Company Profile - Family Focus Financial Group
Family Focus Financial Group (FFFG) is an Independent Financial Services Firm, providing comprehensive investment advice and active portfolio management with a fiduciary responsibility to the individual investor. As President and Owner of FFFG, Kathy Nolan is committed to listening first, then guiding her clients in a collaborative effort to achieve stability, manage growth, gain independence and develop a financial plan that matches important family values.
A veteran of the financial industry since 1975, Kathy maintains her insurance practice and the fiduciary standard of investment advisor representative, a series 65 licensed registration, with Global Financial Private Capital, an SEC registered investment advisory firm. Kathy founded Family Focus in 2007 with her son, Sean, who serves as Chief Financial Officer and Vice President. Together they have grown their practice by maintaining close trusting relationships with each client. Family Focus Financial Group is committed to providing objective consulting services for you and your family while working to function without bias, conflict of interest or compromise.
What sets you apart from every other financial advisor?
We’re more realistic in our planning. We’re wealth managers, as opposed to strictly focusing on investments. We care about a person’s entire life, whether it be investments, creating income, making sure they are protected with adequate estate planning documents, and/or tax planning. It’s really being concerned about what their goals and dreams are for retirement as opposed to us having an agenda. We’re focused on creating a strategy for them, rather than selling products.
What does it mean to be a fiduciary?
The difference between a fiduciary and other financial advisors who work under a suitability standard is that a fiduciary is held to higher standard of accountability. A fiduciary is required to do what’s in the very best interest of their client, and that means full transparency and disclosure of all fees, disclosing compensation, disclosing any conflicts of interest, and also choosing the best vehicle that is appropriate for each individual client. A suitability advisor focuses more on what might be ok for clients, and can only offer what is available for them to recommend from their direct employer. They are not required to fully disclose compensation, fees, and so forth. We feel people have a right to know what they are paying for and that their advisor is recommending the best, and are not limited to just one firm’s products.
Why should investors consider a ROTH conversion?
With a traditional IRA or 401K you contribute money pre-tax, with the thinking that it’s going to lower your current taxable income. It will grow tax-deferred until you retire and need to withdraw those funds. In a Roth IRA, you contribute without any current tax benefit. You are contributing after-tax dollars. However, the money grows tax-deferred and it has to remain in that account for a minimum of five years. Once it’s in there for that time and after you are 59 1/2 and start withdrawing, it’s totally tax free. There are limits on what you are allowed to contribute to a Roth IRA each year and some families may exceed income limitations that make them ineligible to contribute. However, once money is in a traditional IRA account, anyone can convert, there are no limitations. You have to be willing to pay the taxes on the conversion that tax year. Since most taxpayers agree that taxes will be steadily increasing, we use proactive strategies to get ahead of that trend now. In other words, bite the bullet now so that we have a pot of money that’s going to be tax free forever.
When should you claim Social Security?
Social security is something that is often overlooked by many advisors. If your advisor has not given you a written plan for your social security claiming strategy, you have to ask why. This is one of the largest investments you’ll ever make. It’s not a matter of trying to beat the system; it’s a matter of getting what you’re entitled to. Married couples have over 562 claiming strategies, and individuals have many choices as well, so you want to know a specific strategy that will maximize the withdrawal that you are entitled to, and that fits in strategically with your other sources of retirement income. A delayed strategy can increase a lifetime Social Security check up to 132%. Many people think they will take it as soon as they are eligible at age 62. You really have to do your homework, and we can help.
Kathleen Nolan of Family Focus Financial Group is an Investment Advisory Representative of Global Financial Private Capital. Investment Advisory Services offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Global Financial Private Capital, LLC and Family Focus Financial Group are not affiliated companies. Insurance Products and advice may be provided by Family Focus Financial Group licensed insurance agents issued through many fine carriers Family Focus Financial Group does not provide legal or accounting advice.