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

Thursday, 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

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

Sunday, 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

Sunday, 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 Annual Event 2017

Sunday, 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

Wednesday, 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.

Karen Altfest Recognized as Top Women Advisor by Forbes

Monday, March 27th, 2017
On Forbes' inaugural list of "America's Top Women Advisors", Karen C. Altfest, Ph.D., CFP®, ranked #17 out of 200 female advisors. On Forbes' inaugural list of "America's Top Women Advisors", Karen C. Altfest, Ph.D., CFP®, ranked #17 out of 200 female advisors.  As one of the few independent firms represented, we're proud to have Karen listed. Karen has made it her mission to make her clients, specifically  women, feel comfortable with their finances through education. Forbes notes Karen’s hand-on approach to financial planning in this feature article: Why Financial Advisor Karen Altfest Loves Volatility And Brexit The ranking methodology for this list includes a focus on experience and best practices and we believe our emphasis on being a client-focused, fee-only firm makes a difference. Altfest Personal Wealth Management 445 Park Avenue, 6th Floor New York, NY 10022 (212) 406-0850 (Phone) (212) 406-0867 (Fax) www.altfest.com         *The Forbes ranking of America’s Top Women Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative and quantitative data, rating thousands of wealth advisors with a minimum of seven years of experience and weighing factors like revenue trends, assets under management, compliance records, industry experience and best practices learned through telephone and in-person interviews. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Neither Forbes or SHOOK receive a fee in exchange for rankings. Additional details regarding the criteria and process utilized in formulating these rankings can be found by at https://www.forbes.com/sites/rjshook/2017/02/28/the-forbes-ranking-of-americas-top-women-wealth-advisors-methodology/#10e07712285d.

Lewis Altfest High on Barron’s Top 1,200 Rankings

Sunday, March 26th, 2017
Lew_IMG_7072_RGB - no 425We're proud to announce that Lew Altfest Ph.D., CFP®, CFA, CPA, PFS again has ranked high on Barron's Top 1,200 Financial Advisors in the country. This is Lew's fourth time on Barron's largest and most comprehensive list of advisors based on assets under management, revenue, and the quality of the advisor's practices. We believe the quality of our service is what sets us apart -- something we're pleased a distinguished publication like Barron's has recognized. To be named is an honor in an industry that continues to grow and change virtually every day. Altfest Personal Wealth Management 445 Park Avenue, 6th Floor New York, NY 10022 (212) 406-0850 (Phone) (212) 406-0867 (Fax) www.altfest.com       *Barron’s state-by-state listing of “America’s Top 1,200 Financial Advisors” lists the top advisors in each state, with the number of ranking spots determined by each state’s population and wealth. The rankings are based on assets under management, revenues generated by advisors for their firms, and the quality of the advisors’ practices. Investment performance is not an explicit criterion because performance is often a function of each client’s appetite for risk. In evaluating advisors, we examine regulatory records, internal company documents, and 100-plus points of data provided by the advisors themselves. Additional details regarding the criteria and process utilized in formulating these rankings can be found by at http://www.barrons.com/articles/barrons-top-1-200-financial-advisors-1488608821.

Register: From Your 1st Practice to Your 5th Practice: Building Your Personal and Professional Wealth

Sunday, March 26th, 2017

Life after Loss – Financial and Practical Advice for Widows/Widowers

Tuesday, February 28th, 2017
Join Karen Altfest for the 3-session course: Life after Loss - Financial and Practical Advice for Widows/Widowers Location: 695 Park Avenue, East Building Room 1022 Date: Wednesdays, April 5 - April 19 Time: 5:30pm - 7:30pm Register Now: http://www.hunter.cuny.edu/ce   |   ce@hunter.cuny.edu For more information, call 212.650.3850   Life-After-Loss--Spring-2017

Lunch with Lew Conference Call – January, 2017

Tuesday, January 24th, 2017

On January 18, 2017, Altfest Personal Wealth Management hosted our biannual Lunch with Lew Conference Call to discuss 2016 market performance, the market and economic outlook for 2017, and the impact of President Donald Trump's economic plans.

Below is a replay of this conference call.

[audio mp3="http://www.altfest.com/blog/wp-content/uploads/2017/02/Lunch-with-Lew-January2017.mp3"][/audio]