Retire With Ryan Ryan R Morrissey

What are some of the biggest tax mistakes you should be avoiding when you file taxes? CPA Steven Jarvis has worked on thousands of tax returns. He focuses on helping people who have a long-term focus. He wants to make sure his clients only pay every dollar they owe and nothing more. It’s not about getting a big tax return. It’s about looking at the long-term picture and being proactive. We dig in and dissect the top tax mistakes you need to avoid in this conversation.
You will want to hear this episode if you are interested in... [3:02] Making proactive choices to impact your taxes [4:47] Learning about the foreign tax credit [6:43] Rollovers from 401Ks to IRAs [11:01] Equity compensation and severance pay [13:07] Managing advanced charitable giving strategies [21:10] What you need to know about HSAs [26:32] Pay what you owe—and nothing more Rollovers from 401Ks to IRAs You’ll likely roll over a 401K to an IRA only once or twice in your life. In theory, it should be simple—as long as the rollover is treated as a non-taxable event. It needs to be reported on a 1099-R form, which can be confusing. Tax-adjacent events go on your tax returns but you should not be taxed on them. 
If you’re working with a tax professional, you need to communicate that you’re doing a rollover. Before the tax return is filed, make sure you look it over to see if your income changed. If it has—and it shouldn't have—a rollover being improperly filed may be the culprit. 
Managing advanced charitable giving strategies A qualified charitable distribution (QCD) allows you to make a charitable contribution directly from an IRA to a charity. If you donate $1,000, you may save $200–$300 in taxes. If it’s a charity that you care about, great. But if you’re not charitably inclined, spending $1,000 to save $300 doesn’t make sense. 
But there are some other tax benefits. A QCD comes out of your income before your adjusted gross income is calculated. Why does that matter? Your adjusted gross income is part of the calculation to determine how much you pay for Medicare. Reporting this correctly is key.
Most custodians don’t report how much money went to a charity because the IRS hasn’t created a way for them to do it. That’s why you (or your financial planner) must provide this information when your taxes are filed. I will send a breakdown of QCDs, distributions, etc. to my clients so they can report it properly. 
What you need to know about HSAs Steven sees people penalized for over-contributing to HSAs because the form (8889) is confusing and people fill it out incorrectly. That’s the #1 thing you have to watch out for with these.
One of the advantages of an HSA is that it can grow tax-free. If you can pay medical expenses from another source while funding the HSA, you’ll also get a tax deduction. If you don’t need the money for qualified medical expenses down the road, you’ll just have to pay taxes on the money (which you can remove at age 65 without any penalties). 
If you keep track of your HSA-eligible expenses as you go, and have sufficient documentation, you can also request reimbursement for things that happened in the past.
What other issues does Steven find himself correcting frequently? Learn other tax mistakes to avoid in this episode. 
Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Retirement Tax Services Podcast Steven’s book, “Don’t Get Killed on Taxes” Connect with Steven on LinkedIn  Retirement Tax Services Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact
 
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What are the current trends with ETFs? What’s happening in the fixed-income market? How can investors tackle current challenges? Matthew Bartolini, CFA, CAIA—the head of ETF Research at State Street Global Advisors—joins me to dissect the ETF market and how investors can handle volatility. 
Matthew believes the ETF market will only continue to grow and create opportunities for long-term wealth. He shares how to navigate the factors that impact the market—including Federal Reserve policy, elections, and general trends—in this episode of Retire with Ryan. 
You will want to hear this episode if you are interested in... [1:30] Learn more about Matthew and State Street [2:27] The research on investing and election years [4:54] The current trends in Exchange-Traded Funds (ETFs) [9:20] What’s happening in the bond market [11:21] Balancing risks while prioritizing diversification [13:52] Understanding volatility and yield curves  [15:37] Why not put all of your money into corporate bonds? [17:19] The uncertainty we’re facing with the Fed [20:42] Build a strong foundation for your future Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Connect with Matthew Bartolini on LinkedIn ETF Costs and More with Matthew Bartolini Advanced ETF Concepts with Matthew Bartolini Elections and Equities: The Impact of the US Election on Sector Investing Get more information on trends at SSGA.com Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact



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How do you know if your financial advisor is delivering value? Is seeing a financial gain in your investments the only metric you should use? I’ve identified four key areas where your financial advisor should be delivering value to you: Awareness of costs and fees, performance of your portfolio, financial planning benefits, and communication. 
I’ll cover each of these areas in detail in this episode. I’ve also included a checklist you can use to make sure your current financial advisor is delivering value. 
This is Part 5 of a five-part series about financial planners to celebrate the release of my first book, “Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor.”
You will want to hear this episode if you are interested in... [3:03] Area #1: Awareness of costs and fees [9:25] Area #2: How your investments perform [15:32] Area #3: The financial planning provided [17:54] Area #4: Communication Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Head to RetireWithRyan.com to get this free checklist Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact


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What should you expect once you’ve hired a fee-only financial advisor? Fee-only financial advisors typically offer financial planning, investment management, or a combination of both. 
In this episode, I’ll cover what each process will be like because what you’re hiring your financial advisor to do will determine how your experience will be (and what the relationship will look like). 
This is Part 4 of a five-part series about financial planners to celebrate the release of my first book, “Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor.” 
You will want to hear this episode if you are interested in... [0:48] How to Find and Hire a Financial Advisor [2:02] What is financial planning?  [3:36] The financial planning process + experience [9:56] Understanding the implementation schedule [12:37] The investment management process + experience [27:15] What we’re covering in part 5 Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact
 
