In recent years, the concept of fiduciaries has gained visibility, spurred by advertisements emphasizing the importance of working with a financial professional who prioritizes their clients’ best interests. While the term “fiduciary” implies a commitment to client-centered service, the reality often holds nuances beyond what ads suggest. According to the SEC Study on Investment Advisers and Broker-Dealers (January 2011), “An investment adviser is a fiduciary whose duty is to serve the best interests of its clients, including an obligation not to subordinate clients’ interests to its own.” This standard includes the duties of loyalty and care, essential principles that shape…

The Federal Reserve has now cut interest rates twice this year, lowering the Fed Funds Rate another quarter point this week. However, if you’ve been looking to buy a home, you’ve likely noticed that mortgage rates have not been dropping. Rather, they’ve been doing the opposite. Increases to the federal funds rate throughout 2022 and 2023 were part of the reason mortgage rates increased from around 3.00% for a 30-year, fixed-rate mortgage at the end of 2021 to 7.79% for the same loan type in the week ending on October 26, 2023. Fed rate increases were also why credit card…

When is Black Friday 2024? Black Friday is the day after Thanksgiving — this year, Nov. 29 — and it has typically been the kickstart to the holiday shopping season. Hundreds of retailers launch special in-store and online sales that are meant to encourage shoppers to check items off their list. Black Friday is a time when businesses are able to move from “the red” (operating at a loss) to “the black” (making a profit). While Black Friday has a rich history, this narrative began in the 1980s and has stuck with the holiday ever since. Predicting Black Friday trends…

“People get weird around money,” says Bobby Soler, a financial advisor with the firm Strategies for Wealth in New York City. “It can be really awkward with family members.” He knows from firsthand experience. When it came to caring for his grandmother, his family avoided planning discussions, which led to stressful disagreements between siblings. He wants people to prevent that kind of situation by talking about money — even difficult topics like end-of-life planning — well in advance.You want to know if your parents have enough money for retirementOpening up the conversation by using a recent news article can be…

As I reported an article on how to talk about money with family members, I asked financial and etiquette experts how to handle difficult conversations around estate planning, splitting costs on a family trip and more. One way to start a conversation is with a game. For example, “Let’s Talk Finances, Couples Edition,” is a deck of cards created by Erika Wasserman, a financial therapist based in the Miami, Florida area. It’s designed to spark useful discussions that can be hard to start. There are other financial games on the market, too. Financial literacy-themed memory cards, board games with banking…

Everywhere you turn, another ad is sharing the good news of a great deal. There’s only one catch: You’ve got to download their app to get it.The trend in app-based rewards and offers is driven by many things at once. A prolonged period of high inflation made everything feel expensive to consumers. So they started making trades — eating in, buying store brands or waiting to make big purchases, for example. That set off alarm bells for companies as they saw sales slumping so much that price hikes couldn’t make up for it. Meanwhile, in the background, technology has improved,…

President Donald Trump handily won the election and will be sworn in as the 47th president in January 2025. As a result, we all know change is coming throughout the government but the differences in the Federal Bureau of Prisons (BOP) will likely be dramatic. Trump has promised to restart the death penalty. Attorney General Merrick Garland made an announcement shortly after President Joe Biden took office, saying he was imposing a moratorium on federal executions while the Justice Department conducts a review of its policies and procedures. While he gave no timetable on the review, it had the effect…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Explore how the 2024 presidential candidates’ tax plans could impact your finances and what to know before voting.What tax proposals are the 2024 presidential candidates making, and how might these policies affect your finances? What should you know before voting on tax issues? Hosts Sean Pyles and Anna Helhoski discuss the key differences in the candidates’ tax plans and how to make informed decisions to protect your financial future. They begin with a discussion of the importance of tax policy, with tips and tricks…

Estate planning is essential for families who want to secure financial stability and build generational wealth. However, potential pitfalls can undermine even the best-laid plans. Experts such as John H. Nebeker, Patty Fitzsimmons, and Barbara Gitty emphasize the importance of thoughtful planning, organized financial records, and professional guidance in creating a lasting legacy. Here are the biggest estate planning mistakes to watch out for and tips to avoid them. Not Having An Estate Plan At All Barbara Ginty, CFP and host of the Future Rich Podcast, says the most significant mistake families make is not having an estate plan. “The…

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