Posts Tagged ‘Andy Oakes’

Andy Oakes at LeConte Wealth Management Earns CFP® Designation

Wednesday, March 14th, 2012

Maryville, Tenn. – Andy Oakes, CFP®, director of Financial Planning at LeConte Wealth Management in Maryville, Tenn., has been authorized by the Certified Financial Planner Board of Standards (CFP Board) to use the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP in accordance with CFP Board certification and renewal requirements.

Andy Oakes joined LeConte Wealth Management in January 2009 to direct the firm’s financial planning operations. He complements the firm’s asset management efforts by helping clients efficiently bridge the connections between their investments and their overall financial goals.

With more than 10 years of industry experience, Andy’s work is focused on crafting complex financial planning solutions for clients. After developing and implementing a financial planning platform for another independent firm, Stanfill Wealth Management, he fulfilled an interest in public service as a United States Peace Corps Volunteer on a community economic development project in Ukraine from 2006 to 2007. He was most recently was affiliated with Merrill Lynch in Knoxville.

A native Tennessean, Andy graduated from Furman University in 1998, with a Bachelor of Arts degree in Political Science. He holds Series 7, 63, and 66 registrations through Commonwealth Financial Network, and life and health insurance licenses through the State of Tennessee.

Oakes’ most recent community service activities include being named a Loaned Executive for the United Way in 2010 and 2011 along with involvement in the Knoxville Symphony Orchestra and Big Brothers Big Sisters non-profit organizations.

For more information about LeConte Wealth Management and access to a variety of free online financial tools and calculators, visit http://www.lecontewealth.com

ABOUT THE CFP®
These marks identify those individuals who have met the rigorous experience and ethical requirements of the CFP Board, have successfully completed financial planning coursework and have passed the CFP® Certification Examination covering the following areas: the financial planning process, risk management, investments, tax planning and management, retirement and employee benefits, and estate planning. CFP® certificants also agree to meet ongoing continuing education requirements and to uphold CFP Board’s Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.

CFP Board is a nonprofit certification organization with a mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete initial and ongoing certification requirements. CFP Board currently authorizes more than 61,000 individuals to use these marks in the United States. For more about CFP Board, visit www.CFP.net.

ABOUT LECONTE WEALTH MANAGEMENT, LLC
Established in 2007 and located at 703 William Blount Drive, Maryville, TN 37801, LeConte Wealth Management, LLC (www.lecontewealth.com or 865-379-8200) helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals. With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed Insurance products and services offered by LeConte Wealth Management, LLC are separate and unrelated to Commonwealth.

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Tips to Get the Most out of Charitable Giving this Holiday Season from LeConte Wealth Management

Wednesday, November 17th, 2010

Alcoa, Tenn. – LeConte Wealth Management recommends a “charitable checklist” added to year-end tax plans for those who plan to make charitable donations this holiday season.

“It is perhaps a bitter irony of economic downturns that charities can fall on hard times when their missions are most important,” said Andy Oakes, financial planner at LeConte Wealth Management.  “Unfortunately, it appears that charitable donations are projected to be down this year.”

LeConte Wealth Management suggests donors who are motivated and financially able to be charitable this year, should add a “charitable checklist” to the year-end tax plan to make sure that the charitable donation does the most good for the charity and for the donor’s taxes.  These tips for a charitable checklist include:

  • Know your charity.  Make sure that the causes you support are accountable in how they pursue their mission.  You might ask what percentage of donations goes toward administrative expenses.  Any rate beyond 20 percent may indicate a lack of fiscal discipline.  Verify their status as a “qualified” charitable organization, which can be denoted by a 501(c)3 designation.  This can make a difference in how much you can ultimately deduct for tax purposes.
  • Be a “deliberate” donor.  Maximizing tax benefits takes careful consideration in how and what you donate.  For example, rather than simply writing a substantial check, you could donate highly appreciated stock, which might be deductible at the fair market value of the investment and avoid capital gains taxation.  Some arrangements like a charitable remainder trust allow you to benefit from an income stream generated by an asset that will ultimately go to charity.  As with other financial planning considerations, charitable donations should be approached holistically in order to ensure that they properly coordinate with your overall financial picture and optimize any applicable tax benefits.
  • Put your accountant on your Christmas card list.  Most of us do not think of our tax advisers until March or April, but by then, it can be too late to meaningfully take advantage of tax saving strategies.  Before the end of the year, ask your accountant to help you construct a projection of your tax liabilities along with some advice about year-end planning to reduce taxes, increase deductions, etc.  You also should verify how your charitable donations will be treated for tax purposes to determine 1) how much is deductible, 2) what documentation of the gift the IRS will require, and 3) from where the gift should come within your financial resources.