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How do you find a fee-only financial advisor who’s the right fit for you? I’ve outlined a detailed process that you can use to not create a list, research your list, and interview and hire the perfect fit for you. I’ll cover it all in this episode. 
This is Part 3 of a five-part series about financial planners to celebrate the release of my first book, “Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor.” 
You will want to hear this episode if you are interested in... [1:00] What we covered in last week’s episode (Part 2) [4:05] Step #1: Compile a list of financial advisors [9:46] Step #2: Research the list you’ve compiled [15:00] Step #3: Interview your final list of advisors  [23:33] What we’re covering in Part 4 of this series Step #1: Compile a list of financial advisors To compile a list of fee-only financial advisors, you need to ask yourself some important questions: 
Do you want to work with a local advisor that you can meet with in person? Are you willing to work with someone over Zoom or the phone? Is there a specific specialty that you’re seeking? Do you need help with retirement planning, college planning, or business planning? Many advisors specialize in narrow niches (mine is retirement planning for people over 50).  Unfortunately, there isn’t one website you check out to find all of the fee-only financial advisors in the United States.
However, one of the resources I like to use is the Certified Financial Planner Board of Standards website. This is the governing body through which people obtain their CFP certification. 
The only downside of the CFP board is that they allow both fiduciary and non-fiduciary advisors to become members. It’s difficult to act as a fiduciary if you’re a broker or carrying an insurance license. If you do work with a CFP, I always recommend working with one that’s fee-only. 
You can use any of the sites in the resources below—filtered by location and specialty—to compile a list of potential options. 
Step #2: Research the list you’ve compiled Start by heading to a financial planner’s website and poking around a little. If they state that they’re a fee-only financial advisor, confirm that.
What do they offer? Do they offer financial planning only? Or do they only offer ongoing advice and investment management?  Research their background by using BrokerCheck. You don’t want to find them there. Instead, you’d hope to see that they were previously registered (but no longer are).  Head to Investment Adviser Public Disclosure to see if they’re a Registered Investment Advisor. They can be registered as brokers and insurance agents as well as an IAR.  Look up the specific firm and find their “ADV.” The ADV is a disclosure document that every RIA has to file. This is an easy way to find out if they’re a broker, an insurance agent, or if they have any other conflicts of interest.  Look up the individual financial advisor. Download the report to look at their work history and any disclosures or complaints that they’ve had.  Once you’ve done this, it’s time to vet your top choices. Head over to my website for the full list of 10 questions that you must ask every potential advisor. 
Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel “Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor,”  The National Association of Personal Financial Advisors The XY Planning Network The Fee-Only Network Garrett Planning Network CFP Board BrokerCheck  Investment Adviser Public Disclosure  The Fiduciary Pledge  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact

What are the three different types of financial advisors? Why do I believe a fee-only financial advisor is the best? If you’re considering hiring a financial advisor for the first time—or questioning if your current advisor has your best interests at heart—don’t miss this one.
It’s part 2 of my series in which I’m covering some of the topics in my upcoming book, “Fiduciary: How to Find, Hire, and Establish a Trusted Partnership with a Fee-Only Advisor.” The goal is to help my listeners find a financial advisor that they can trust
You will want to hear this episode if you are interested in... [2:09] Type #1: A stockbroker or insurance broker [4:43] Type #2: Registered investment advisor [7:32] Type #3: A fee-only investment advisor  [9:11] The three types of fee-only financial advisors  [11:43] The three ways fee-only financial advisors are compensated [15:58] What’s being covered in episode #3 in this series Type #1: A Stockbroker or Insurance Broker The first type of advisor is a broker (stockbroker or insurance broker). They’re compensated via commissions (the old-school way of doing business) and paid per transaction. The more transactions they make, the more turnover, and the more commissions they make. 
Brokers are incentivized to change client’s portfolios—even if it’s not in their client’s best interest. They’re also obligated to do what’s best for their brokerage firm (to make them more money). 
That’s why most financial advisors have moved away from the broker model. If you need to buy insurance, a stock, or a bond and you know this person isn’t a financial advisor, it’s fine to work with them—just don’t expect objective advice. 
Type #2: Registered Investment Advisor and Broker A Registered Investment Advisor is someone who’s registered with the state they do business in or the SEC as an investment adviser representative of a firm. They work with clients on a fee basis. However, these financial advisors are also licensed as a stockbroker/insurance broker. Because brokers don’t have to disclose these conflicts of interest (currently), you don’t know if they’re acting as a broker or fee-only financial advisor. 
Type #3: A Fee-Only Investment Advisor  A fee-only investment advisor is only compensated by the fees their clients pay them. They do not have a broker or insurance license. This is the best option for working with a financial advisor. 
You know when you ask them a question, there will be no conflicts and they will be acting in your best interest. How do I know? Because a registered investment advisor has a legal obligation to put a client’s interest ahead of their own and must disclose any conflicts of interest. 
There are typically three types of fee-only financial advisors:
Fee-only financial advisors that only do financial planning (retirement planning, business planning, estate planning, etc.). You take their advice and implement their recommendations on your own. They don’t manage any client portfolios.  Fee-only financial advisors that only do investment management. They provide investment advice and manage your portfolio. They do not do financial planning.  Fee-only financial advisors that offer both financial planning and investment management (known as a wealth advisor). Myself and my firm fall into this category. How are fee-only financial advisors compensated? 
Hourly: Typically those who aren’t managing portfolios Flat Fee: This could be for ongoing investment management or project-based Assets Under Management (AUM) model: You’ll be charged a percentage of your overall assets (the standard is 1%) for annual ongoing wealth management that includes financial planning. When you make more money, your financial advisor makes more money because their fee is tied to the value of your portfolio. 
How do you know which option is the best for you? Learn more in this episode. 
Resources Mentioned Retir