Merriman Wealth Management, LLC, an independent wealth management firm with over $3.5 billion in assets under management, is pleased to announce the promotion of two new principals – Wealth Advisors Aimee Butler, CFP®, and Chris Waclawik, AFC®, CFP®.
“Aimee and Chris’s contribution and dedication to Merriman and our clients has been invaluable as we seek to be the destination for clients and employees who are looking to Live Fully,” said CEO Jeremy Burger, CFA®, CFP®. “Aimee and Chris continue to demonstrate a strong commitment to improving the lives of our clients, lifting up their fellow teammates and giving back to their communities.”
Merriman is proud to offer a path to partnership for intellectually curious, motivated individuals who combine technical expertise and empathy. With the addition of Aimee and Chris, Merriman now has 15 principals.
Aimee joined Merriman in February 2018 in its newly acquired Eugene, OR, office after holding senior leadership roles at Waddell & Reed and Ameriprise. Her leadership experience was indispensable as she helped integrate the newly merged teams and worked with clients to fulfill Merriman’s long-term vision of empowering people to Live Fully. Along with assisting many clients on Merriman’s behalf, Aimee serves on two leadership committees: the first designed to continually enhance the Merriman client experience and the second to attract and retain talented individuals to Merriman.
Chris joined Merriman in May 2014 as an Associate Advisor. Within two years, he was asked to lead and enhance the associate program into a development program for future advisors. While managing this growing team, he continued to be an advocate for clients and has helped the firm grow through new channels. In addition to his direct client work, Chris now focuses his leadership expertise on the Wealth Management Services and Client Experience Operations committees at Merriman. Always ready to contribute, Chris’s tax experience and attention to detail deliver great intellectual value, which consistently benefits our clients and team.
Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.6 billion in assets under management, is pleased to announce the additions of Geoffrey Curran, CPA/ABV, CFA, CFP® and Paige Lee, CFA, CFP®, CSRIC™ to the firm’s investment committee.
“The addition of Geoff and Paige to Merriman’s investment committee will provide valuable insight and experience to help us continue to seek the best investment outcomes for our clients,” said Jeremy Burger, CFA, CFP®, CEO of Merriman. Merriman has a six-member investment committee that oversees the firm’s two core investment strategies and hedge fund.
Geoffrey joined Merriman as a Wealth Advisor in January 2016 after spending three years at TD Ameritrade. Geoff graduated from the University of Tulsa and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Certified Public Accountant (CPA), and Chartered Financial Analyst® designation (CFA®). Geoff is an active member of the South Puget Sound community including serving on the investment committees for the Tacoma Employees’ Retirement System pension and the Greater Tacoma Community Foundation.
Paige joined Merriman as a Wealth Advisor in December 2019 after spending 3 years at other advisory firms and prior to that working in the tech industry. Paige graduated from the University of Notre Dame and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Chartered Financial Analyst® designation (CFA®), and Chartered SRI Counselor (CSRIC™). Paige has expertise in providing guidance around sustainable, responsible, and impact investing options.
SEATTLE, Washington — Wealth management firm Merriman is opening a new office in Bellevue as part of its strategic growth plan.
The 6,461-square-foot Bellevue office at 10900 NE 8th St., Suite 780, will have 16 employees using it as their primary office starting January 19, with additional hires planned.
According to Jeremy Burger, Merriman CEO, there were several reasons for opening the new office. One top driver was talent acquisition and retention. The Merriman team grew by 15 percent in 2021 and is poised for additional growth this year to support the complex financial needs of its clients in the Pacific Northwest and nationwide.
“Having a presence on both sides of the lake will dramatically increase the number of highly qualified employees who may choose to work with Merriman,” Burger said.
The new office offers proximity to a larger number of current and prospective clients in the growing Bellevue/Eastside market. But it is also a practical move – most of the 16 employees who will be based out of the new office live on the Eastside.
