HB CIO Stephanie Lang, CFA participated in a roundtable and spoke with Vanguard on insights for tough client questions. Click here to read the full article.
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Building Financial Independence in Your College-Aged Children
By: Kory Gildea
09/18/20
For many people, college is viewed as a place and time of freedom and independence. Students enter as naïve teens, and leave as adults ready to take on the real world. Students form new opinions, enhance their education, and learn what it means to handle responsibility and act for themselves. Unfortunately, one area that often gets left by the wayside during all of this growth is their personal financial development.
In these treasured college years, many of America’s youth disregard financial responsibility and instead choose the mentality that money, or the lack of it, is a problem for their future selves to deal with. However, this frame of mind only delays the struggles and errors which inevitably come as young adults begin to handle their own finances. If you’re a parent with a child who is in high school or college, now is the time when you can help teach your children how to make sound financial decisions, even if for the time being you’re providing the bulk of their financial support.
The most obvious opportunity for you to teach your children how to get their financial lives in order is to discuss the exciting topic of budgeting with them! As a recent college grad, I know all too well that tracking where you spend your money in school isn’t always a fun thing to do, especially when the weekend’s charges hit your credit card. However, budgeting doesn’t have to be some horrible task that you agonize over. Budgeting comes in many forms and you can be flexible with how you and your child approach the matter. If together you both decide you would like to track every expense, that’s great, but it may not be realistic. An alternative would be to sit down and figure out what weekly or monthly expenses look like, and work from there. This could be as simple as allotting X money for rent, Y money for food and other bills, and then any extra spent is just “social”. It’s more important to instill the habit of spending within their means, than it is to actually know where every single dollar goes. Additionally, it’s important to prevent budgeting as coming across as a punishment or a chore. This should be a tool your child can use to help guide future decision-making, not something eliciting shame.
Having your student pay his or her own bills each month is another valuable skill to develop, even if they’re not ultimately the ones providing the capital for said bills. When your children communicate with the Power Company, or landlord, or whoever else is charging money for a service, they’re learning to depend on themselves rather than on you. They also begin the act of paying bills monthly, seeing the money leave their account, and learning the consequences firsthand of what happens when they leave a window open all month in the summer heat. We are creatures of habit, and the earlier your child develops the habit of monitoring their financial responsibilities and addressing them directly, the easier their transition to full financial independence will be.
If your child manages to find themselves with a cash surplus, this is a great time to discuss putting money away in savings, or putting money aside to give to charity. Unfortunate as it may be, it is ingrained in many young people’s DNA to spend every last dollar they have, so the prospect of doing otherwise will likely be met with resistance. However, if your student can afford to do so, this is the perfect time to shift their focus from “wants” to “needs”. This is especially true after a summer job or internship where the student’s pockets might feel just a bit heavier. It’s best to start small here and habitualize the act of saving small amounts consistently, as opposed to expecting meaningful capital to be put away.
As a parent, this is also an important time to make sure your child has begun building and understanding credit. Should your child graduate college without forming any kind of credit history, or having already created a poor credit history for themselves, then it’s likely they’ll face additional, unnecessary challenges as they experience the real world for the first time. Already complicated situations like renting an apartment, or making a first car purchase, get only more difficult for a young adult when they’re weighed down by mistakes they made unknowingly early in their financial life. Use this time to make sure your child understands what credit is and how it can potentially impact them down the road. Once your child has a solid understanding, you can ease them into building their credit through various actions such as opening a checking account for them, or cosigning on a credit card with them. Upon taking these additional steps, you should once again make sure your child understands the new responsibilities bestowed upon them, and the potential impact that inappropriate financial decision-making can have.
Handling money is just like playing a sport or painting or anything else we do, it takes practice and time to acquire skill. As a parent, your children look to you for guidance, and so it’s important that you instill in them the productive habits that are required for them to make sound financial decisions. With a little help early, you can spare them much pain ahead.
Homrich Berg Named to Barron’s 2020 Top 100 RIA Firms
Homrich Berg is proud to announce being named to the Barron’s Magazine 2020 list of America’s Top 100 RIA Firms. HB is #42 on this list of the top independent firms in the country based on their proprietary ranking criteria, which include some new criteria: technology spending, staff diversity, and succession planning. Here is a link to the full article.
Adam Fuller Offers Thoughts on Charitable Giving
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“Many people do not fully understand how annuities are taxed,” explains Todd Hall, CFP, AEP, CAP, director of financial planning at Homrich Berg, in ThinkAdvisor’s latest Advisors’ Advice column. Read what clients misunderstand about annuity taxation here.
About Homrich Berg
Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families, and not-for-profits. Homrich Berg manages over $9 billion for more than 2,000 family relationships nationwide.
