Altfest Advisory Newsletter – Summer 2017

August 15th, 2017
Altfest Advisory Newsletter Altfest Advisory Newsletter - Summer 2017 Homeowners Insurance: Why You’re Likely Paying Too Much for Inadequate Coverage Andrew Altfest, CFP®, recently reviewed some clients' homeowners insurance policies. In each case, the policies contained unnecessary costs and inadequate coverage. In this article, Andrew shares some common insurance problems you can avoid. A sampling of things to review includes deductibles, contents, discounts, coverage amounts, replacement cost, and loss assessment coverage.   The Curious Case of Mysteriously Moving Markets The Chicago Board Options Exchange Volatility Index (VIX) is a popular measure for quantifying risk within the US equity market. It reflects investors’ appetite for risky assets. In this article, Sush Poddar discusses VIX and its role in how we at Altfest select certain investments. 

Andrew Altfest Ranks High on Forbes List of America’s Top Next-Generation Wealth Advisors

August 10th, 2017

Andrew Altfest Managing Director of Altfest Personal Wealth Management on Forbes' Inaugural List of "America's Top Next-Generation Wealth Advisors"

We are proud to announce that Andrew Altfest, CFP® has been named as one of "America's Top Next-Generation Wealth Advisors” in Forbes' inaugural listing for 2017. Andrew ranks # 61 out of 500 next-generation advisors who were selected from 19,616 nominations. Considered by Forbes to be among the nation’s best advisors, Andrew was selected based on several considerations including client service model, investing process, business type, as well as his experience level and integrity. The link below gives full details of the selection criteria. https://www.forbes.com/sites/rjshook/2017/07/25/methodology-forbes-top-500-top-next-generation-wealth-advisors/#a9c01ac36716. We believe Andrew’s high ranking reflects his continued commitment to the expertise, care, and extra effort we offer to our clients. Warm regards, The Altfest Team Altfest Personal Wealth Management 445 Park Avenue, 6th Floor New York, NY 10022 (212) 406-0850 (Phone) (212) 406-0867 (Fax) www.altfest.com

Andrew Altfest Ranks High on Forbes List of America’s Top Next-Generation Wealth Advisors

August 5th, 2017

Andrew Altfest Managing Director of Altfest Personal Wealth Management on Forbes' Inaugural List of "America's Top Next-Generation Wealth Advisors"

We are proud to announce that Andrew Altfest, CFP® has been named as one of "America's Top Next-Generation Wealth Advisors” in Forbes' inaugural listing for 2017. Andrew ranks # 61 out of 500 next-generation advisors who were selected from 19,616 nominations. Considered by Forbes to be among the nation’s best advisors, Andrew was selected based on several considerations including client service model, investing process, business type, as well as his experience level and integrity. The link below gives full details of the selection criteria. https://www.forbes.com/sites/rjshook/2017/07/25/methodology-forbes-top-500-top-next-generation-wealth-advisors/#a9c01ac36716. We believe Andrew’s high ranking reflects his continued commitment to the expertise, care, and extra effort we offer to our clients. Warm regards, The Altfest Team Altfest Personal Wealth Management 445 Park Avenue, 6th Floor New York, NY 10022 (212) 406-0850 (Phone) (212) 406-0867 (Fax) www.altfest.com

Homeowners Insurance: Why You’re Likely Paying Too Much for Inadequate Coverage

July 30th, 2017
[caption id="attachment_1879" align="alignleft" width="240"]Andrew Altfest, CFP by Andrew Altfest, CFP®
Executive Vice President and Managing Director[/caption] I recently reviewed a few of our clients’ homeowner insurance policies. In each case, the policies contained unnecessary costs and inadequate coverage. This can be a stumbling block for dentists. With this in mind, I’d like to share some common insurance problems you can avoid. Insurance planning is inefficient, partly because property owners are asked to make their own insurance decisions. This entails looking at all risks covered by policies — dwelling, contents and personal liability — then deciding how to address these risks most efficiently, now and in the future. It would be natural to think your broker or agent already did this for you, but it might not be so simple. First, the insurance you have will vary depending on whether you are working with a captive or independent insurance agent or broker. A captive agent works for a single company, and might not give quotes for the entire market. Independent agents and brokers work for more than one insurer, and can quote multiple  companies’ rates. Which should you choose? The right answer is both. A captive agent might have limited selection. Independent agents can quote rates for more insurers, but might not be able to present a quote for the insurers exclusively represented by a captive agent. No matter whom you choose,  the work on policies often is frontloaded. This means most of it is done in the beginning of the client relationship, then is too infrequently revisited to check for gaps or better options. Here are some of the disconnects from the client homeowner policies I’ve reviewed that you can avoid. Paying too much Below are a few areas to look for cost savings: Deductibles: Often, insurance policies give several levels of deductible options, meaning the amount of loss you must absorb before insurance kicks in. I have seen deductibles range from $1,000 to $25,000.  I often recommend higher-deductible plans, and here’s why. In one example I saw, raising a deductible from $5,000 to $10,000 reduced the policy’s annual premium by over $1,100 per year. That means if you do not put in a $5,000 claim for five years, you will have saved money by having a lower premium. Note that policies can have different deductibles for riders and optional coverages – evaluating each can save you money. Contents: Policies are initially quoted with off-the-shelf coverage, such as for contents and other structures (brownstone owners generally don’t need coverage for a garage). Because contents is quoted as a percentage of a home’s insured value, typically at 50 percent or 70 percent, you might be quoted a policy with contents coverage well beyond the value of your possessions. Discounts: Homeowners insurance costs can be further reduced by bundling  coverages with a single carrier.  Also, umbrella/excess liability insurance can be heavily discounted for a group. Inadequate Coverage Many policies do not provide enough coverage. I just reviewed a 10-year-old policy with an amount of coverage only one-quarter of the replacement value of the house. In the event of a devastating fire, the homeowner would have been out more than $1.5 million. Here are a few more things to keep in mind when reviewing your coverage: Replacement cost: Most policies offer “replacement cost” coverage. This means the carrier will pay to rebuild your house or apartment when there is a qualifying claim. However replacement-cost coverage does not ensure adequate coverage. Insurance companies will only reimburse to your home’s insured value. Many insurance companies will not send an appraiser to look inside your home, so the replacement cost of above standard finishes might not be reflected in a policy’s insured value. More generous coverage might include “guaranteed replacement cost,” which will cover the full rebuild amount. However, your enhanced replacement cost coverage might not be as generous as you think. Check whether there are limitations, such as caps of 115 percent or 125 percent of the home’s insured value. Even if you have guaranteed replacement cost with no limits, take a close look at your home’s insured value. In the event of a disaster you might decide to be paid a lump sum instead of rebuilding.  I have found that insurance companies can be too conservative with their building assumptions, particularly in high cost areas. Whichever coverage you have, make sure you have inventoried your contents, listing them, providing serial numbers, and by taking photos. Even photographing your interior finishes is a good idea. Loss Assessment Coverage: if you own an apartment, check to see whether you have enough loss assessment coverage. Loss assessment coverage protects you from a building assessment due to your building having inadequate coverage when the building is damaged or someone has been hurt on premises. Your loss assessment coverage should be tied to your building’s Master Policy. Since we do not sell insurance our dentist clients trust us to be their independent advisors and advocates. Proper homeowner’s insurance is, of course, just one piece of the financial planning puzzle for dentists. To discuss this or another financial planning issue, feel free to call us at (212) 406-0850.