Along with the new Bellevue space, Merriman has relocated its Seattle office to 920 5th Ave., Suite 2720. The 5,929-square-foot downtown space is home to 23 employees.
“Hybrid work allows us to have wonderful client meeting spaces now in Bellevue and Seattle while also providing high quality remote options for clients, prospects and our growing team,” Burger said.
Merriman also has offices in Spokane and Eugene, Oregon.
About Merriman
Merriman is an independent, fee-only investment advisory firm which manages approximately $3.67 billion for clients across the country. Founded in 1983, Merriman has a strong focus on creating deep relationships built on empathy and understanding and combining that with expertise to give our clients agency and confidence to use their money to achieve true wealth. To help our clients be truly successful in achieving their goals, we offer a comprehensive approach to wealth management that includes not only investment planning, but also encompasses taxes, estate planning, insurance, risk management, charitable giving and more.
At Merriman Wealth Management, there’s nothing we love more than taking on the burden of financial planning so our clients can get back to spending their time and energy doing the things they love.
Over the past few years, we’ve been asking our clients—to hear it in their own words—about the value they gain from working with us. We’ve compiled the top ten reasons why clients hire us and showcased the responses in a ten-part blog installment. Here is a recap of the ten reasons why clients choose to hire us.
Reason #1: We Help You Weigh Your Options
Today, almost everyone has an iPhone in their pocket and a search engine, like Google, at the ready. Google is great for things like looking up baking recipes and movie trivia, but when it comes to personalized financial advice, Google isn’t great. Google won’t be able to formulate a financial strategy for you. At Merriman, we can. Read more…
Reason #2: We Cut Through The Noise
Financial planning comes with a myriad of components and sometimes we all need a fresh perspective to help make sense of what looks just like chaos to us.
When people don’t know where to start because there is simply too much to analyze, we call this “analysis paralysis.” Oftentimes, it’s not getting started at all that is the biggest hindrance to financial progress. Read more…
Reason #3: We Help You Get Your Time Back
If you could adequately choose investments, decide on a savings plan, and develop a strategy for your family, would you be able to make these hard decisions without ever second guessing yourself? How much research would it take to feel confident you are making the right choice? The amount of research you’d need to do in order to make a single financial decision could eat into the time you spend with your family or traveling the world. Read more…
Reason #4: We Provide Validation
In the grand scheme of wealth management and investment policy, you may already have a sense of what you’d like to build and which direction you want to go. There may be certain investments you’d like to make or strategies that match your lifestyle. Even if you are someone who has an innate sense of financial strategy, teaming up with an advisor gives you a certain confidence that you’re on the right track and making the best decisions. Read more…
Reason #5: We Increase Confidence
If there is only thing you could do right now to feel more confident in your financial future, sitting down with a professional to develop a financial plan is it. Determining goals, setting priorities, and deciding on a course of action for reaching those goals provides a sense of clarity. There’s also an increased sense of confidence. Read more…
Reason #6: We Offload the Tougher Tasks
If you’re not someone who lives and breathes number crunching and financial planning like us, there are probably things you don’t want to spend your time doing. Read more…
Reason #7 Why Clients Hire Merriman: We’re Encouraging
In the same way a personal trainer helps you get into shape, a financial advisor encourages and motivates you towards financial health. If you’re looking for a little encouragement, we’re here to help you find just that. Read more…
Reason #8: We Hold You Accountable
Staying accountable is a powerful tactic that works well whether you’re trying to eat more vegetables, show up to 52 yoga classes per year, or finish the first draft of your novel. The same applies in financial planning. You’re much more likely to stay on track when you’re regularly checking in with someone. Read more…
Reason #9: Family Continuity
Life is about living! At Merriman, we get that. We’re here to help you gain control of your finances and get your money to work for you and your family, while you’re here and even after you’re gone. We find having a plan in place and knowing that everything is under control makes things crystal clear. It’s like preparing for the worst. When there’s a plan in place, there’s less room for stress. There’s more freedom. Read more…
Reason #10: Someone Else to Blame
No matter their knowledge, years of expertise, or well-advised insight, there’s no advisor who can single-handedly control market movements. Markets fluctuate. They always will. If, or when, a market is down, it’s easier for you or your partner to blame an advisor than each other. What we’ve heard from our clients is that ability to lay blame on a third-party eases relationship tension that could surface during those stressful times. We find this “safeguard feature” means a lot to our clients. Read more…
If you’d like to feel more confident about your financial future, leverage one of our financial advisors as a resource. We’ll get to know you, your goals, and your values, and then devise a plan. To learn more about how we can help, reach out to us. There’s nothing we love more than helping people get back to living their lives fully!
Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.
I want to acknowledge that all women are wonderfully unique individuals and therefore these tips will not be applicable to all of us equally and may be very helpful to some men and nonbinary individuals. This is written in an effort to support women, not to exclude, generalize, or stereotype any group.
I was recently reminded of a troubling statistic: Two-thirds of women do not trust their advisors. Having worked in the financial services industry for nearly two decades, this is unfortunately not surprising to me. But it is troubling, largely because it’s so preventable.
Whether you have a long-standing relationship with an advisor, are just starting to consider working with a financial planner, or are considering making a change, there are some simple tips all women should be aware of to improve this relationship and strengthen their financial futures.
Tip #1 – Work with an Advisor You Like
You may think this is obvious or that this shouldn’t matter. Unfortunately, it isn’t obvious to many people, and I would argue that it may be the most important factor. If you don’t like someone, you are unlikely to trust them; and if you don’t trust them, you are unlikely to take their advice, even when it’s advice you should be taking. You’re also more likely to cut your meetings short or avoid them altogether. Chatting with my clients is one of my favorite parts of my job, and it’s also when I usually find out about the important changes in their life that they might not even realize impact their financial plan. It’s an advisor’s job to identify the financial impacts of your life changes, and your advisor can’t help if they are not aware of the changes. The better your relationship with your advisor, the more likely you will keep them updated—and the more likely they can help you make smart financial decisions.
Take some time to consider what’s most important to you when building a trusting relationship, and don’t be afraid to ask an advisor about their personality traits or communication style. You may need someone who is approachable and compassionate, or it may be more important to you that they are straightforward and detailed. I’ve worked with enough advisors to know we come in every shape and size you can imagine, so don’t settle for someone who isn’t a good fit.
This chart can be an extremely helpful tool for identifying your preferred communication style(s). Once you’ve identified your preferred style, you should be able to easily tell whether your advisor is communicating effectively according to your personality. If they aren’t, send them the chart! Strong communication skills are essential in financial planning, so they should be able to adapt to fit your preferences.
Aside from communication style, it may be important to you that you work with an advisor who shares certain values that you hold dear. I recently met with some new clients who I could tell were not completely at ease even though I thought we had hit it off. They were squirming in their seats when they finally got up the courage to ask me about my political leanings. When they learned that we felt the same way, they were visibly relieved. It was important enough to them that I don’t think they could have had a trusting relationship without this information. If you feel this strongly about anything, ask about it when interviewing advisors.
If you find you are having a hard time getting to know your advisor, ask to go to lunch. Once you get away from the office and their financial charts, it will likely be easier to build a connection. You may even get a free lunch out of it!
Tip #2 – Tell Them What You Want
Studies have shown that women tend to be more goal-oriented than men. I have found it to be true that women are more likely to focus on goals like maintaining a certain lifestyle in retirement, sending children to college, or making sure the family is protected in the event of an emergency, while others may focus more on measuring investment performance.
