Resources

A Required Minimum Distribution (RMD) is the amount of money that must be withdrawn from a traditional IRA, SEP, or SIMPLE individual retirement account (IRA) by owners and qualified retirement plan participants of retirement age. As of 2020, the age for withdrawing from retirement accounts changed.

Certified Financial Planner (CFP) is a formal recognition of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement (such as with 401ks).

A Fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.

Chief Investment Officer (CIO) usually oversees a team of professionals who have responsibilities such as managing and monitoring investment activity, managing pension funds, working with external analysts, and maintaining good investor relations. They also develop short-term and long-term investment policies.

Registered Investment Advisor (RIA) is a person or firm who advises high-net-worth individuals on investments and manages their portfolios.

An Operations Manager role is to implement the right processes and practices across the organization and to help us remain compliant.

Paraplanners support the financial planner with analyzing financial statements, taking notes during client meetings, updating client records and performing projections.

A Wealth Management Advisor or wealth manager is a type of financial advisor who utilizes the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, accounting, and tax services, and retirement planning, to manage an affluent client’s wealth for one set fee.

Estate Planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

In the investment advisory industry, a Management Fee is a periodic payment that is paid by an investment fund to the fund’s investment adviser for investment and portfolio management services. Often, the fee covers not only investment advisory services, but administrative services as well.