Financial Symmetry News & Views

Archive for ‘Company News’

We’ve recently launched a newly designed website- www.FinancialSymmetry.com.   We felt that a new site was needed to showcase our services in an easy-to-navigate manner.

A few of the new features include client stories, frequently asked questions and additional details of our services.

We invite you to browse our new website and hope you find it easy to navigate and helpful.  Feel free to leave comments!

Our new website is designed and managed by FatCat Strategies.

In response to the many fears and uncertainties that arose during the recent economic crisis, The National Association of Personal Financial Advisors (NAPFA) Consumer Education Foundation sponsored multiple financial advice events around the country as part of the “Your Money Bus” tour.  On Tuesday January 19^th, the “Your Money Bus” rolled in to downtown Raleigh, in partnership with NC State Treasurer Janet Cowell’s office.

With unemployment hovering around 10% and dramatic swings in the stock market, the need for financial advice was very apparent in the crowd of more than 85 that showed up at the State Government Complex in downtown Raleigh.  The impressive turnout of people came with a wide mix of questions that dealt with everything from how much and in which accounts they should be saving to which debts they should be paying down the quickest.

Partners of Financial Symmetry, Allison Berger and Chad Smith, participated in the event for the second consecutive year.

“We’ve really enjoyed being involved with the ‘Your Money Bus’ tour over the last two years.  It’s a great opportunity to spread financial literacy and make a difference in our community.” -Allison Berger

“Volunteering our advice has been a neat way to provide people with action steps that can help them gain some peace of mind when dealing with their finances.” -Chad Smith

On November 1^st, 2009 Allison Berger completed the Rex Healthcare Half Marathon in Raleigh, NC.  She finished with a time of about 2:05:20.  Although the course was hillier than her training runs she still beat her goal of running 10 minute miles.  This was the first distance running event that Allison has participated in and she plans to do more in the future.

After 10 years in the same location, we’ve outgrown our space. We have moved to a new building next door to our old one.  As we settle in, we may be slow to respond to voice mail or email messages.

Our new address is:

1511 Sunday Drive
Suite 120
Raleigh, NC 27607

Thank you for your patience, we look forward to seeing you at our Open House in January! Invitations will be mailed out soon.

Bill Ramsay, CFP®, recently participated in his third Triangle Business Journal roundtable event.  The 2009 Financial Roundtable: Wealth Strategies was held at the Triangle Business Journal office on September 29th, 2009, with the full article appearing in the October 16th, 2009 issue.

Bill also participated in the Triangle Busniess Journal’s rountables on August 23, 2007 and July 18, 2006.

Please contact our office at (919) 851-8200 for a copy of the full article.

Paid subscribers of the Triangle Business Journal may click here to access the full article through their website.

Financial Symmetry Inc. is proud to announce that Will Holt, CPA, has earned the CFP® designation. Congratulations Will!

The following is Will’s recent letter to our clients announcing his achievement.

When I joined Financial Symmetry a little over three years ago, I came in with a broad goal of using my extensive experience in accounting and taxation to help others achieve their financial objectives.  It soon became apparent to me, however, that having the CERTIFIED FINANCIAL PLANNER™ designation would enhance my hard earned skills and allow me to better serve our clients.  I am proud to announce that upon completion of an intensive preparation course and diligent self study, I successfully passed the comprehensive national CFP® exam in July.  In the months following I completed the remaining requirements to earn the CFP® designation and now possess the necessary credentials to move into a primary financial advisor role.

To earn the CERTIFIED FINANCIAL PLANNER™ designation, candidates must complete what the Board of Standards refers to as the “4 E’s”:

• Education
• Examination
• Experience
• Ethics

In addition to earning a bachelor’s degree, completing a board certified education program, passing the exam, and adhering to a strict code of ethics, candidates must also have completed three years of relevant work experience in an industry related field.  As a licensed Certified Public Accountant I was automatically eligible to apply for the CFP® Certification Examination in lieu of the education requirement.  Thirty hours of continuing education every two years is also required in order to maintain an active CFP® license.

Being part of the team here at Financial Symmetry has enabled me to build upon my experience as a partner in a local CPA firm.  Through working on plan development, personalized investment analysis, and implementing strategies in our high-level client service model, I have added the essential knowledge and skills to move into this new role with our firm.  I look forward to the new challenges and responsibilities that this opportunity presents.

For a complimentary initial consultation with Will Holt, CFP®, CPA,  please contact him at (919) 851-8200 ext. 203 or by email at wholt@financialsymmetry.com.

On Tuesday, September 15th, Allison Berger, CFP® and Chad Smith, CFP®, both junior partners at Financial Symmetry, Inc., returned to their alma mater to speak to NC State’s Personal Finance Club, which is based in the College of Management.

The club was created for students who are interested in careers in financial planning, who want to expand their networks and their knowledge of personal finance.

Berger & Smith talked to the group of students about how they started their careers, the importance of managing their personal finances, and some advice on finding jobs in a tough economic climate.

“Be creative.” said Berger. “Everyone has to start somewhere. If you are interested in a specific field, be open to taking an internship or part-time position if you are not able to find full-time work. This could always lead to a more permanent situation or provide you with skills that make you a more attractive candidate to other employers.”

They also encouraged students to start a 401k plan at work, citing that “Starting a savings and investment plan early in your career can help you accumulate wealth more easily than someone who doesn’t start saving until their 30’s or 40’s.”

Chad Smith & Allison Berger are NCSU College of Management alumni, both receiving bachelor’s degrees in Business Administration with concentrations in Finance (in 2000 & 2004, respectively).