At Merriman, we believe all investing and financial planning should be goal-oriented (hence our tagline: Invest Wisely, Live Fully), but many advisors still set goals that focus on earning a certain percentage each year. This can be especially difficult if your partner focuses on this type of measurement as well. Women (or any goal-oriented investor) can sometimes feel outnumbered or unsure of how to direct the conversation back to the bigger picture. You made 5%, but what does this mean for your financial plan? Can you still retire next year? The issue is not that you don’t understand performance or lack interest in market movements, whether or not this is true. The issue is that the conversation needs to be refocused on the things that matter to you. All of the truly excellent financial planners I have worked with have known this and do their best to help clients identify their goals, create a plan for obtaining them, and then track their progress. If you’re not experiencing this, it’s either time to look for a new advisor or to speak up and tell them what you want. Also, note that speaking up is more easily done when you work with an advisor you like (see tip #1).
Tip #3 – Know the Difference Between Risk Aware & Risk Averse
Countless studies have shown that women are not necessarily as risk averse as they were once thought to be. As a group, we just tend to be more risk aware than men are. Why does this matter? First of all, I think it’s important to be risk aware. If you aren’t aware of the risk, you can’t possibly make informed decisions. But by not understanding the difference, women sometimes incorrectly identify as conservative investors and then invest inappropriately for their goals and risk tolerance. Since most advisors are well-practiced in helping people identify their risk tolerance, this is an important conversation to have with your advisor. During these conversations, risk-aware people can sometimes focus on temporary monetary loss and lose sight of the other type of risk: not meeting goals. If you complete a simple risk-tolerance questionnaire (there are many versions available online), women may be more likely to answer questions conservatively simply because they are focusing on the potential downside. Here is an example of a common question:
The chart below shows the greatest 1-year loss and the highest 1-year gain on 3 different hypothetical investments of $10,000. Given the potential gain or loss in any 1 year, I would invest my money in …
Source: Vanguard
A risk-aware, goal-oriented person is much more likely to select A because the question is not in terms they relate to. It focuses on the loss (and gain) in a 1-year period without providing any information about the performance over the period of time aligned with their goal or the probability of the investment helping them to achieve their goal. A risk-averse person is going to want to avoid risk no matter the situation. A risk-aware person needs to know that while the B portfolio might have lost $1,020 in a 1-year period, historically it has earned an average of 6% per year, is diversified and generally recovers from losses within 1–3 years, statistically has an 86% probability of outperforming portfolio A in a 10-year period, and is more likely to help them reach their specific goal.
A risk-aware person needs to be able to weigh the pros and cons so when presented with limited information, they are more likely to opt for the conservative choice. Know this about yourself and ask for more information before making a decision based on limiting risk.
Tip #4 – Ask Questions
Studies have shown that women tend to be more realistic about their own skill level. It’s not necessarily that we lack confidence—more that we lack overconfidence. I think that’s a good thing; however, it means women lacking financial expertise are more likely to feel self-conscious about asking a question that could be perceived as foolish. This can be particularly hard if there is a third party present (such as a spouse) who has a greater understanding, likes to use the lingo, and/or tends to monopolize the conversation. If necessary, don’t be shy about asking for a one-on-one meeting with your advisor so you have a chance to ask all the questions you want without someone interrupting you or changing the subject.
I would always prefer that someone ask questions rather than misunderstand, and it can be difficult to gauge a client’s level of understanding if they don’t ask questions. I have many highly-educated clients who have never had any interest in investing or financial planning, so it just isn’t their strong suit. There is nothing to be embarrassed about. I promise that an experienced advisor has heard any basic question you might ask a thousand times before. If an advisor is unhelpful or condescending when you ask a question, you should not be working with that person. There are plenty of advisors out there who are eager to share what they know with you. Sometimes the hard part can be getting us to stop talking once you’ve asked! And of course, being comfortable enough to ask questions is always easier if you like the person you are working with (see tip #1).
