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Jump-Start Your Financial Plan for 2022!

By Jeff Gilbert

2021 is officially behind us. If you’re like many of us who had high hopes when we rang in 2021, only to experience another intense year of the pandemic, economic shutdown and uncertainty, and slow road back to “normal,” it might be overwhelming to think about planning for a new year.  But the good news is that there are actionable steps you can implement to manage your finances effectively and truly make 2022 the fresh start you desire. Here are four ways you can get started today.

1. Set Financial Goals

The first way to jump-start your financial plan is to set financial goals. Do you have a goal for your finances or are you just crossing your fingers and hoping you have enough for the lifestyle you want? 

Specific goals with defined timelines will help to determine the best course of action, including how much risk you can and should take with your money. For instance, if you’re looking for a guaranteed source of income, then you will probably want to stick with investments that will provide long-term security. Conversely, if you are looking for substantial growth, then you might want to take on more risk and invest less conservatively. Every dollar in your portfolio should be working toward a specific goal.

Remember that the best goals will be SMART: 

  • Specific: The more you can identify exactly what you’re saving for, the easier it will be to work toward it. 
  • Measurable: As much as possible, try to identify how much your financial goal will cost. Do the research to figure out what you need to save so that you’re able to see tangible progress along the way. 
  • Attainable: Make sure your goal is realistic and achievable. This might require some self-reflection or reevaluation of your priorities.
  • Relevant: Ask yourself which goals align with your core values. Remember that your finite assets will be split amongst your seemingly infinite list of wants. The more you can scale back your list to what is truly relevant, the quicker you’ll be able to achieve each goal.
  • Timely: Identify the timeline for each goal so that you can prioritize which ones need to be addressed first and how much risk you can afford to take.

2. Strengthen Your Savings

If there’s one thing the last two years have taught us, it’s that it’s crucial to prepare for the unpredictable. Whether it be a pandemic, a lost job, or rising rates of inflation, sufficient savings can mean the difference between staying afloat during uncertain times and not having enough when you need it most. 

If you’re not saving already, take steps to start putting a portion of your income away every month. Usually 10-15% of pre-tax income is a good guideline. Ideally, it is recommended that most people should have at least 3-6 months’ worth of non-discretionary expenses saved in a highly liquid, easily accessible emergency fund before saving toward other goals. Either way, consistent savings are the cornerstone of any solid financial plan.

3. Reevaluate the Risk in Your Portfolio

As mentioned in Step 1, risk is fundamental to investing. Even “investing” by hiding cash under your mattress involves risk, since there’s always the chance of a break-in or increased inflation eating away at its value. To jump-start your financial plan in 2022, be sure to reevaluate the amount of risk you are taking in your overall portfolio. 

It’s not uncommon for a portfolio to become unbalanced as the market ebbs and flows. What may have started out as a 60/40 allocation between stocks and bonds can easily become a 70/30 or 80/20 allocation, which is a significant difference in risk level. You may also find that you are too heavily concentrated in one type of asset or in one company’s stock. If this is the case for you, rebalancing and diversification should be explored. 

Though risk is fundamental to investing, it’s also crucial that you aren’t overexposed to unnecessary risks. Take steps to evaluate your risk tolerance, based on your unique financial circumstances, stage of life, and personality, and be sure your investments align.

4. Find a Financial Partner

Regardless of where you are in the planning process or what goals you have set for your financial life, we are here to support you, guide you, and navigate any financial challenges you may face. Partnering with a financial professional is a great way to take control of your finances and get a jump-start on the future. 

At Balboa Wealth Partners, we have the tools and expertise to help you manage and coordinate your financial affairs, advocating for you as you pursue your financial goals. If you want personalized support as you navigate the challenges of life and make decisions that impact your future, give me a call at 949-445-1465 or email me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With over three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

 

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5 Important Financial Actions to Take Before the End of the Year

By Jeff Gilbert

Most of us entered 2021 with hope and expectation that the pandemic would end, life would go back to normal, and we could move on from 2020. Instead, we learned that uncertainty doesn’t have an expiration date and each year brings its own set of challenges. Concerns about inflation, potential tax changes, and new COVID variants have many people wondering if next year will be any better. But when it comes to your personal finances, 2022 does not have to follow in the same footsteps as the last two years. There are many ways to take back control of your finances and set yourself up for a successful future. Make sure all your bases are covered before the new year with these 5 tips.

