Why Should You Create a Financially Organized Life?

December 26, 2014

Financial organization is the cornerstone of a healthy financial life. Financial organization saves time and money because it aids in paying bills on time, being able to find needed documents during tax season, providing proof of payment, disputing credit cards or billing errors and avoiding the stress of dealing with piles of unorganized bills and paperwork. It also sets the stage for better financial decisions surrounding investments, budgeting, debt and investment planning. And, that system needs to evolve over times as your financial situation in life grows.

“As you get more successful in life, your financial life tends to get more complicated and in depth. Being organized creates the framework and a strong foundation for your financial life to ensure you are getting the most out of your money. We have seen new clients join us that had old habits that were wasting money on fees and taxes when it could have been avoided,” said Larry Harvey, ChFC and Founder of HFG Wealth Management, LLC. “I have often found what used to be done to manage money and finances is not as effective anymore as it once was when a financial picture was less complicated,” said Harvey.

Beyond organizing the paperwork properly, I also suggest deciding what family members need to know and sharing with them where you are financially, and how that is in line with your goals. For couples, clearly establishing responsibilities for financial matters is an important priority. Here are some additional best practice questions that I suggest keeping in mind as you restart for the New Year. (more…)

How can a letter of wishes help your will?

November 10, 2014

trust-estate-planning     Preparing your estate for a smooth transition to your heirs is not something most of us typically like to dwell on. But, with a little forethought you can help to save your family and loved ones any additional pain, unnecessary costs, or disagreements.     

     Most of us already have a standard will. Having a proper and up to date will is a necessary start for handling all the basic legal requirements for passing on your estate. But, there are a number of items that a will alone typically does not address. To deal with these topics, we recommend that our clients also draft a Letter of Wishes. The Letter of Wishes is designed to accompany the will, and makes sure that all of your last requests are known and clearly understood. And, it also is designed to avoid unnecessary delays, errors in executing your wishes, and helps minimize the costs involved for your loved ones.

     Here are several suggestions you may consider including in you or your loved one’s Letter of Wishes: (more…)

Can You Stay Financially Healthy on Disability?

October 29, 2014

     If you become disabled due to injury or illness, it’s likely that your biggest worry apart from your health is how you will survive financially. This is particularly worrisome to those that are single, the primary breadwinners for their family and people who expect to recover slowly from their illnesses. It’s hard to know sometimes how long your illness will last. Statistically, most disabling illnesses or injuries last less than 12 months, which is still a long time to sustain financially if you cannot work. The key to staying afloat financially when you’re disabled is to take advantage of all sources of income available to you and to reduce expenses where possible.

     “For most of our clients, I recommend having at least six months’ worth of living expenses saved as your cash reserve, which can be used to cover the income loss of a short term disability. Additionally, purchasing long term disability (LTD) insurance is key to having ample long term income replacement should you suffer a long term illness. Be sure to use after-tax dollars to pay LTD insurance premiums in order to receive benefits tax free,” said Jordan Nightingale, CFP® at HFG Wealth Management.


What is the Fiduciary Standard?

October 21, 2014

     The world of financial services has traditionally been built around products and services offered by a variety of brokers, advisors and insurance specialists. The differences between a stockbroker at a wall street firm and an independent registered investment advisor is often discussed but not always understood. An independent registered investment advisor (RIA) imposes a strong “fiduciary standard” on an advisor whereas the stockbroker model holds brokers to a less strict and less specific “suitability standard,” in which recommended investments must be merely suitable for a client.

     “The fundamental difference between a fiduciary and a stockbroker is the basis of how he or she is compensated,” said Chris Rasberry, COO of HFG Wealth Management. “Typically a stockbroker, sometimes also referred to as ‘advisor’, is paid on the commissions sold to clients directly or within a ‘program’ of investments. On the other hand, a fiduciary wealth manager is usually paid a fee which allows him or her to spend time understanding what’s important to you and your family. Often this includes taking the relationship further by creating a comprehensive financial plan tailored to reach each of your various financial goals and objectives,” Rasberry said.