“At a time of year that promotes reflection on the blessings we have and charity for those who have not, be sure that your gifts don’t leave you owing more than you should to your least favorite charity, the IRS,” said Oakes.

For more information, including free financial tools and calculators, visit http://www.lecontewealth.com/.

ABOUT LECONTE WEALTH MANAGEMENT, LLC:
Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

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LeConte Wealth Management Provides Insights on Roth IRA Conversions

Sunday, February 14th, 2010

Consumers Should be Wary of Advice That Simply Benefits Adviser’s
Sales Agenda

Alcoa, Tenn.— Just as the film “The Wizard of Oz” can thrill a child, perhaps nothing instills a greater sense of innocence, fear and deliverance for adults than the IRS.
 
“After all, what could motivate a taxpayer more than the thought of peeking behind the curtain to discover a new way to minimize taxes,” said Andy Oakes, financial adviser for LeConte Wealth Management. 

For taxpayers in 2010, the “yellow brick road” is the Roth IRA conversion, which takes advantage of two IRS provisions that are limited to this year alone.  However, according to Oakes, consumers need to take precautions.

“Using the ‘Oz’ analogy, the flying monkeys in this story are not IRS agents — instead, they’re the bankers, insurance agents and stock brokers who would counsel a client to convert a Roth IRA simply to close a sale rather than to help the client realize retirement dreams,” Oakes said.

LeConte Wealth Management offers several tips for navigating these tricky IRA waters:

First the Facts:
Two things have changed for 2010. In previous years, if one’s income exceeded $100,000, a Roth IRA conversion was not an option. This limit has been eliminated.  More importantly, the typical Roth IRA conversion generates taxes due in the year the conversion takes place.  For 2010 only, however, the tax due from conversion can be delayed and split between tax years 2011 and 2012. 

“These taxes must still be paid—just at a later date,” said Oakes. 

To Convert or Not to Convert:
It is important for consumers to ask themselves, “When do I want to pay tax on my accumulated retirement money?”  According to Oakes, the correct answer should be, “When my tax bracket is lowest.”

First, take a look at your tax return for 2009 once it has been filed and determine your “marginal tax bracket,” also known as your personal top tax rate.  Then, think about what your income will be in the future, specifically, in retirement.  If your tax rate will go up in the future, it may be worth converting. If you will be in the same or a lower tax bracket, it is likely not worth converting. 

“Consumers should be sure that their choices on converting or not benefit them, not someone else,” Oakes said.

Below are some commonly asked questions and red flags that LeConte Wealth Management encourages consumers to watch out for if approached to convert a Roth IRA:

1. “My adviser says that if I convert, I can leave my IRA to my kids tax-free.” 

That may indeed be the result, but keep in mind that if your heirs will be in a lower tax bracket than you, converting could mean a bigger tax bill.  Paying now does not always mean paying less when it comes to taxes.

2. “My insurance agent recommended converting an old 401(k) to a Roth IRA using an annuity that will give me guaranteed income in retirement.” 

Converting has nothing to do in itself with what types of investments you choose.  Given that 401(k) plans can have very low expenses, and that some variable annuities have recurring annual expenses approaching 4 percent, you should be wary of conversion as justification to alter your investment strategy.  This is a classic bait-and-switch where a good strategy and a bad product do not a happy investor make.

3. “Someone at my bank suggested converting my IRA to a Roth IRA, but I was concerned that I wouldn’t have the money to pay the extra taxes in 2011 and 2012.  They said not to worry and that I could take a loan on my 401(k) or get a home equity loan to make up the difference.” 

Not having a ready source of funds to pay taxes is perhaps the biggest obstacle to conversion.  Three things you should avoid altogether in coming up with the money to pay taxes on conversion are 1) depleting your cash reserve or emergency fund, 2) taking any sort of loan, and / or 3) taking a distribution from the retirement account, which may incur early withdrawal penalties.  If you do not have a liquid source of capital to pay the taxes, converting is probably not right for you.

Bottom Line:
You should be able to answer “yes” to all of the following questions:
1. Is it probable that a conversion will reduce the overall tax I will pay on my retirement savings?
2. Do I have enough money outside my retirement accounts to pay the tax?
3. Does converting make sense given my specific financial goals?

Visit LeConte Wealth Management’s Web site for more financial information and access to free financial tools and calculators. 
ABOUT LECONTE WEALTH MANAGEMENT, LLC:
Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

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LeConte Provides Insights on Financial Care for Elder Family Members

Monday, November 9th, 2009

Alcoa, Tenn. — It’s an overwhelming question many adult children must face at some point: “How can I care for my elderly family members well when I don’t feel financially prepared or have the right expertise?” 