1. Review Your Tax Strategy

One of the most important actions you should take heading into 2022 is to review your taxes and make any necessary changes in light of the potential passage of the Build Back Better Plan. This bill could have far-reaching implications for people in all tax brackets and it’s important to review how your financial plan may be impacted. Some of the potential changes to be aware of include:

  • Increased business taxes
  • New surtax on Americans making more than $10 million per year
  • New cap on state and local tax (SALT) deductions
  • Common tax-advantaged retirement strategies, including Roth conversions and backdoor Roth IRAs, could be eliminated or strictly regulated

If you have significant estate assets, are planning to retire, or you are expecting substantial capital gains in the next few years, be sure to review your plan with a financial professional to ensure you are taking steps to mitigate any potential risk.

2. Evaluate Your Asset Allocation & Invest with Impact

The end of the year is also a great time to review your asset allocation strategy and incorporate ESG and impact investing if desired. Given the dramatic rise of inflation over the last few months, it’s crucial that you evaluate your investments and make sure your portfolio is properly diversified. It should also be tailored to your specific risk tolerance level, ensuring that you are earning enough returns to keep up with inflation, but you are not overexposing yourself to risk. 

If you are interested in using your funds to support environmental, social, or governmental issues (ESG), you can also consider impact investing as a way to earn returns while also promoting change on causes you care about.

3. Consider Charitable Donations

Charitable donations are another option that can be reviewed as the year-end approaches. The holidays are a great time to give money and assets to your favorite non-profits, churches, and organizations. 

Charitable donations can be used as part of your overall tax strategy, or as part of a comprehensive estate plan. Both options provide many potential benefits including supporting causes you care about, reducing your taxable income, and reducing your taxable estate.

4. Use Up Your Employee Benefits

While every employee benefit plan has its own rules and regulations, many of them expire or reset at the end of the year. You worked hard for these perks, so be sure to use them before it’s too late!

Medical and Dental Benefits

Now’s the time to take care of all your healthcare needs before your deductible resets. Dental plans in particular often have a maximum coverage amount. If you haven’t used the full amount and anticipate any treatments, make it a priority to set an appointment before December 31st.

Flexible Spending Account

Like your health insurance benefits, you’ll want to use up as much of your FSA (flexible spending account) dollars as possible by the end of the year since you are only allowed to carry over $500 each year. 

Sick and Vacation Time

Depending on your company, your sick or vacation time might expire at the end of the year. Check with your HR department to learn about any expiration dates. If it does expire, fit in a last-minute staycation or take some time off to work on projects you’ve been putting off. If you need to make any trips to the doctor, schedule those appointments now to make use of paid-time-off benefits before you lose them.

5. Revisit Your Plans and Policies

Lastly, take another look at your estate plan and insurance coverage. If you took the time and energy to create an estate plan, check it periodically to ensure all the documents are up to date and no major details have changed. 

Your insurance needs may also change as the year goes by, so periodically review your coverages and designated beneficiaries to bring them up to date to reflect your current financial situation. For example, if you paid off debt, you may not need as much life insurance coverage since your family’s liabilities have decreased. You might also want to evaluate your need for other types of insurance, such as long-term care or disability insurance. 

Partner With a Professional

At Balboa Wealth Partners, we can help you take back control of your finances after a rocky couple of years. Together, we can achieve your financial New Year’s resolutions in 2022! Reach out to us today by calling our office at 949-445-1465 or emailing me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

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Do You Have Multiple Retirement Plans? How to Consolidate and Maximize Returns

By Jeff Gilbert

Forward-thinking people have been saving for retirement since day one on the job. So it’s not uncommon to have multiple retirement accounts—both from previous employers and plans set up individually. Does this apply to you? Even if you haven’t given them much thought, those accounts could cause headaches down the road as you find yourself juggling various investment decisions, fee breakdowns, and rules for each.

Before you stress, be aware that there is a way to streamline the management of your retirement savings and possibly maximize your returns: account consolidation. Let’s discuss how it works and why it may be a good option for you.

