 Navigating the Economic Storm
By Brett Danko, CFP®
You've read the headlines . . .
"The Worst Financial Crisis Since the Great Depression"
"Stock Market Plummets"
"Banks Curtail Lending"
"Government Deficits Likely to Exceed $1 Trillion"
"Record Unemployment"
This is indeed an unprecedented time in American and global finance. How should individuals handle the apparent chaos in our financial markets?
We believe clients should focus on three things:
- Short-term - Attempt to reduce your expenses.
- Long-term - Continue to keep saving for retirement.
- Long-term and short-term - Focus on what is truly important in life - your friends and family.
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 What are Your Necessities?
By Tara Conti, CFP®
No one can decide for you what a necessity is.
Some things in our life provide more joy and happiness than others and I truly believe we live our life to enjoy it. But what is most important to each of us can be a very personal matter, and can impact our decisions about money.
Understanding your needs and wants and balancing them with your personal financial circumstances is critical in planning effectively for yours and your family’s future, and should be an important part of working with your financial planner.
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 The Greatest Job Ever...
By Mike Minter, CFP®
Between 1982-2007 (with the exception of 2000-2002), one of, if not the best job in this country, was being a financial advisor. That’s because this period was the greatest bull market this country has ever seen.
Clients viewed their advisors as geniuses (and the advisor probably started believing it too). They told a bunch of their friends and colleagues about their advisor, which meant the advisor didn't have to spend time finding new business, and they would rarely question what you charged them or what other services you provided since their accounts continued going up. Ahhh, it must have been nice...
But 2008 is the game changer. The financial sector is going through some major changes but I believe the practices of financial professionals will also be changing. When returns are lower, your advisor better be doing more.
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 What is Umbrella Insurance
and Does it Make Sense for Me?
By Chuck Stanley, CFP®
Many people are familiar with life insurance, homeowners/auto insurance and health insurance.
But one type of insurance that most people are unfamiliar with is excess liability insurance, commonly known as Umbrella insurance. Most primary insurance policies limit their coverage to amounts up to $500,000 and many policyholders select coverage amounts lower than that.
Too often we learn about accidents in which someone was critically injured and facing years of medical and rehabilitative treatment. Or someone who is subjected to a lawsuit resulting from such a catastrophic accident. Such costs can quickly exceed liability coverage limits. Umbrella policies, sit on top of the underlying coverage provided by homeowners and auto policies, and are relatively inexpensive.
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