To read more advice given by Smith & Berger, and learn more about the Personal Finance Club, click here for the full article.

Elderly fraud continues to be a major obstacle for today’s senior citizens.  This is why we feel it’s essential to do our best to spread awareness about this topic and provide tips of how to avoid these scams in the future.  One of our partners, Chad Smith, CFP®, recently spoke, for the second time, to seniors at the Cary Senior Center.  He described specific techniques and characteristics of scammers, and gave several examples of actual cases, such as fake checks & “sucker lists” that are being used by scammers to lure senior citizens in.

This issue is actually gaining more momentum in the media and in Congress of late.  We’ve provided some information below on recent progress in the efforts being taken to fight this predatory fraud. The following article, published in the Wall Street Journal, provides a real example of elderly fraud and tips of how best to avoid incidents in the future.

A Family’s Fight to Save an Elder From Scammers

Tips for Avoiding Telemarketing Criminals

Some telemarketing pitches are blatantly fraudulent, and you should know the signs, which include:

• Asking you to pay for a prize you’ve won. It’s illegal for any company to ask you to pay or buy something to win a prize, or to claim that paying will increase your chances of winning.
• Asking for upfront fees. It’s illegal for telemarketers to ask for a fee upfront if they claim it’s likely they’ll get you a credit card, loan, or to “repair” your credit.
• Pressure to act immediately.
• Refusal to send written info. Legitimate agencies, charitable or otherwise, should not be reluctant to send you written information about their program or organization.
• Requests for personal financial information. Requests for your personal bank account numbers, or other private information, is a huge warning sign. Never give out your information to an unknown caller.

Ways to fight Elderly Fraud

NC Attorney General’s Consumer Protection Office 1-877-5-NO-SCAM

Fraud Fighter Line 1-800-646-2283

NC Task Force Chair 919-716-6000

Website that compiles recent scams:

The NC Division of Aging and Adult Services Senior Consumer Fraud Task Force

New legislation has also been introduced recently in Congress that would accomplish the following objectives to fight elderly fraud…

• Charge an additional $50,000 civil fine for each violation that is targeted or is committed against a senior.
• Create a national grant program for states to protect seniors from misleading financial advisors claiming to specialize in seniors
• Direct the FTC to establish a one-stop-shop for consumer education on mail, telemarketing and Internet fraud against seniors.
• Establish a grant program to give states and local organizations the resources they need to initiate local mail, telemarketing and Internet fraud prevention and education programs for seniors.
• Declare a “National Senior Fraud Awareness Week” in May – coordinated with Elder Abuse Awareness Month – to increase public awareness of the enormous impact that mail, telemarketing and Internet fraud have on senior citizens in the U.S.
• Initial workshops to educate seniors on how to recognize risk factors and learn about who can help them if they are exploited.

Remember if something sounds too good to be true, it probably is!

“Seniors should be aware that the issue is not if, but when they will be targeted by sophisticated scam artists. Sharing information about how best to prevent these communications and where to report it when they occur, empowers seniors with the tools to fight back.” Chad Smith, CFP®

To request Chad as a speaker at your event, contact him at csmith@finsym.com.

Chad Smith, CFP® was recently quoted on wsj.com. In the article, “Financial Advisers Look Local,” Shelly Banjo profiled several ways Financial Symmetry was reaching out to clients in the Triangle. Some of these initiatives included working with charitable organizations, educating younger couples, and providing information on the company’s blog.

Download pdf of article

Local professionals volunteer time & expertise to provide free, one-on-one financial, tax and estate planning guidance.

FOR IMMEDIATE RELEASE

RALEIGH (AUGUST 31, 2009) – On Saturday, Sept. 19th from 9 a.m. – 12 p.m., local professionals have combined their efforts to give back to the community by providing free financial, tax and estate planning guidance to the public.

The professionals participating in these one-on-one consultations will include:

• Chad Smith and Allison Berger, two independent Certified Financial Planners® from Financial Symmetry, Inc.
• Zeke Bridges, an Estate Planning Attorney with  Bridges Law Firm, PLLC
• Will Holt, CPA with Financial Symmetry, Inc.

The recent economic turmoil has left many people with hard-to-answer questions like:

• Are my investments properly diversified?
• What does my recovery plan look like?
• How will this year’s losses impact my tax bill next year?
• Should I create an estate plan?
• What’s the best way to budget my expenses?
• Should I be contributing to my 401(k) and a Roth IRA?

This event was designed to help give people guidance about where to find answers in a “no strings attached” environment.  Anyone seeking advice is encouraged to bring documents relevant to his/her situation such as 401(k), IRA and Brokerage account statements, tax returns, and wills and estate related information.

“The last two years have been a wake-up call for people financially.  Our desire with these one-on-one meetings is to help people understand the implications of the economic crisis while giving them some practical advice on how they can improve their personal situation,” said Chad Smith, CFP.

The event will be held in the Financial Symmetry offices located at 1401 Sunday Drive, Suite 115.

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About Financial Symmetry
www.financialsymmetry.com

Financial Symmetry, Inc provides fee-only financial planning, portfolio management and wealth management services for individuals and their families. “Fee-only” means we neither sell products nor receive commissions, which allows us to offer our clients the impartial advice necessary to make effective financial decisions.

About Bridges Law Firm, PLLC
www.bridgeslawnc.com

Bridges Law Firm, PLLC offers clients an integrated approach to legal representation, combining the practical aspects of real estate law and estate planning within a single, personal service oriented firm.

We serve our clients with legal professionalism and a commitment to individualized attention.