Understanding Your Options When Consolidating

Different retirement plans have their own benefits, but also their own sets of rules. It’s important to first get an understanding of the rollover options available to you. You may or may not be able to roll some types of accounts into others; some accounts only allow rollovers once every 12 months; and some only let you roll over after two years. (1)

Is Consolidating Right for You?

How do you know if it’s time to consolidate? There are a few things you’ll want to consider before consolidating multiple retirement accounts.

  • What kind of benefits and features do your retirement accounts offer?
  • Are there similar investment options in all of your accounts? 
  • What are the fees like on each of your accounts?
  • Can you roll over previous plans to a new employer? Or do you need to move to a self-directed retirement account?

You’ll want to do your research to answer these questions before you make any moves. And remember, you don’t necessarily need to consolidate everything into one. You can merge some while keeping others open. What’s best for you will depend on your specific situation and goals for retirement.

Benefits of Consolidating Multiple Retirement Plans

When it comes time for retirement, there are several benefits of consolidating multiple plans into one account. 

Here are just a few benefits to consider:

  • Reduced investment fees: Fewer retirement accounts can also mean fewer fees. Instead of paying fees for each of your account management services, you only need to pay one—meaning more of your money can grow.
  • More opportunities to save: You can’t contribute to an old employer-sponsored 401(k). You need to roll over the account to a new 401(k) or a self-directed account so you can continue contributing to that retirement fund. 
  • Reduced administrative work for you: Fewer accounts means simpler management. You don’t need to worry about managing investments and documentation across different platforms. For example, instead of three different monthly statements, you just have one. You can see all your investments in one location for more cohesive planning.
  • Simpler portfolio rebalancing: When it comes time to rebalance your portfolio, having all your accounts consolidated makes it easier to calculate your asset allocations.
  • Easier calculations and withdrawals of required minimum distributions: If you have multiple 401(k)s at retirement, you need to take required minimum distributions (RMDs) from each of those accounts. (2) When juggling multiple accounts, you risk missing a required minimum distribution, for which the IRS can make you pay a penalty. Having a single account makes RMDs much easier. 
  • A clear picture of your money: Consolidating your accounts allows you to clearly understand how well your investments are working for you while enabling you to easily tweak the account to meet your retirement goals.

Lastly, one of the biggest benefits of consolidation is saving time. Time is one of your most valuable assets. Having one consolidated account means you’ll spend less time managing all your accounts and free up more time and energy for doing what you love. 

We Can Help You Consolidate and Maximize

Consolidating your accounts can mean greater returns and less headache in the future, but it can be challenging to navigate the process. If you have multiple retirement plans, Balboa Wealth Partners is here to help. Our ultimate goal is to be your advocate to help you make decisions and achieve your financial goals while tackling life’s challenges. 

Let’s review your overall financial plan and discuss how we can help maximize your returns. To get started and see if we’d be a good fit, give me a call at 949-445-1465 or email me at [email protected]. Or reach our Scottsdale office at 480-801-5100, [email protected] to set up a complimentary get-acquainted meeting!

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With more than three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

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(1) https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

(2) https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions

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What I Wish I Had Known About Money When I Was Younger

By Jeff Gilbert

Wisdom comes with age. We all know this, and we’ve all experienced the learning and growing that comes from making mistakes or forging our own path. But if you had the chance to go back in time and give your younger self some hard-won advice, what would you say? 

As a financial advisor who helps countless people prepare for the future and set their finances up for success, my three pieces of advice center around managing money. Here’s what I wish I had known about money when I was younger.

Pay Yourself First

In practice, paying yourself first means depositing into your savings and investment accounts before you divvy up your paychecks amongst your living expenses and wants. 

Wouldn’t you rather be your own bank when you are older? Money is simply a resource that gives us options. No money means no options. The ultimate goal is to accumulate enough wealth to live off of in complete financial freedom. Financial freedom is defined as having sufficient personal resources to live without needing to work to cover the basics. It means you have the time and money to pursue fulfillment in your life. If you have financial freedom, you can focus on living your life rather than making a living. But financial freedom doesn’t happen accidentally. Short of inheriting a windfall, financial freedom becomes a reality through patient and disciplined saving.

