Choosing a financial advisor is a big decision. How can you find a trusted partner? Someone who’s independent and will work with you to help grow and manage your wealth?

Introducing the team at Bay Rivers Group Wealth Partners. We’re an independent financial advisory and wealth management practice dedicated to collaborating with individuals, business owners, families, and generations. We help you manage, grow, and transfer wealth.

Our planning process is cyclical and forward looking and focuses on the many areas of your financial health. We consult with our clients and gather information about goals and risk tolerance preferences. We then develop the investment strategies designed to help achieve your objectives and provide the advice and encouragement you need.

From portfolio management and tax planning, to retirement plans, social security strategies, and insurance reviews, we can help you navigate all your financial needs. Bay Rivers Group Wealth Partners acts as your partner, collaborating and communicating.

Learn more about Bay Rivers Group Wealth Partners at bayriversgroup.com or by calling our office today.

To keep your investment portfolio on target for financial goals, you want to balance risk and diversify your assets. That’s the purpose of asset allocation - the process of dividing your portfolio among major categories like cash, stocks and bonds. Historically, the returns of these three major asset categories have not moved up and down at the same time - so including a mix of these assets in your portfolio can protect against losses. There is no perfect formula for asset allocation - it differs with each individual depending on their risk tolerance and time horizon. Risk tolerance is the amount of your investment you’re willing, or able, to lose in exchange for greater possible returns.  Risk tolerance is closely tied to time horizon, or the amount of time you have to invest. An investor saving to make a down payment on a home in 5 years might choose less risky investments than someone saving for retirement in 20 years. A longer time horizon allows more time to recover from loss. Asset allocation may be one of the most important investment decisions you make with your portfolio - call us today to learn more.

Many pre-retirees are uncertain about their choices when it comes to enrolling in Medicare. There are 2 main ways to get your coverage - you can choose the traditional fee-for-service Medicare, known as Original Medicare, or a Medicare Advantage plan.

Medicare Advantage plans are similar to an HMO, which stands for Health Maintenance Organization or a PPO, which stands for Preferred Provider Organization.

Original Medicare consists of Part A - Hospital Insurance for in-hospital care, and Part B Medical Insurance for outpatient services like doctor visits and lab tests.

Medicare Advantage, known as Part C, is a managed care option that rolls all the different parts of Medicare into one.

And everyone on Medicare is eligible for prescription drug coverage either from a Part D plan or a Medicare Advantage Plan offering drug coverage.

There are many considerations that can factor into the Medicare planning process. Let us help you with your important Medicare decisions. Call us today.

Most Americans who turn 65 are eligible for Medicare, a federal program that covers many health expenses for seniors. But the program is complicated. Here are 5 important facts you need to know:

First - Medicare is not free. Of the 4 parts, Part A - Hospital Insurance - is the only one that normally has no premium. Parts B, C and D have premiums that vary.

Second - Enrollment is not automatic - you have to sign up for Medicare benefits. The exception is for those already receiving Social Security benefits. If you’re already receiving Social Security benefits, you will automatically receive Medicare Parts A and B.

Third - Late enrollment can mean expensive, and permanent, premium penalties. You have 7 months, starting 3 months before your 65th birthday month, to sign up penalty-free.

Fourth - Medicare covers a lot, but not everything. Services like long-term care, dental and vision care are not covered. People often purchase additional private coverage for these types of services.

And fifth, if you’re in a higher tax bracket, you’ll pay more. High-income seniors pay surcharges on premiums for both Parts B and D.

Let us help you with your important Medicare decisions. Call to speak to a licensed insurance agent.

With a traditional IRA, you may qualify for a tax deduction when you invest your money. But later, when you take the money out in retirement, all those distributions are taxed. The Roth IRA is the opposite. It has no deduction when you put the money in, but later, all distributions are tax-free when you take the money out during retirement.

By converting from a traditional IRA to a Roth IRA, future gains become tax-free. But when you convert funds from a traditional IRA to a Roth IRA, you must pay taxes on the converted amount that year. You can choose to convert all or just part of a traditional IRA to a Roth IRA. Timing should be based upon when you are in a lower tax bracket or have other offsetting deductions. We can help you gauge the costs and benefits of a Roth conversion in your situation. Beware of penalties if you may need to tap into your Roth IRA funds in the next five years and you are or will be younger than age 59.5 when you need these funds.

Give us a call today and we’ll help you evaluate your options. It’s important that all investment titling and beneficiary designations are working in concert with your will or other estate planning documents. Speak with your estate and tax planning professionals to evaluate any potential tax ramifications and call us today to learn more about strategies and resources that may help you preserve your nest egg.

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

Take a moment to watch our most recent video on youtube at https://youtu.be/DjYiJ2yX93w

Written goals are your road map to financial success. Be specific, simple, and realistic and include time frames and dollar amounts. Have some big goals and some small ones. Include a savings plan and an emergency fund. Pay off high-interest debt and control the amount of your debt. Then, take action to achieve your goals. Review your goals often and remember it takes time to achieve goals so be patient. Without a plan, your path waivers and valuable time is lost. So, don't wait. Let us help you create an investment plan for your future today.