With November recognized as National Family Caregivers Month, people with aging parents or elder family members should consider the issues their loved ones face and what types of support will be needed, both in the near-term and long-term, according to Alcoa-based LeConte Wealth Management.

“Most families are not financially prepared to take care of their parents,” said Andy Oakes, financial adviser for LeConte Wealth Management. “But as parents grow older, it’s likely they will need help and assistance making important decisions.  That’s why it’s critical to begin a dialogue and a planning process early on that involves both the elder family members and their care-givers to identify issues and challenges requiring attention.”

Recent statistics demonstrate that elder care family needs facing young to mid-life adults are significant and growing:

  • According to AgingStats.gov, there were more than 90 million people over 60 years of age living in the United States as of 2004.  
  • The Administration on Aging estimates that, out of roughly 106 million households in the United States existing in 2003, more than 22 million (or roughly one in five) were providing informal care to one or more elderly persons.
  • Statistics also suggest that approximately one in 10 workers were employed in elder care related fields.

“These sobering statistics demonstrate that the need for elder care is universal,” Oakes said.  “As with any financial reality that you know is coming down the road toward your family and loved ones, it’s smart to begin addressing it sooner rather than later.” 

According to Oakes, procrastination can be a costly enemy – especially for older family members who can participate in conversations about their care and their finances today but may not be able to do so a year from now due to health issues.

“Adult family care-givers must be aware of these timing concerns and initiate conversations about planning, allowing elder loved ones to remain empowered and to exercise control over as many decisions as feasible,” he said.

LeConte Wealth Management offers several tips for families to get started on the most appropriate financial path for providing elder care:

Be proactive in developing a realistic plan. 
Determine what financial assets are available for elder care and then ask, “What will these assets cover and for how long will they cover my loved one’s specific needs?”

Be aware of options.
What levels of care are available and appropriate?  If transitioning to an assisted living facility, research the types of additional government assistance available (i.e. veterans benefits, Medicaid).

Think ahead. 
Though it might be feasible to have an elderly family member move in with one of their children, what will happen if their health deteriorates?  What are likely to be the next stages of health concern, and what will these demands require in terms of transitioning to more advanced care?

Tips for someone caring for an elderly family member at home:

  • Medicare does not cover long-term care expenses.  Medicaid, based upon financial need, may provide support, but the type and manner of covered care is limited.
  • Secure powers of attorney.
  • Attend medical appointments with the patient.  Consider taking notes or even keeping a journal record of doctor visits to help manage complicated medical information.
  • Be realistic about what is affordable and for how long.
  • Be respectful of the elder family member’s desire to remain in charge of personal affairs, but be aware of diminishing capacity to fulfill them.
  • Seek outside help when needed.

What are the financial steps one should take when preparing to care for an elderly family member?

  • Assess the financial impact of the loved one’s current and likely future needs.
  • Determine what financial resources are available to meet these needs and how they should be accessed (from what accounts, in which order, and how much).
  • Secure financial and healthcare powers of attorney (POA).  Ensure that financial providers and insurance carriers are aware of POA role.
  • Clearly define ongoing financial roles (i.e. who will be paying regular bills, who will review nursing home expenses, what role can the elderly family member continue to play in directing their own affairs?).

What advice do you have for someone caring for an elderly family member by way of their retirement savings?

  • Recognize the shift in priorities to generating current income and providing liquidity.  Portfolio risk should be minimized.
  • Assess the financial impact of their current and likely future needs.
  • Determine what financial resources are available to meet these needs.

What is an ideal scenario (in terms of finances) when taking care of an elderly family member?
The key elements should include:

  • A realistic plan of care
  • Resources sufficient and invested appropriately to provide for that care
  • Respect for the family member’s participation in making ongoing decisions and desire to remain independent as appropriate
  • Division of responsibilities in providing ongoing financial monitoring, medical supervision and emotional support

What is a worst-case scenario (in terms of finances) when taking care of an elderly family member?  (Example:  elderly family member has no financial funds or huge medical debt.)  Any tips for a worst-case scenario?
Some negative scenarios might include the following:

  • Emotional barriers can sometimes prevent families from exercising control, resulting in unintended financial negligence by elderly family members, leaving them unable to support themselves financially.
  • Existing investments are not structured to take advantage of applicable tax deductions and government aid.
  • Available government aid, insurance benefits or other supplemental income are forfeited because no one knows to apply for them.

Across many of these different situations, it’s important to try to take out the emotional factors that might lead to bad decision-making.  To the extent that a person can remove financial considerations or deal with them separately, emotional stress can be reduced.

Please visit LeConte Wealth Management’s web site for more financial information and access to free financial tools and calculators.

ABOUT LECONTE WEALTH MANAGEMENT, LLC:

Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

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