By investing and growing your portfolio at a young age, you increase your money’s potential for growth. That’s the power of compound interest—it helps the money you put away grow faster due to interest building upon itself. It means that not only do you earn interest on your principal, but on the interest you’ve already earned as well, so you are earning interest on interest. You can make your money work smarter rather than harder to pursue your goals.

Beginning to invest at age 25 and contributing regularly could result in more than doubling the value of your investments at age 65, compared to waiting to start at age 35. 

Be Strategic With Your Savings

You’ve probably heard this before, but it’s a tried-and-true solution for wealth management that works every time. Start with a 401(k) if your employer offers a retirement plan, especially if an employer-matching contribution is offered since it is a guaranteed return on the funds contributed. You can also save a percentage of your monthly income in an investment account such as a traditional IRA or Roth IRA and/or a taxable investment account, depending on your situation, to minimize your tax liability either now or in the future. 

The key is to be disciplined and consistent. Set up automatic contributions to tax-advantaged accounts and create an investment strategy that’s aligned with your goals.

Prioritize Education

Another way to be strategic with your savings is to take advantage of college savings accounts to prepare for the costs of higher education for your kids and grandchildren. With tuition costs climbing year after year, saving for higher education is incredibly important.

Enter the 529 plan. This type of educational savings plan is a qualified tuition plan created so that families can receive tax benefits for saving toward qualified higher-education expenses. After-tax money is invested in a 529 plan, where it grows tax-free. When the money is later taken out for qualified expenses, there are no federal taxes due. Over 30 states also offer a deduction or tax credit for contributions to a 529 plan. (1)

Just like saving for retirement, saving for college early and often will help you optimize compound interest and offset the cost of education.

Take the First Step

At Balboa Wealth Partners, we understand the impact that financial planning and good money habits can have on the wealth of an individual or family in the long run. If you’d like to learn more about how we can help, don’t hesitate to reach out to us for a complimentary meeting. To get started, contact my office by calling 949-445-1465 or email me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

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(1) https://www.savingforcollege.com/article/how-much-is-your-state-s-529-plan-tax-deduction-really-worth

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Client Profile: How I Help My Clients Retire Early

By Jeff Gilbert

At Balboa Wealth Partners, our goal is to help our clients retire and enjoy their golden years the way that they want to. Often, our clients come to us with an array of retirement goals that may seem difficult to obtain. But in the end and with careful planning, our clients are able to look forward to retirement with confidence. This case study examines just that: our clients had a goal of retiring early. With thorough risk analysis and wealth management planning, we were very happy to have helped our clients work towards achieving their objectives. 

The Client

These particular clients were a couple who, for privacy reasons, we will call Susan and Greg. Susan and Greg had both been married before and had children from previous marriages but they had none with each other. I had been working with Susan longer than they had been married. 

Susan and Greg were well suited for each other. They entered their marriage with about the same amount of assets and were working hard to blend their finances and their families by making all three children from their previous marriages equal beneficiaries in their estate plan. Susan and Greg had major positions with their corporate employers and both have been successful at climbing the corporate ladder for over 30 years. 

The Goal 

Susan and Greg both wanted to retire early from their careers, and after three decades working for their respective companies, they deserved some rest and relaxation. Susan was planning to retire at age 58, while Greg was planning his retirement at age 60. 

While these are reasonable goals for any couple, Susan and Greg came to me with this plan less than two years before their desired retirement age. We had much to accomplish and sort out before Susan and Greg took that first step toward retirement.  

How We Helped

Luckily, I knew Susan and Greg from working with them at my previous firm,. Unfortunately, at the old firm Susan and Greg did not feel like they were getting the personal attention and planning needed for them to achieve their retirement goal. So in early 2019, they reached out to me and asked if we could work together again to maintain their wealth management plan. 

I was delighted to re-engage with my old clients and further develop their retirement strategy. With my help, we ironed out a wealth management and retirement plan that allowed both Susan and Greg to retire early.

It was important to this couple that they maintain their upscale lifestyle into retirement, and with my help, Susan and Greg have been able to do just that. This couple is now on track to retire in about 18 months, right on time with their goal. They live each day confident that they have done the right things in accumulating assets, and I look forward to the day that we will all celebrate their retirement.

