Webinar: Wealth Planning Strategies For Turbulent Markets

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Many Americans are worried, if not panicking, about their investment portfolios and financial plans.

The good news, according to a panel discussion moderated by Robert Powell, editor of the TheStreet’s Retirement Daily, is that there are at least 10 planning strategies to consider for turbulent markets.

The first and perhaps most important strategy is to review your current wealth plan and determine what changes, if any, need to be made, said Angie O’Leary, head of wealth planning at RBC Wealth Management.

And, if you don’t have a plan, another panelist, Scott Kahan, president and senior financial planner with Financial Asset Management, said now would be a good time to create one. It’s never too late or too soon to create one, he said.

Another panelist, Vicki Fillet, a financial planning adviser with Roosevelt Wealth Management, noted that now is also a good time -- especially for those who are able to suspend their required minimum distributions because of the Cares Act -- to review whether a Roth IRA conversion makes sense.

The panelists also discussed the use of tax-loss harvesting, especially for realized gains and rebalancing needs. In addition, the panelist noted that the current pandemic highlights the need for having an emergency fund as well as the need to review sources of income, spending, insurance policies, and estate plans.

In another segment of the discussion, the panelists discussed how women have emerged as an economic powerhouse -- earning, controlling, and inheriting more wealth than ever before. And they addressed what women can do to improve their financial health, to grow, to manage, and to protect wealth.

According to O’Leary, the place to start is with a women’s personal money story, their history, influences, and the experiences that formed their personal relationship. O’Leary also addressed what she described as the starting point for a woman’s plan: Getting a handle on expectations for the future, identifying concerns, and prioritizing goals.

Another element of a woman’s wealth plan, according to O’Leary, involves creating a 50/30/20 spending plan for must-haves, wants, and savings or emergency funds. Fifty percent is the amount to spend on must-haves, or what Fillet referred to as non-discretionary expenses; 30% on wants or discretionary spending; and 20% for savings/debt.

The panelists also discussed the importance of women, first, calculating the total savings they might need to cover expenses in retirement and, second, managing the risk of longevity. The panelists also discussed why women should also create a values-based legacy plan, one that could include values, gifts and the like.

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