Tip #5 – Go to the Meetings
I haven’t seen any studies on whether or not women attend fewer meetings. However, if two-thirds of women don’t trust their advisors, I have to believe they aren’t eager to sit in a room with someone they don’t trust for an hour. I sometimes hear that one spouse “just isn’t interested in finances” so they don’t attend meetings. It’s perfectly fine to not be interested. My spouse isn’t! One thing I always find fascinating about working with couples is seeing all the different ways we decide to divide and conquer household tasks. Those lines are often logically drawn based on who has the most interest or the most time. However, even if you completely trust your spouse to handle the finances and you don’t have any interest, it’s important that you are part of the big picture conversations. You may not have any opinion on whether you invest in mutual fund XYZ, but you may have goals that aren’t even on your spouse’s radar or strong opinions about whether your entire portfolio is invested conservatively or aggressively. I find that when one spouse “just isn’t interested in finances,” it means that they attended meetings with other advisors in the past where the conversation wasn’t properly framed to address their goals, or they felt uncomfortable asking questions.
In addition to making sure your financial plan properly addresses your goals and takes your comfort level into account, it’s also important to build a relationship with your advisor so that if you do have questions, if you separate from your spouse, or if they pass away, you have someone you trust to turn to for help.
You may notice that all five of these tips are easier to follow when you follow tip #1—work with an advisor you like. There are many different considerations when hiring an advisor: Are they a fiduciary? Do they practice comprehensive planning? How are they compensated? What is their investment philosophy? They may check off all your other boxes, but if you don’t like them, you are unlikely to get all you need out of the relationship. If you’re looking for an advisor you’re compatible with, consider perusing our advisor bios.
Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.
Following the stock market decline early in 2020, Congress passed the CARES Act on March 27, providing relief for individuals and businesses impacted by the pandemic. One of the provisions was a suspension of 2020 Required Minimum Distributions (RMDs). Individuals who hadn’t taken a distribution yet were no longer required to do so.
For individuals who took a distribution early in 2020, they were given the opportunity to “undo” part or all of that distribution by returning funds to their IRA by August 31, 2020.
Tax Forms for IRA Rollovers
Some taxpayers who took advantage of this rollover to undo that RMD may be surprised to get tax forms reporting the withdrawal.
Example 1: Kendra turned 75 in 2020 and had a $30,000 RMD at the start of the year. She took her distribution on February 1, 2020, with 10% tax withholding ($27,000 net distribution and $3,000 for taxes). She didn’t “need” the distribution as Social Security and other income covered her entire cost of living. Because she didn’t need the money, she returned the full $30,000 to her IRA on June 15, 2020.
In January 2021, Kendra was surprised to receive a Form 1099-R since she returned the entire amount and knew she shouldn’t owe taxes on it. The Form 1099-R reported a $30,000 distribution from her IRA in Box 1 and $3,000 in Box 4 for tax withholding. Box 7 reports code 7 for a “normal distribution.”
How to Report the 2020 Rollover
Since Kendra returned the entire $30,000 withdrawal listed on her tax return, it won’t be included in her taxable income. However, she will need to report both the withdrawal and the rollover on her tax return.
In her case, the full $30,000 will be reported on line 4a of Form 1040, with $0 reported on Line 4b. She will also write “Rollover” next to line 4b. In her case, the $3,000 that was withheld for taxes will still be reported with other tax withholding and will impact her ultimate refund or balance due.
How to Report a Partial Rollover
Example 2: Jane turned 76 in 2020. She also had a $30,000 distribution that she took on February 1, 2020, with 10% tax withholding ($27,000 net after $3,000 for taxes). On June 15, 2020, she returned $12,000 to her IRA instead of the full $30,000.
In January 2021, she received a 1099-R that also reported a $30,000 distribution from her IRA in Box 1 and $3,000 in Box 4 for tax withholding. Box 7 reports Code 7 for a “normal distribution.”
In Jane’s case, she will also report the full $30,000 on line 4a. She will report $18,000 on line 4b ($30,000 original distribution minus $12,000 returned to her IRA in 2020). She will also write “Rollover” next to line 4b. The $3,000 withheld for taxes will still be reported with other tax withholding as usual.