With all our clients, we are diligent about keeping their financial plan updated and accurate. We tend to refresh it every three to four months and work hard to tweak it to reflect all worst-case scenarios. We also check in with our clients on a monthly basis and look for the optimal financial tools to use when any large spending is needed. 

We’re Here for You

At Balboa Wealth Partners, we strive to provide our clients with the very best financial tools available and unobstructed guidance to maximize their wealth management strategy. If you are interested in working with us, give me a call at 949-445-1465 or email me at [email protected]. You can also contact us at the Scottsdale office at 480-801-5100, [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

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How Much Does Long-Term Care Really Cost in California?

By Jeff Gilbert

Have you ever cared for an aging grandparent, parent, sibling, or spouse and thought, “Who is going to take care of me when I struggle to get out of bed?” or “How much will it cost my family?” If so, you are not alone. Long-term care has quickly become one of the most pressing concerns for adults in America. With advances in medicine and technology allowing people to live longer, as well as the collective retirement of the baby boomer generation, 7 out of 10 people turning 65 this year will require some form of long-term care in their lifetime. (1)

Unfortunately, most families will not have a plan for how to handle the rising costs associated with aging. So, what exactly is long-term care and how can we make sure we are mentally, emotionally, and, most importantly, financially prepared when the time comes?

What Is Long-Term Care?

The U.S. Department of Health & Human Services defines long-term care (LTC) as “a range of services and supports you may need to meet your personal care needs.” (2) This includes help with everyday tasks like eating, bathing, getting dressed, and using the bathroom (known as custodial care) as well as medically necessary care like physical therapy, intravenous injections, and catheter care. (3)

While the length and level of care fluctuates depending on each person’s unique health situation, aging is something that is common to everyone. As we age, the risk of dementia and disease increases exponentially, (4) and if there is no plan in place, the burden (and costs) of care usually falls to friends and family. 

In 2015, it was estimated that over 43 million people in the U.S. had been an unpaid caregiver in the last 12 months. In fact, about 80% of all long-term care is provided by unpaid caregivers, with roughly 14% of those caregivers already over age 65 themselves. (5)

How Much Does Long-Term Care Cost?

Care is most often provided by unpaid friends, family, and neighbors due to the hefty cost of professional LTC services. This cost varies greatly depending on your health condition(s), type of care required, and where you are located. The national annual average ranges from over $43,500 for care in an assisted living facility to over $92,000 for a private room in a nursing home. (6) The average annual costs in California are approximately $60,000 and over $137,000, respectively, with those numbers projected to reach over $93,000 and $190,000 by 2040! (7)

These costs can be staggering, especially if both spouses require LTC. It can be overwhelming and out of reach for individuals and families to accommodate, thereby leaving many to choose between paying out of pocket or becoming caregivers themselves. 

How to Plan for Long-Term Care?

There are many options to help mitigate the costs of LTC and provide peace of mind for you and your loved ones.

Medicare and Medi-Cal provide some assistance, but it’s not much. Medicare does not cover custodial care or assisted living facilities, and Medi-Cal has strict income eligibility requirements that make it difficult to qualify. Private health insurance usually doesn’t cover LTC at all.

Because of these limited coverage levels, it is becoming increasingly common for families to purchase long-term care insurance, or add riders to existing life insurance or annuity policies.

No matter which option you consider, it is important to plan ahead. Premiums increase as your risk of serious illness increases, meaning younger people typically have lower overall premium costs. Because of this, LTC planning is generally recommended for individuals between the ages of 50-60. 

With roughly 6 million Californians currently over the age of 65, (8) it’s more important than ever to assess your family’s LTC needs. 

How We Can Help

Thankfully, just as we are not alone in aging, we do not have to be alone in planning for the possibility of long-term care. Balboa Wealth Partners is here to help guide you through the process. Call us at 949-445-1465 or email Jeff at [email protected].

You can also reach out to our Scottsdale office at 480-801-5100 or [email protected] for a no-obligation conversation and a complimentary risk assessment here.

