Five Warning Signs It’s Time to Review Your Home and Auto Insurance (and What to Do About It)

Five Warning Signs It’s Time to Review Your Home and Auto Insurance (and What to Do About It)


As Wealth Advisors, we provide advice on all aspects of your financial situation, and we work with a network of carefully selected professionals in taxes, estate planning and insurance to devise appropriate solutions that will help you achieve your goals. This article is a collaboration between Merriman Advisor Chris Waclawik and Amy Deforeest, personal risk advisor at Willis Towers Watson, who is one such member of our professional network team.

Many of us set our home and auto insurance when we initially purchase it, and then we forget about it. Unfortunately, we may not realize we’ve made a mistake until it’s too late. (more…)

Cyber Hygiene

Cyber Hygiene

This post was co-authored by Wealth Advisor Lowell Parker, CFP® and Information Systems Manager Rodney Gonzales.

As banks become increasingly difficult for cybercriminals to hack, high net-worth families are the next logical targets. These criminals are organized, patient, and in some cases, well-funded. Cybercrime is also underreported, and while the court system is catching up with the expansion of laws and penalties for cyber-related crimes, cases remain hard to solve or even prove.

Having your personal information compromised isn’t a matter of “if,” but “when.” It’s less expensive to take preventative measures than it is to investigate and eliminate threats. It’s imperative that you take the right precautions both externally, with your vendors and service providers, as well as internally with your home computers and networked systems. (more…)

Protect Your Identity Before It’s Too Late

Protect Your Identity Before It’s Too Late


In the aftermath of the Equifax data breach and many others, households have been left in a scramble to protect themselves. With all the paid identity theft protection services available, it’s hard to know which one is best and whether it makes sense to pay the monthly costs.

Furthermore, out-of-pocket losses for victims of identity theft are minimal, often less than a few hundred dollars. Retailers and credit card companies end up footing the bill.

What’s important to keep in mind is that if your identity is stolen and used improperly, your true loss is how much time you must give up to resolve the matter. Working with your financial institutions, credit bureaus and government agencies to clear the matter up can take anywhere from 20 hours to well over 100 hours. It can even take years to clear up the harm it did to your credit report. This plus the grief and paranoia caused by the whole experience is the real damage. (more…)

Medicare Basics

Medicare Basics

Turning 65 marks an important milestone. It’s the age you become eligible for Medicare – healthcare the federal government provides for retirees.

I. Medicare Part A, B, C and D

Part A – Also called Original Medicare, Medicare Part A covers your stays in hospitals and skilled nursing facilities, some health services and hospice care. Part A has no premiums as long as you have 40 qualifying quarters of contribution during your life, similar to qualifying for Social Security benefits. You may also qualify based on your spouse, even if you’re divorced or your spouse passed away. If you don’t meet any of these conditions, you have to pay monthly premiums.

Part B – Covers doctors’ services, outpatient care and medical equipment. There are monthly premiums for Part B.

Part C – Also called Medicare Advantage plans (or Medicare Health Plan), Medicare Part C allows private health insurers to provide Original Medicare benefits (Part A and Part B) through their networks (HMOs, PPOs and fee-for-service). The insurers must offer the same benefits as Original Medicare, but can have different coverage restrictions, costs, limits, etc. This coverage is optional.

Part D – Provides prescription drug coverage through private insurers. The government subsidizes the costs of prescription drugs and the cost of Part D insurance to reduce costs for retirees. If you have a Medicare Advantage plan, then you can bundle it with Part D. If you have Original Medicare, Part D is separate policy. This coverage is optional.

II. When to apply

Part A and B

Depending on your circumstances, you’re either enrolled automatically in Part A and B, or you must enroll yourself. You’re enrolled automatically if you are: (more…)

What should I do about the Equifax data breach?

By now, you’ve learned that up to 143 million people in the United States have had their private information stolen through a data breach at Equifax, a national credit reporting agency. What is new and most concerning about this breach is that Equifax is one of the few companies we entrust with our most sensitive financial data.

What was stolen?

Per the Federal Trade Commission, “The hackers accessed names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personally identifiable information for about 182,000 people.”

How do you protect yourself?

If you’ve already enrolled in an identity theft and credit monitoring service, then you have the necessary coverage and don’t need to do anything further.

If you aren’t using such a service, take the following steps: (more…)

Hiring a Financial Advisor

Hiring a Financial Advisor

So you’ve decided to hire a financial professional to help you navigate your future. You’ve talked to friends and family members, and while you trust their recommendations, putting your financial future into the hands of someone else is a very big deal. You need to do your own due diligence, but where do you start? Not all financial firms/advisors are created equal. And with all the options available to us, many people decide to go it alone out of fear. They fear they could be hiring the next Bernie Madoff, or that they might end up being a number in a long list of clients. The task can seem so daunting that it’s often easier to hire the first advisor you meet, or do nothing at all.

It’s a big decision and many don’t know what questions to ask and what to look for. The below can help provide anyone looking to hire a financial professional a place to start. The questions are not meant to sway anyone in a certain direction, but rather to help ensure you hire someone you feel comfortable with and confident in.

Understand how the advisor is compensated.

Find out exactly how your advisor is paid and make sure you understand any fees and charges – and have them in writing – before making any final decisions. Fee-only means the advisor does NOT earn any commission, while fee-based advisors can earn commissions.

I believe fee-only advisors are best. I formed this belief working for firms that were fee-based and fee-only, and witnessed the practices at each. Fee-only advisors do their best to align their interests with their clients. They don’t make money off the investments they recommend. In a fee-only structure, anything that comes out of your bottom line in turn comes out of the advisor’s bottom line. Therefore, it’s in the advisor’s best interest to only recommend investments they truly believe are in your best interest.

Fee-based advisors might have incentives to sell certain products. (Have you ever heard: “If you want to buy your financial advisor a new Mercedes, buy an annuity?”) Fee-based advisors can fall prey more easily to their clients’ views and emotions, especially during volatile markets. You want to make sure you are hiring someone that will give you the best advice, even if it isn’t what you want to hear. “The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffet. You don’t want a “Yes” man. (more…)