Reminds me of an earlier post here. Another topic your community wealth adviser can help you with!
Category: Personal Finance
What’s wrong with my savings plan?
A surprising statistic about the decline in personal savings rate of consumers in America was shared recently in a report published by Nerd Wallet. The study shows a sharp decline in savings rates post the 2008 economic crisis. Through the end of the third quarter of 2013, the consumer savings rate in the United States was 4.9% – down from 5.8% in 2008 – a 10 year high mark. Continue reading “What’s wrong with my savings plan?”
Insurance vs. Savings Plans
Some good tips here!
Act your wage!
I love top 10 lists, and came across this the one the other day. In this article written by Dave Ramsey from Success.com, you will find several simple reminders to think about when you are managing your finances.
Spend less than you earn. This one, simple practice will save you a world of trouble. As Dave Ramsey says, “act your wage.” Simple advice we all should follow. Check out the other easy and practical ideas Dave shares. Enjoy!
Too young to be thinking of retirement? Think again!
So often, consumers get focused on financial planning for retirement way too late. While it may seem years or even decades away, the truth is – you should start this process early in your income earning life stage. Start planning for retirement when you begin your career; not when you look to end it. Continue reading “Too young to be thinking of retirement? Think again!”
Start your IRA planning now!
Yes it really is that time of the year. Millions of Americans will spend the next couple months preparing to file their tax returns. Undoubtedly, many of them will make the reactive decision to open an IRA account through this process. The April 15th deadline for IRA contributions to be counted for the previous tax year is a big driver of this increase in activity. Continue reading “Start your IRA planning now!”
January – the month of financial triage
This was the headline on an article I read recently about holiday spending and the impact to an individual’s credit score. The headline referenced the fact that consumers typically start the new year with a fresh view and perspective on their household finances after a period of heavy spending and debt creation – what about the previous 10 months of the year? The fact is, we must be focused on developing healthy fiscal habits throughout the year; proactively creating overall better money habits – avoiding the need for financial trauma care.
A recent study by Fidelity of 2014 New Year Financial Resolutions, reports that 54% of Americans are considering making new financial resolutions this new year – up from 35% in 2009. This increase reflects an accelerating, and continuing need for people to develop and maintain effective fiscal habits in a constantly changing, and at times uncertain environment. Americans report a need to focus more on savings, debt reduction, expense reduction, and long term planning.
Your trusted banking professional or relationship manager can work with you to develop tactics and strategies that will help you not just succeed, but flourish financially in the new year. When selecting a financial services partner, choose a firm and professional team that truly understands your individual needs and long term objectives. Consider a full-service community bank like DNB First who offers a broad range of financial products and services, locally delivered through a neighborhood based, multi-channel distribution system. A leader in the region, DNB First offers an authentically local relationship banking experience and has been banking customers in the community since 1860.
Start the year with a renewed commitment to developing more effective money habits. Don’t wait until January to “triage” your finances. An effective partnership with your community based financial services provider will help you improve your own personal money habits throughout the year. Have a year-long focus on your finances – consult with your banker today to learn ways to improve your own personal fiscal fitness!
– Vince Liuzzi, Executive Leader Greater Philadelphia community
Who Made That Charge
The recent news reports of credit and debit card information breach at one of our country’s leading retailers in the middle of the holiday shopping season has caused millions of consumers to be very concerned about security and precautions retailers take to secure and safeguard personal financial information. The theft illustrates and exposes the critical need that responsible businesses must take to prevent situations like this one from occurring in the first place.
Protect your accounts. It’s important that customers proactively monitor their accounts to ensure all charges posted are legitimate and authorized. Most banks and credit card companies offer free, on-line services that allow you to review your accounts and see what charges and credits have posted to your accounts between statements or billing cycles. If you see a charge that was posted to our account that you did not make or authorize, notify your financial institution immediately! Your bank or credit card provider will investigate the charges and ensure you are not held responsible for charges you did not make.
If you have not taken advantage of your financial institution’s on-line platform, you should do so right away. Many community banks like DNB First (DNBF) offer free on-line banking and bill pay services that provide consumers with the opportunity to immediately access financial information connected to your debit and or credit card accounts. By reviewing online account activity regularly, you will have the opportunity to identify charges or transactions that you suspect may have been unauthorized. If you become aware of a transaction or charge that you did not make or authorize, contact your bank or credit card company immediately and have it investigated! Companies will remedy the situation for you consistent with law, government rules and regulations.
Vince Liuzzi
Executive Leader
Introducing… Your Community Bank Wealth Advisor!
Financial planning is a very important and very sensitive matter for consumers to tackle. When individuals think about and reflect on their future with respect to financial growth and stability, they are caused to deal with so many “what if” scenarios. What should I do if rates sharply rise? How about if they fall? How can I feel secure about my investment portfolio in an uncertain economy? How does the local economy factor into my decision making – should it? What investment strategy is appropriate given my current life stage and goals? How should I be looking at protecting my assets and ensuring an income stream consistent with my lifestyle choices? WOW – so many important questions to ask that must be answered.
Forward thinking community banks like DNB First (DNBF) are expanding the services they provide to include wealth management, trust services, investment planning and insurance. These services are delivered to bank customers through licensed and professional, experienced advisors who have a deep and core understanding of their client’s needs. These days, wealth services provided by some community banks are delivered with similar platforms that clients may experience when dealing with a major, national banking or financial services giant. The capacity for community banks to offer these services has improved dramatically. This has created an environment where customers of smaller banks can experience services consistent with some of the major players.
The big difference of course, comes down to the relationship that community banks enjoy with their customers. Large banking giants drive “referral” programs where customer information is shared from one part of the operating entity to the other. This creates an environment where the main relationship manager becomes secondary to the wealth or investment professional. Effective community bank models “introduce” or INCLUDE the professionals into an already effective rapport with the bank relationship manager. Like the song says, “You want to go where everybody knows your name.”
The subtle word difference between referral and introduction is actually an important distinction to make. When working with your bank or financial institution, find out if you are being “referred” away to someone else, or if a licensed investment professional is being “introduced” or included in an already effective banking relationship. It makes a huge difference in how you experience your bank!
Executive Leader
Community Broker News and Views 