Are You Maximizing Savings for Your Child’s Education?

October 13, 2014

     With schools now in full swing, funding education has probably crossed your mind this fall. HFG Wealth Management believes 529 plans are an excellent way parents and grandparents can save for college, similar to the way 401(k) plans help you save for retirement. Americans are pouring billions of dollars into 529 plans, and contributions are expected to increase dramatically in the coming decade. In this short period, 529 plans have emerged as one of the top ways to save for college.

     “Investing in 529 Plans proves to be a powerful tool for funding education while maintaining flexibility and providing generous tax benefits,” says Jordan Nightingale, CFP® at HFG Wealth Management. (more…)

Is life insurance right for your family’s financial plan?

October 6, 2014

      With the right expert advice, life insurance can serve as the foundation of a sound financial plan. While life insurance can help you protect your dependents, it can also serve to provide liquidity for your business, family estate or heirs.

     “Life insurance creates liquidity for a business that doesn’t have available cash, creates dollars for estate taxes and works to create wealth for your family,” says Larry A. Harvey, Founder and CEO of HFG Wealth Management, LLC. “What life insurance does is assist to create wealth so your family’s lifestyle doesn’t change. Life insurance allows you to keep your standard of living so your family stays together as a family unit with the same standard of living,” continues Harvey.

     Life insurance provides immediate liquidity and works to protect your family’s future. It can also be used to assist in providing liquid assets of a family’s estate. “Most life insurance is cancelled before it is even used; it is the most underused financial planning tool for families and businesses today,” Harvey says. (more…)

HFG Perspective: July

July 1, 2014

It is hard to believe that we are already at the halfway point of the year. Time does fly when we are out enjoying life!

While stocks aren’t flying high like they were in 2013, we still saw advances and the occasional new all-time market high in the first half. Given last year’s robust returns, stocks are generally where we expected them to be this year. Both U.S. and international stocks have posted mid-single digit returns in the first six months of the year, but the path we took to get those returns wasn’t a straight line. (more…)

HFG Perspective: June

June 2, 2014

While the market hasn’t produced much in the way of gains so far in 2014, the month of May ushered in new all-time highs for the S&P 500. Sell in May, and go away? We don’t think so.

Earnings growth is not robust. Nor is economic growth. In fact, we just saw our first negative quarter of GDP since 2011. At the same time, the broad economic and corporate metrics we track continue to get better, not worse. (more…)

HFG Perspective: May

May 3, 2014

So far, the stock market in 2014 has been one with a lot of churn and not a lot of return. On the bright side, there hasn’t been much in the way of loss either.

What do we mean by, “a lot of churn and not a lot of return?” Specifically, there are a lot of individual stocks that have either gone way up or way down this year. The major stock indexes like the S&P 500, however, have been bouncing around between slightly up and slightly down all year, but for the most part, have remained in virtually unchanged territory for much of the year. (more…)

How to Optimize Your Estate Plan

April 30, 2014

In estate planning, there is definitely a large gap between how much importance one places on ensuring family security and what one does to “actually” ensure that security. In a recent survey, U.S. Trust revealed that most wealthy families have an estate plan in place, but only 39 percent indicated that they feel secure about the comprehensive nature of their plan to distribute their wealth.

Over the past century, wealthy individuals have given more emphasis on goals such as financial security and financial freedom for themselves and their family. They’ve allocated resources for extensive travel after retirement and focused more on quality relationships with family and friends; besides simply leaving a financial inheritance. Moreover, concerns over their heirs’ ability to handle large inheritances have made most people hide the true value of their estate from their children, says the survey. (more…)


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Copyright © 2017. HFG Wealth Management, LLC. Investment advisory services offered through HFG Wealth Management, LLC – An independent Registered Investment Advisory firm registered with the SEC. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Therefore, any information presented here should only be relied upon when coordinated with individual professional advice. [ more disclosures ]