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

______________

(1) https://acl.gov/ltc/basic-needs/how-much-care-will-you-need

(2) https://acl.gov/ltc/basic-needs/what-is-long-term-care

(3) https://www.cms.gov/Medicare-Medicaid-Coordination/Fraud-Prevention/Medicaid-Integrity-Education/Downloads/infograph-CustodialCarevsSkilledCare-[March-2016].pdf

(4) https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3385995/

(5) https://acl.gov/ltc/basic-needs/who-will-provide-your-care

(6) https://acl.gov/ltc/costs-and-who-pays/costs-of-care

(7) https://www.genworth.com/aging-and-you/finances/cost-of-care.html

(8) https://www.cahf.org/About/Consumer-Help/Guide-to-Long-Term-Care

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Our 2021 Midyear Market Update

By Jeff Gilbert

If 2020 taught us anything, it’s that we can’t predict the future, nor do we have control over many of the things we once took for granted—things like how we work, how we go to school, and even how we interact with our loved ones. With those lessons fresh in our minds, most of us entered 2021 with a bit of apprehension. 

Although we didn’t know what to expect, we’re now halfway through the year (believe it or not) and on our way to putting the COVID-19 pandemic behind us. July is the perfect time to take stock of what’s happened so far in 2021 as we continue recovering—emotionally and economically—from the pandemic. 

Stock Market Performance

As vaccine rollouts have allowed many businesses to return to normal, some experts believe we may be entering a booming economy. (1) Stock market performance has been mildly volatile in the first half of this year with an overall trend toward growth. The S&P 500 reached its highest level this year on May 7, with a year-to-date return of 14% as of June 4. (2) The Dow Jones has also shown overall growth this year and is up 15% as of June 4. (3)

Meanwhile, the NASDAQ has shown greater volatility with a yearly low of -2.17% in early March, up to 9.7% at the end of April, and ending at 8.79% as of June 4. (4) Many experts have warned that while they are optimistic about market performance in 2021, that performance will likely be riddled with volatility throughout 2021 and in the coming years. (5)

A Shaky Return To Normal Employment Levels

It has been generally expected that as businesses reopen to full capacity, the number of unemployment claims and levels of unemployment will return to normal. As many of us have seen in the news, however, this is currently not the case. (6) Along with other businesses in the hospitality industry, restaurants are especially struggling to replace their workers and remain understaffed in the face of increasing demand from consumers.

Some commentators believe workers are reluctant to return to work because of continued unemployment assistance from federal and state governments. Others argue that many workers are unable to return to work yet because they are still wary of the coronavirus, are unable to find affordable childcare, or now have the time to look for more stable, higher-paying work outside of the hospitality industry. 

Whatever the reason for the worker shortage, worker benefits and wages may undergo drastic changes in 2021 and beyond as the economy returns to normal. In any case, getting workers back into the workforce remains a key component of the U.S. recovery plan.

Interest Rates & The Federal Reserve

Interest rates continue to remain low, as the Federal Reserve has promised. In an effort to encourage consumers to keep borrowing, the Fed has kept interest rates near zero since the onset of the pandemic. They have stated they will likely not raise rates again until 2023, when it is more likely that inflation rates will reach desired targets. (7)

For now, the near-zero interest rates may be attracting first-time homebuyers who have been able to weather the economic pressures from the pandemic. However, home prices have surged 13.2% over the past year, (8) igniting some fears that a housing bubble may be looming.

How Should You Respond?

We’ve always said that market performance is impossible to predict with accuracy. As 2020 and 2021 have taught us, market performance may be impossible to predict at all. The truth is, we never know what lies ahead, but that shouldn’t prevent us from taking the steps to protect ourselves and pursue financial freedom.

Now more than ever, it’s important to know you’re making the financial decisions that are moving you toward your goals. At Balboa Wealth Partners, we specialize in helping our clients reach financial independence using sound financial strategies that align your day-to-day decisions with your long-term financial plan. If you’d like to see how we can help you, I invite you to give me a call at 949-445-1465 or email me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With over three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

_____________

(1) https://www.cnbc.com/2021/04/09/the-economy-is-on-the-cusp-of-a-major-boom-and-economists-believe-it-could-last.html

(2) https://www.google.com/finance/quote/.INX:INDEXSP?sa=X&ved=2ahUKEwjI5a-z8oDxAhWbXc0KHQ2PCWYQ3ecFMAB6BAgiEBo&window=YTD