Form 5498
Taxpayers who returned some or all of their distribution in 2020 will receive Form 5498. They likely will not receive this form until May 2021—after the April 15 tax filing deadline. This form will be used to report the amount returned to the retirement account in 2020 and verify the rollover reported on the 2020 tax return. The taxpayer does not need to wait (and should not wait) for the Form 5498 before filing their taxes. This is simply an information form so the IRS can verify what was reported on the tax return.
Exception from the Usual Rule
It’s important to remember that all of these rollovers are a one-time exception in 2020 from the usual rule. Typically, this type of rollover can only be done once per rolling 365-day period and must be completed within 60 days of taking the withdrawal. Also, RMDs are generally specifically prohibited from this type of rollover.
Conclusion
Individuals who returned RMDs in 2020 to avoid having to include the withdrawal in their taxable income will still receive a tax form showing the distribution and will have to report it on their tax return. When reported correctly, the amount returned will be excluded from their income as intended.
Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.5 billion in assets under management, is pleased to announce the promotion of two new principals – Wealth Advisors Aimee Butler, CFP®, and Chris Waclawik, AFC®, CFP®.
Merriman Wealth Management, LLC, an independent wealth management firm with over $3.6 billion in assets under management, is pleased to announce the additions of Geoffrey Curran, CPA/ABV, CFA, CFP® and Paige Lee, CFA, CFP®, CSRICTM to the firm’s investment committee.
Over the past few years, we’ve been asking our clients—to hear it in their own words—about the value they gain from working with us. Check out these top ten reasons why clients hire us.
I was recently reminded of a troubling statistic: Two-thirds of women do not trust their advisors. This is troubling, largely because it’s so preventable. Check out these tips all women should be aware of to improve this relationship and strengthen their financial futures.
One of the provisions of the CARES Act was a suspension of 2020 Required Minimum Distributions (RMDs). For individuals who took a distribution early in 2020, they were given the opportunity to “undo” part or all of that distribution by returning funds to their IRA by August 31, 2020. Learn more about the tax reporting.
Aimee joined Merriman in February 2018 in its newly acquired Eugene, OR, office after holding senior leadership roles at Waddell & Reed and Ameriprise. Her leadership experience was indispensable as she helped integrate the newly merged teams and worked with clients to fulfill Merriman’s long-term vision of empowering people to Live Fully. Along with assisting many clients on Merriman’s behalf, Aimee serves on two leadership committees: the first designed to continually enhance the Merriman client experience and the second to attract and retain talented individuals to Merriman.
Chris joined Merriman in May 2014 as an Associate Advisor. Within two years, he was asked to lead and enhance the associate program into a development program for future advisors. While managing this growing team, he continued to be an advocate for clients and has helped the firm grow through new channels. In addition to his direct client work, Chris now focuses his leadership expertise on the Wealth Management Services and Client Experience Operations committees at Merriman. Always ready to contribute, Chris’s tax experience and attention to detail deliver great intellectual value, which consistently benefits our clients and team. 
Geoffrey joined Merriman as a Wealth Advisor in January 2016 after spending three years at TD Ameritrade. Geoff graduated from the University of Tulsa and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Certified Public Accountant (CPA), and Chartered Financial Analyst® designation (CFA®). Geoff is an active member of the South Puget Sound community including serving on the investment committees for the Tacoma Employees’ Retirement System pension and the Greater Tacoma Community Foundation.
Paige joined Merriman as a Wealth Advisor in December 2019 after spending 3 years at other advisory firms and prior to that working in the tech industry. Paige graduated from the University of Notre Dame and has earned three distinguished credentials in the industry – CERTIFIED FINANCIAL PLANNER™ professional (CFP®), Chartered Financial Analyst® designation (CFA®), and Chartered SRI Counselor (CSRIC™). Paige has expertise in providing guidance around sustainable, responsible, and impact investing options.
Source: Vanguard 
