WealthBuilding : Investment Strategies for Retirement and Estate Planning

by Reiser, David R.; DiColo, Robert L.

• ISBN13: 9780471388074
• ISBN10: 0471388076
• Edition: 1st
• Format: Hardcover
• Copyright: 2000-11-27
• Publisher: Wiley

Summary

Real-Life Financial Strategies For True Wealth WealthBuilding is an essential read for everyone who wants to reach their wealth goals and maintain their standard of living when they're retired. It includes the real-life Wealth Stories of 31 investors-ranging from young, single professionals to middle-aged job-hoppers to retired seniors-and how they are planning and managing their wealth successfully and intelligently. A helpful tool for financial professionals to use with clients, WealthBuilding will also empower individual investors by showing them what to look for in a trusted advisor and how to build an effective partnership. You will inevitably see yourself-or one of your clients-in one (or more) of these Wealth Stories. Praise for WealthBuilding "David Reiser and Robert DiColo have written a readable book that aims to empower the reader, while at the same time creating knowledge of when professional advice is needed. It is a combination of old-fashioned wisdom and new age understanding. Anyone can benefit from thinking about its lessons." -Zoe Baird, President, The Markle Foundation "Dave Reiser and Bob DiColo have succeeded where many others have failed: they have explained in a simple, straightforward, and understandable manner the complex, and often frustrating, world of retirement planning. Financial services professionals and serious investors will find Reiser and DiColo's work to be invaluable." -John A. Tarantino, President, Adler Pollock & Sheehan, Past President, Rhode Island Bar Association "Reiser and DiColo have hit the nail right on the head. A 'don't-do-it-yourself' book that will guide professionals and novice investors on the path to wealth creation." -Dr. Robert Goodman, Managing Director and Senior Economic Advisor, Putnam Investments Please visit our Web site at www.jklasser.com

Author Biography

DAVID R. REISER, and ROBERT L. DiCOLO, are Senior Vice Presidents–Investments at PaineWebber Inc. offices in Providence, Rhode Island. Through their Reiser and DiColo Retirement and Estate Planning Group, they help worldwide clientele define, plan for, achieve, manage, and preserve wealth by partnering with leading money managers, accountants, insurance professionals, and estate lawyers. The group manages more than $400 million in client assets. Mr. Reiser lives with his wife and four sons in Barrington, Rhode Island. Mr. DiColo lives with his wife in East Greenwich, Rhode Island.

Table of Contents

Acknowledgments	xvii
Foreword	xix
William B. Lytton
Part One: Defining Wealth
Introduction	3	(8)
Don't Do It Yourself
How Can an Idea So Popular Be So Wrong?
The Right Idea
What Is Wealth?
About the Wealth Stories
Part Two: Achieving Wealth
How to Pick the Right Chief Operating Officer	11	(12)
Getting to the Chief Operating Officer Point
Who Makes a Good Financial Advisor?
But I'm a Person, Not a Company!
Pitfall 1: Don't Save During Prime Earning Years	23	(10)
The Importance of Saving from an Early Age
Pitfall 2: Save Blindly, without Goals or a Plan	33	(16)
The Right Investment Mix
Goals, Balance, and the Long-Term View	49	(12)
Understanding Asset Allocation
Modern Portfolio Theory
Equities Diversification
Stocks, Bonds, Mutual Funds, Cattle Futures?
After Asset Allocation---Hold to the Plan
Pitfall 3: Respond to Tipsters and Telemarketers	61	(16)
The Temptation to Stray from a Successful Plan
Pitfall 4: The Cookie-Cutter Approach---How Not to Handle Asset Allocation	77	(14)
Looking at the Total Financial Picture
Pitfall 5: Spread Your Investments Among Many Brokerages and Banks---Give No One the Whole Picture	91	(10)
The Need for One Comprehensive Plan
Pitfall 6: Invest for Immediate Income	101	(12)
Thinking Outside the Lines
Male Investors Are From Mars; Female Investors Are From Venus	113	(16)
Women Are Successful Investors
Establishing a Partnership with the Financial Advisor
The Importance of Understanding the Financial Plan
Developing a Financial Identity
Part Three: Preserving Wealth
You've Made It. Now Spend It, Save It, or Give It Away	129	(16)
The Benefits of Estate Planning
The Cost of No Estate Planning
Drawing Up a Last Will and Testment
Estate Planning: The Basics
Gifts Versus Bequests
Long-Term Care: Protection for the Later Years	145	(8)
What is Long-Term Care?
Evaluating Long-Term Care Options
Spend It: The Ultimate Family Vacation	153	(8)
A Happy Dilemma
Leaving a Legacy---Wisely	161	(12)
The Importance of Intergenerational Communication
Helping Your Heirs Understand Financial Concepts
Communication Can Help Reduce Estate Taxes
Give It Away: For Those With Strong Charitable Motivation	173	(8)
The Desire to Benefit Others
Pitfall 7: Force Your Heirs to Sell Family Treasures	181	(10)
Putting Family Heirlooms at Risk
The Final Frontier	191	(4)
Focusing on Wealth
Day Traders and Armchair Investors
You, Inc.
Appendix A Your Financial Physical: Information to Take to Prospective Financial Advisors	195	(12)
Appendix B Questions a Prospective Financial Advisor Should Ask You	207	(2)
Appendix C Questions to Ask a Prospective Financial Advisor	209	(2)
Appendix D Estate Planning Worksheet	211	(2)
Appendix E Estate Planning Motivator	213	(2)
Glossary	215	(14)
Index	229