(3) https://www.google.com/finance/quote/.DJI:INDEXDJX?window=YTD

(4) https://www.google.com/finance/quote/.IXIC:INDEXNASDAQ?window=YTD

(5) https://www.morganstanley.com/ideas/stock-market-outlook-2021

(6) https://thehill.com/policy/finance/economy/556235-chamber-of-commerce-worker-shortage-crisis-deepening

(7) https://apnews.com/article/fed-expects-key-rates-near-zero-through-2023-9b9a335a1ce05d69fc97a1d6197371ab#:~:text=WASHINGTON%20(AP)%20%E2%80%94%20The%20Federal,markets%20about%20potentially%20higher%20inflation

(8) https://www.carsonwealth.com/insights/market-commentary/market-commentary-home-prices-surge-over-previous-year-disposable-income-dips/

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Welcome Our Two New Advisors!

Last month, we joyfully announced the opening of our second office location in Scottsdale, Arizona. Now we get to introduce you to the two incredible advisors who have joined our team and will be providing Balboa’s unparalleled service to our Scottsdale clients. 

Meet David

David Mowad originally planned to play golf professionally, but wealth management became his true calling and he’s not sad about it. A proud Arizona resident for 32 years and counting, David graduated from Arizona State University with a bachelor’s degree in business and has been serving clients in the financial services industry for more than 25 years. Known for his efforts to keep the wealth management process simple, David strives to help his clients accomplish their goals through the creation and preservation of wealth. 

David and his business partner, Alex Aretakis, merged their practices over a decade ago so they could provide even more value to their clients and build a business on the foundation of trust and integrity. They are committed to conducting themselves in a manner that is deserving of their clients’ confidence, earning their trust each and every day.

David and his wife have four wonderful children. Outside of the office, he loves spending time outdoors, hiking, golfing, and coaching his kids in various sports. 

Meet Alex

Originally from New York, Alex relocated to Arizona in 2000. After graduating from St. John’s University with a Bachelor of Science in Finance, he got his start in the financial industry with EF Hutton, Shearson Lehman Citigroup, on the trading floor of their Fixed Income division at the World Trade Center. He then pursued wealth management so he could help individuals through the many financial decisions weighing on their minds and provide a road map for their ideal future. 

Both Alex and David’s fathers proudly served our country in the military, the U.S. Navy and U.S. Marine Corps (Semper Fidelis, “Always Faithful”). The ethics their fathers passed on to them have translated into a practice where family values and commitment are important above everything else.

Their transition to an RIA has elevated this level of commitment as fiduciaries. Their service model is driven by a client-first approach, always putting their clients’ interest ahead of their own with a duty to preserve good faith and trust. Alex and David provide estate, business, and retirement planning, with a specific emphasis on fee-based asset management. They firmly believe in a long-term approach to investing based on each client’s specific financial needs, goals, and tolerance for risk. They utilize a broad spectrum of resources and strategic partners that include wealth planning, investment strategies, all designed to provide unique solutions.

Alexander and his wife are active in a variety of charitable organizations with a focus on family, cancer, and special needs. He’s also active within his community as a member of St. Bernard’s of Clairvaux Catholic Church. Their daughter is an accomplished honor student who is also quite active in the community.

A New Partnership

We are proud to have David and Alex on our team. We believe you will benefit from the passion and expertise they bring and we hope you get a chance to welcome them! If you want to experience the difference Balboa Wealth Partners can make in your finances, give me a call at 949-445-1465 or email me at [email protected].

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

By Jeff Gilbert

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Announcing Our Second Office Location!

After years of serving our loyal clients out of our California office, we are excited to announce that we have opened a second location in Scottsdale, Arizona. As our firm continues to grow, we want to be able to expand our offering and build a presence in the great state of Arizona.

6263 N Scottsdale Road

Suite 265

Scottsdale, AZ 85250

Phone: 480-801-5100

Take a look at the photos below for a sneak peek of the new location! 

If you have friends or family members in Arizona you know that would benefit from the dedication and service that defines Balboa Wealth Partners, we’d love to meet them! They can reach us at 480-801-5100 or [email protected].

By Jeff Gilbert 

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

,

Top 3 Financial Concerns Women Business Owners Face

By Jeff Gilbert

In 2021, surveys show that 31% of all small businesses or franchises in the U.S. are owned by women. (1) This number has increased by 4% since 2020, which is inspiring given the pandemic and economic turmoil the majority of business owners have faced over the last year. 

