greater the risk that you might outlive your savings. Working with our clients to ensure a safe and happy retirement is one of our main goals at Navigation Wealth Management.

We understand that the reality of retirement can be a scary concept if you don’t have a good idea of what it might look like. Our advisors can help take your financial information and put it into a format that will help show you what your retirement can look like and how much money you might need to live based on the lifestyle you want to have. We will look at the options that are a more “guaranteed” income option while in retirement such as; social security, pensions, bonds/CDs, some annuities and some whole life insurance policies. In addition, we will look at those retirement options that are not “guaranteed” income for retirement such as; bank and investment accounts, individual retirement accounts (IRA), health savings accounts (HSA), and employer-sponsored 401(k), 457(b), 403(b) plans. Navigation Wealth Management can help you put both types of income together to make sure that you are maximizing your retirement income in order to live the lifestyle you want along with making it last throughout your retirement.

¹ Fidelity Viewpoints, How to plan for rising health care costs, 2018.

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You will be making once in a life-time financial decisions right now and throughout the rest of your life. You need to know your options.

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Implementing Social Security

Once in a Lifetime Decision and You Need to Know Your Options

Did you know? If your annual income is $100,000 and you retire at age: 62 – you’re entitled to a monthly benefit of $1,970 and age, 70 you’re entitled to a monthly benefit of $2,395. Assuming you live until you are 90 years old; as most of us are living longer every day, that is $102,000 over your retirement that could be in your pocket if you take your social security at 70 years old. We are not saying that everyone should wait until age 70 to take Social Security because there are lots of factors to consider when deciding what age to start Social Security. Navigation Wealth Management is here to help you with all those factors though. Social security is often a subject that people don’t know enough about but could earn themselves more money by getting a certified financial advisor to assist them.

Retire at age 55 and you will potentially forfeit the opportunity for 10 years’ worth of stocking your retirement accounts. And we’re not just talking the money you would put into it. An estimated 40 percent of retirees rely on Social Security for most of their income, while even wealthy retirees draw one-third of their income from the program. Your Social Security benefit grows roughly eight percent per year until age 70, so the earlier you retire, all that potential growth is left behind.¹ We can work with you to help create a strategy to stage out your retirement income payments so you can wait as long as possible to access your accounts and maximize their benefits. We can also assist in looking at other factors like spousal benefits and how they will play a role in determining when to start taking your Social Security. Navigation Wealth Management wants to make sure that you get the most out of your retirement.

¹ Are You Leaving Thousands of Social Security Dollars on the Table? Money, June 18, 2014.

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Planning for a child with special needs

Special Needs Care and Support

Most parents will tell you: once a parent, always a parent. Many parents of children with special needs carry the full meaning of that phrase for their whole lives. The ramifications of having a special needs child ripple through every aspect of family life, including retirement planning. Many parents find themselves working more years than they had wanted to in order to make up for child related expenses their assets diverted from their retirement savings. Their whole retirement planning process is made more complex with the added layer of planning for their child’s future and well-being when they, themselves, are no longer around.

A supplemental needs trust is often the primary tool to provide for a special needs child while protecting government benefits such as Supplemental Security Income and Medicaid. Such a trust is established to manage assets for a beneficiary, in this case a child with special needs. The assets are usually beyond the reach of creditors of the child and parents, are for the benefit of the child but are not owned by the child. Assets in the trust may be used to pay for rehabilitation, educational services or medical services not covered by other sources. They can be used towards quality-of-life enhancements such as entertainment or vacations but cannot be used to pay for services that a government program normally covers.

Navigation Wealth Management has developed a group of clients that have children with special needs. In doing so, we have learned a lot about the financial challenges that can go along with these families. Our team understands that the financial needs of these families may differ from the traditional family and have worked hard to offer some solutions that help to meet some of these needs. We can cater your accounts to the children, to you, as the caretaker of your child, a trust, or a specific beneficiary. In addition, we have developed a wonderful working relationship with an attorney who can assist our clients with any legal needs such as, “special needs trusts” or “power of attorney”. Our goal at Navigation Wealth Management, is to help ensure that you and your child are feeling financially supported throughout the duration of their care and life.

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Complimentary Financial Assessment

Your wealth is a tremendous source of opportunity for yourself and the people who depend on you financially. Taking steps to help protect your wealth will help you feel secure about the future.

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