What is the real cost of identity theft? It goes beyond just financial loss. In the past, identity theft happened when someone stole your wallet or picked through your trash or your mail. Today's theft is much more sophisticated. Today, it's cyber-crime, and there are over 1.5 million victims daily. The information targeted is your bank account information, Social Security number, or credit card information. Computers, smart homes, and even hacked ATM machines are sources under attack. Sometimes it is beyond your control. Even big, reliable companies have their systems hacked. Beyond the financial costs, there are legal costs and time needed to restore your good credit. It can take years to recover. In the meantime, your credit rating may be affected, disqualifying you for loans, or your employment may be affected.

There are several steps you can take to help protect yourself. You need strong online passwords that include upper and lower-case letters, numbers, and symbols. Do not provide financial information on public networks and use only reliable websites to purchase goods. Early detection is critical, so monitor your financial statements weekly. Freeze accounts if you suspect any irregularity and set up alerts when activity falls outside of set parameters.

We can help provide you with resources and guidance so that you can protect your accounts from identity theft.

The death of a spouse is one of the most devastating events of a person’s life. During this difficult time, do not make any major financial decisions right away. Allow yourself time to only deal with the emotions of your loss. Then, get 10 to 20 copies of your spouse's death certificate to document ownership changes. Be sure to keep all payments current to avoid late and interest charges. Don’t sell your house, sell investments, or give money to charity right away, and don’t immediately invest proceeds from insurance until your financial picture is clear. Verify your survivor benefits from pensions, Social Security and investments. Gather and organize all financial documents and statements. Then assess your current financial needs. We can help you through this difficult time. Please give us a call today. We’re here for you.

Various financial industries strive to create standards of excellence through accreditation programs. When choosing a Financial Advisor, here are some designations you should look for.

A CFP is a Certified Financial Planner who must pass stringent standards for Education, Examination, Experience and Ethics while providing financial planning to clients.

A ChFC is a Chartered Financial Consultant and is very similar to the CFP except it does not require a comprehensive board examination.

A CLU is a Chartered Life Underwriter. This is the most respected insurance designation for agents who specialize in life insurance and estate planning.

A CPA is a Certified Public Accountant who has passed required college courses and has a bachelor’s degree. In addition, they have passed a 19 hour 2-day exam. Their focus is taxes, auditing and bookkeeping.

A CFA is a Chartered Financial Analyst who has passed a rigorous course of study. Their focus is investment analysis and portfolio management.

There are many new designations that have developed recently. But most are not as rigorously tested as CFP and CPA. Designations are an important part of your selection process. Always choose someone who understands your situation and focuses on providing for your needs. Ask us about our experience and our methodology to provide for your needs today.

Risk tolerance is the level of risk, or market ups and downs, an investor is willing and able to tolerate. An aggressive investor, one with a high-risk tolerance, is willing to risk greater loss to potentially maximize returns, while a conservative investor prefers investments that have a lower risk of negatively impacting the portfolio’s value. It’s important to understand your own risk tolerance when building an investment portfolio so that you won’t over-react during market swings.

The first step toward gauging your risk tolerance is to outline your financial goals, such as saving for college, a car or a new home. Then create a timeline for when you’ll need the money - lower-risk investments are best for short-term goals, since there’s little time to recover from loss.

Keep in mind that investments with very low risk will grow more slowly and could even lose purchasing power due to inflation and taxes. Also consider your personal comfort level in investing - can you sleep at night with the choices you’ve made in times of market volatility? To learn more about how risk tolerance affects your investment strategy, please call today.

We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Or you can delay until age 70, and your monthly income will be 32% higher.

Your strategy needs to be based upon a number of factors: like how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets.

Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies.

Please take a moment to watch this week’s Vlog at the following link: https://www.youtube.com/watch?v=YqbJG4cw-h4

https://www.youtube.com/watch?v=hh5Iwkvh8RM

If you faced sudden evacuation of your home, would you be prepared to grab all your important documents and items on your way out the door? Few of us would be clear headed enough to know what we need, and where to find it, in a time of crisis. Here are two important steps to take well in advance of any possible emergency:

First, create an inventory of your home possessions, inside and out. Document this in a formal list and take photos or videotape for insurance purposes.  Include values, model and serial numbers, receipts and appraisals whenever possible.

Second, assemble an Evacuation Box to store key documents and items like cash, wills, bank account numbers, computer backups and medical information. Make sure your box is durable and lockable and store it near an exit for quick access.

Preparing for an emergency can help lessen its financial impact. For more information, call us!

https://www.youtube.com/watch?v=e_66OmJKJiM

A question we frequently ask our clients is whether they’re protecting their financial accounts from hackers. We recommend starting with secure password practices. Once a hacker steals just one password, they can potentially steal your entire identity, mainly because most people use the same password for multiple online accounts. Creating different passwords for your accounts is one way to keep them out of the hands of hackers. Strong passwords are also important; a combination of upper and lower case letters, numbers and symbols makes your passwords more secure. Make sure to review your credit card statements for unauthorized activity and take advantage of any card usage alerts offered. And monitor your credit report for suspicious activity through the three major reporting agencies: Equifax, Experian and TransUnion. For more information on protecting your financial accounts, give us a call today.

Check it out here: https://www.youtube.com/watch?v=Sl4hdD8yGlY