Although most business owners work extremely hard and overcome significant obstacles to make their businesses succeed, women face unique challenges in the business world that most men simply don’t have to reckon with. 

As longtime investment advisors, we know the financial concerns women entrepreneurs contend with on a daily basis. Below are the top 3 challenges we’ve seen women business owners face (and overcome) over the years.

1. Access To Funding

Research is finding that although more women entrepreneurs are applying for business loans, the loans they’re granted are more than 40% lower than loans approved for male entrepreneurs, despite a trend for higher average operating expenses within women-owned businesses. (2)

Not to mention, women entrepreneurs have a more difficult time accessing funding from venture capital investors. (3) Reasons for this particular challenge are varied, but one likely explanation may be because male investors prefer to invest in male-owned businesses. Conversely, female investors may be more inclined to invest in women-owned businesses. (The psychological term for this phenomenon is the similarity-attraction effect.) (4)

With fewer women venture capitalists, female entrepreneurs have a smaller pool of potential investors to pitch their ideas to.

2. Not Charging What You’re Worth

Because women have had to work so hard to break glass ceiling after glass ceiling in business and industry, they’ve been inundated for decades with subtle and not-so-subtle messages that their work is less valuable. Oftentimes, women business owners charge less for their services or products because they’re afraid potential consumers will balk at more expensive prices. In fact, one survey found that women who work for themselves earn 28% less than their male peers. (5)

To rectify this, women business owners must charge prices that similar businesses in their industry are charging. And if potential clients or customers try to negotiate, move on. More than likely, there are other prospects out there willing to pay you what you’re worth.

3. Knowing When To Scale

Working women everywhere know the challenges of balancing career responsibilities with domestic responsibilities, and perhaps no one knows this better than the female business owner. Despite ever-increasing numbers of women in the workforce, many women are still expected (or expect themselves) to shoulder most of the childcare and housework burdens.

With this ingrained mindset, it’s no surprise that women business owners have high expectations for themselves to be able to run their business entirely on their own. But not only is this mindset likely to result in burnout, it’s also likely to hold you back from growing your business and making more money.

For most business owners, there comes a time when it’s in your best interest to spend more time on money-making tasks and less time on administrative tasks. Although hiring outside help might feel counterintuitive at first, knowing when it’s time to scale your business can result in much greater returns down the road.

How We Help

At Balboa Wealth Partners, we’ve helped dozens of female entrepreneurs overcome these challenges and more. We provide financial planning services for both your business and your personal life so you can spend more time doing what you do best. To find out how I can help, give me a call at 949-445-1465 or email me at [email protected] to schedule a no-obligation conversation.

About Jeff

Jeff Gilbert is the founder and CEO of Balboa Wealth Partners, a holistic financial management firm dedicated to providing clients guidance today for tomorrow’s success. With nearly three decades of industry experience, he has worked as both an advisor and executive-level manager, partnering with and serving a diverse range of clients. Specializing in serving high- and ultra-high-net-worth families, Jeff aims to help clients achieve their short-term and long-term goals, worry less about their finances, and focus more on their life’s passions. Based in Orange County, Jeff works with clients throughout the entire country. To learn more, connect with Jeff on LinkedIn or email [email protected]. 

Advisory services provided by Balboa Wealth Partners, Inc., an Investment Advisor registered with the SEC. Advisory services are only offered to clients or prospective clients where Balboa Wealth Partners and its Investment Advisor Representatives are properly licensed or exempt from registration.

Securities offered through Chalice Capital Partners, LLC, member FINRA, SIPC.

Balboa offers advisory services independent of Chalice. Neither firm is affiliated.

__________________

(1) https://www.guidantfinancial.com/small-business-trends/women-in-business/

(2) https://www.biz2credit.com/research-reports/women-owned-business-study-2020

(3) https://www.businessnewsdaily.com/5268-women-entrepreneur-challenges.html

(4) http://sk.sagepub.com/reference/socialpsychology/n517.xml#:~:text=Definition,to%20be%20around%20the%20person

(5) https://www.freshbooks.com/press/data-research/women-in-the-workforce-2018