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The number one question Financial Advisors around the country ask me is “How do I restructure a client portfolio to provide them more income?”
There are four ways, and I will explain them in turn.
- Income-only plan
- Systematic/Partial Withdrawal Plans (SWP)
- Combination of SWP and annuitization
Your clients have worked hard to grow their wealth. How can they give money to family and friends in such a way that it will be used as they desire?
Here Are Three Simple Methods:
- Fund a Roth or Traditional IRA
- Pay qualified medical expenses directly to the service provider
- Pay tuition expenses directly to the service provider
The key agencies which regulate banks in the United States are the U.S. Federal Reserve Board and the Office of the Comptroller of the Currency, U.S. Department of the Treasury. Beyond these two, there are other agencies which regulate different parts of the financial services industry. Because the Federal Reserve Board and the Office of the Comptroller of the Currency are so well known, I wanted to write a brief refresher on some of the other regulatory agencies.
Do you know how to correction proof your practice? What do I mean? Think of this analogy. You’re on a jet airliner which encounters major turbulence. It can be scary, but it’s not something to fear. Pilots train for this, and the wings on airliners are designed to flex upwards by as much as twenty-five feet in severe turbulence. 
How about your practice? If the market encounters turbulence, or even a correction, do you and your team know what to do? Have you incorporated flexibility into your toolkit? Just like pilots train for turbulence, you can train yourself and your team on how to deal with clients and thrive in the event of a market correction. Why is this important?
If you have a client, who wants to give money to family members while ensuring it won’t be spent frivolously and yet not use a trust, an excellent way to accomplish this is to establish 529 plans to pay education costs for his or her progeny. Higher education costs are a major life hurdle for many people. According to the U.S. Government, one year of undergraduate education at a private nonprofit institution costs approximately $43,065.  That is almost $175,000 for a four year degree. The following are ten key points you should know about 529 plans.