Pullback This Week and What That Means for Investors
A market selloff may be a great buying opportunity for investors. CIO Stephanie Lang, CFA joined BNN Bloomberg to discuss Monday’s pullback and outlook for the rebound.
About Homrich Berg
Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families, and not-for-profits. Homrich Berg manages over $9 billion for more than 2,000 family relationships nationwide.
CIO Stephanie Lang Cautions Investors About the Recent EV Rally
EV companies have rallied recently, but CIO Stephanie Lang, CFA cautions that when valuations are stretched and without basis, things could end badly for investors. Read her take on the EV space here.
Homrich Berg Named to Barron’s 2021 Top 100 RIA Firms
Homrich Berg is proud to announce being named to the Barron’s Magazine 2021 list of America’s Top 100 RIA Firms. HB is #41 on this list of the top independent firms in the country based on their proprietary ranking criteria, which include some new criteria: technology spending, staff diversity, and succession planning. Here is a link to the full article.
Principal Ross Bramwell joined Yahoo!Finance to Discuss the Infrastructure Bill’s Impact on the Markets
The full investment from the government infrastructure bill won’t be realized for several years. Ross Bramwell, CFA, Principal at HB, is focused on earnings, The Fed and inflation when it comes to short-term market moves. He explains on Yahoo!Finance clip.
Inflation Watch 2021: 5 Ways to Protect Your Investment Portfolio from Rising Prices
“Rather than investing directly in commodities such as gold, oil, or gas, we typically prefer to invest in the equity of companies that might benefit from a rise in the prices of these commodities,” explains Ford Donohue, CFA , director at Homrich Berg, in Javier Simon’s latest Money article investigating effective inflation hedges.
Inflation Bets Give a Boost to Small-Cap Stocks
Even as investors feel hopeful that the Delta variant of Covid-19 could soon be in the rearview mirror, some remain wary of economically sensitive market sectors. Read what CIO Stephanie Lang has to say on the issue in Karen Langley’s latest WSJ piece.
Homrich Berg Expands Into South Florida Market With Addition of Experienced Family Office Advisor Team
Leading $10 billion RIA adds three-advisor, family-office team to open first location outside of Atlanta region in Palm Beach
ATLANTA — Nov. 8, 2021 — Homrich Berg (HB) is strategically expanding its footprint in the Southeast with its first office outside of the Atlanta region, in Palm Beach, Florida. The $10 billion RIA is adding a three-advisor team, which previously managed over $1.5 billion in assets at GenSpring SunTrust Private Wealth and specializes in providing wealth management services for ultra-high-net-worth individuals.
Kevin Campbell, CFA and Amy Owen, JD, LLM join Homrich Berg as Managing Directors, along with Sara Whipple in Client Service Operations, to lead HB’s South Florida operations from the new Palm Beach office. The experienced wealth advisor team works primarily with family office clients and will greatly expand the roster of advisors able to offer these services at Homrich Berg. This new addition is the second major strategic hire for the growing HB Family Office division this year, with Emily Bentley joining HB from JP Morgan Private Bank earlier in 2021 as a Managing Director.
Owen and Campbell each bring more than 15 years of financial services experience. Campbell is a veteran investments advisor with expertise in private investments, while Owen offers strong tax and estate planning expertise that will also be a beneficial resource to Homrich Berg’s existing advisors and clients.
The new HB office is opening in Divosta Towers in Palm Beach Gardens, and at least one current HB advisor will be moving to Palm Beach to join the office team down in Florida. “We have been discussing adding a physical office in Florida for many years given our numerous clients in the state” said CEO Andy Berg. “We wanted to find the right cultural fit and experienced advisor team first to ensure a strong launch, and I am pleased to welcome these great people to HB.”
“I had the pleasure of working with both Amy and Kevin at GenSpring,” says Thomas Carroll, president at Homrich Berg. “I am confident that they will bring the same passion and focus on HB client needs and priorities, making them a great culture fit to help our firm expand beyond its Atlanta roots. Florida represents a natural starting point for our regional expansion, and I’m pleased Amy, Kevin and Sara will be leading our efforts in the area.”
One of the big draws for the new Florida team was Homrich Berg’s ability to provide the resources and benefits of a larger firm, combined with the flexibility and entrepreneurial spirit typically associated with a smaller independent fiduciary RIA. “We are thrilled to not only offer clients continued access to great technology and wealth planning resources, but also expand their ability to participate in areas such as private alternative investments,” says Campbell. “We love Homrich Berg’s entrepreneurial mindset, as it continues to evolve while growing in scale.” Owen added that “it’s exciting to join a firm that shares our focus on serving clients objectively first, and to be part of the firm’s next stage of development and the continued growth of HB Family Office.”
About Homrich Berg
Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families and not-for-profits. Homrich Berg manages over $10 billion for more than 2,000 family relationships nationwide.
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