Lunch with Lew Conference Call – July, 2017

July 23rd, 2017
On July 19, 2017, Altfest Personal Wealth Management hosted our biannual Lunch with Lew Conference Call*. During the call, Lew Altfest discussed the economic outlook and current stock market, the average portfolio performance thus far for 2017, planned changes in clients' investment portfolios, and the various styles of investing along with the Altfest investment approach. Below is a replay of this conference call. Lunch with Lew Conference Call   http://www.altfest.com/blog/wp-content/uploads/2017/07/Lunch-with-Lew-July-2017-Final.mp3
*This content reflects the opinions of Altfest Personal Wealth Management and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. *Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. *All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.

Altfest Personal Wealth Management Ranked as One of the Top 300 Registered Investment Advisers (RIA) in the Nation by Financial Times

July 5th, 2017
We are proud to again be included in this influential business and finance publication’s list of the Top Financial Advisers. Considered by Financial Times to be among the nation’s best, Altfest Personal Wealth Management was selected based on several considerations including Assets Under Management (AUM), our more than three decades long track record of attracting and retaining clients, and providing quality service to clients through our solid staff of “outstanding financial professionals,” most of whom hold well-respected industry certifications While industry accolades are very exciting, what is most rewarding to us is that for the past 34 years, our firm has been committed to putting you, our clients, first while maintaining our place at the forefront of investment management and financial planning. Please feel free to share this announcement. As always, reach out to us with your questions. Sincere regards, Karen C. Altfest, Ph.D., CFP® Executive Vice-President Altfest Personal Wealth Management 445 Park Avenue, 6th Floor New York, NY 10022 (212) 406-0850 (Phone) (212) 406-0867 (Fax) www.altfest.com     * FT 300 Disclosure: The 2017 Financial Times Top 300 Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2017). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to the Financial Times in exchange for inclusion in the FT 300.

Altfest Personal Wealth Management Annual Event 2017

June 18th, 2017
Karen Altfest's Welcoming Remarks
Lewis Altfest's Opening Remarks
Keynote Speaker Dan Fuss, Vice Chairman, Loomis Sayles & Company
Altfest Director's Roundtable: "The Next Wave of Financial Planning at Altfest" panel discussion with Altfest Professionals Andrew Altfest, Managing Director, Executive Vice President; Paul Palazzo, CFP®, COA, Managing Director; Ekta Patel, CFP®, Director; and Mike Prendergast, CFP®, Director.

Watching Your Wealth: Wall Street Journal with Altfest Personal Wealth Management’s Paul Palazzo

May 3rd, 2017
Altfest Personal Wealth Management's Paul Palazzo joins Veronica Dagher of the Wall Street Journal for a podcast to help answer listeners' personal finance questions.

Altfest Advisory Newsletter – Spring 2017

April 24th, 2017
Altfest Advisory Newsletter – Spring 2017 The Effects of the Proposed Trump Tax Plan on Your Finances: Jimmy Bassett, CFA, delves into the tax reform priorities that President Trump has highlights and looks at how these changes could impact your investment strategy. Altfest Personal Wealth Management will keep a close eye on this conversation. Outlook: Implementation Will Determine Economic Impact of New Policies: Altfest Investment Strategist Sush Poddar discusses proposed federal policies on issues such as trade, energy, and defense,  and how the implementation of these proposals is likely to be as critical as the policies themselves in determining the success of investments.

Womens Financial Salon with Beth Kobliner: Hosted by Altfest Personal Wealth Management

April 19th, 2017

Educating Children and Grandchildren: Good Financial Habits for the Whole Family

In April, 2017, Karen C. Altfest, Ph.D., CFP®, welcomed New York Times bestselling author Beth Kobliner to discuss financial education tips for children and grandchildren. Beth is the author of "Get a Financial Life" and "Make Your Kid a Money Genius (Even If You're Not)". She has been a columnist for Money, Glamour, and Redbook magazines, and a contributor to The New York Times and Wall Street Journal. In 2010 Beth was selected by President Obama to serve on the President's Advisory Council on Financial Capability.