What is a NAPFA-Registered Financial Advisor?

23 Mar 2026

When I first became a NAPFA-Registered Financial Advisor, I heard, more than a few times, “Congratulations… what is that?”  It wasn’t surprising, because NAPFA is a small but important group. What is NAPFA? The National Association of Personal Financial Advisors (NAPFA) is a group of professional financial advisors who advise on a Fee-Only basis, meaning no commissions or incentives.  This way, the client pays for the advice (rather than the… Read More

By

Estate Planning

21 Mar 2026

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you… Read More

By

Long Term Care Planning: More Than Just Insurance

19 Mar 2026

My financial planning engagements are very detailed, especially for clients who are nearing retirement.  I find that when talking with colleagues at conferences and continuing education meetings, many of them do not discuss how Medicare works, the potential cost of healthcare in retirement, or even potential long-term care needs.  I know that the clients who come to me often come to me with misconceptions about these items.  Which is understandable, since… Read More

By

Bonds: How do They Work?

17 Mar 2026

Investing in Bonds Bonds may not be as glamorous as stocks or commodities, but they are a significant component of most investment portfolios. Bonds are traded in huge volumes every day, but their full usefulness is often underappreciated and underestimated. Why invest in bonds? Bonds can help diversify your investment portfolio. Interest payments from bonds can act as a hedge against the relative volatility of stocks, real estate, or precious… Read More

By

Required Minimum Distributions (RMDs): What They Are, How to Calculate Them, and Penalties for Missing Them

16 Mar 2026

Sometimes Uncle Sam can be a really nice guy. He lets you save money in tax-deferred accounts such as IRAs, 401(k)s, and the like. You get to watch that money grow over the years, accumulating in value, while not paying taxes on the gain. Uncle Sam just waits patiently on the sidelines, not collecting taxes on the earnings. However, Uncle Sam isn’t going to wait forever, and that is where… Read More

By

Annuity Questions Answered

15 Mar 2026

So many new clients come to me already owning an annuity or several annuities, and they do not understand them or know what types of fees are in them.  I went back through my e-mails to clients and looked through the types of questions I get about annuities, and thought I would answer some of them here by explaining some of the concepts around annuities. An annuity is a product… Read More

By Tags:

Modern Portfolio Theory Revisited

13 Mar 2026

Yesterday morning, I attended the St. Louis Chapter of the Financial Planning Association meeting to hear a presentation titled “Modern Portfolio Theory 2.0.”  It was excellent, no surprise, because it was presented by Michael Kitces  MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, whom I often describe as a “walking brain” when discussing him with peers.  He is also the author of a reference book I own, and to which I… Read More

By

Emergency Fund: The Foundation for Financial Success

12 Mar 2026

Unexpected financial expenses seem to crop up at the least opportune time. The car needs a new transmission, you lose your job, or a parent or child becomes ill, and you need to reduce your hours at work in order to care for them, resulting in an unexpected reduction in income. All of these expenses, and others, can drain savings quickly. Why have an emergency fund? You can resort to… Read More

By Tags:

Following the Tornado, Risk is on My Mind

19 May 2025

On Friday, an EF-3 tornado hit St. Louis County and City. At least five people passed away, and thousands of homes were damaged, some beyond repair. Although the official National Weather Service report isn’t complete, initial reports suggest that the tornado likely formed in Clayton, moved northeast through Forest Park, DeBaliviere Place, Fountain Park, the Greater Ville, O’Fallon Park, and crossed the Mississippi into Illinois. My home is in DeBaliviere… Read More

By Tags: , , ,

The Hedge Fund Alternative, Part 1

17 Feb 2025

Last September, I wrote that I would write about the four big categories of alternative investments, as defined by the CFA Institute: Hedge funds Commodities and Natural Resources Real Estate and Infrastructure Private Equity and Private Credit Well, five months have passed, and I forgot all about it, but two articles I read recently reminded me. In January, the Wall Street Journal reported on a new study that showed that… Read More

By Tags: , , , ,