WWM in the Media
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Mr. Winer says actively managed funds shouldn't "be painted with a broad stroke." "The important thing is to understand what part an actively managed fund should play in your portfolio, he says." Effective Ways to Broach Financial Issues with Family Members Ask your parents what they would like to achieve with their estate. Maybe they want to leave a sum to their favorite charity or bequeath money directly to their grandchildren. "Even if they have a strained relationship with their children, the grandparents often have this unconditional love for their grandkids," noted Los Angeles financial adviser Richard Winer. Fiscally Fit "Adult children need to talk with their parents about their parents' estate plan and their own needs. It's important for the children to know what estate planning has been done. If the parents are financially able to help and make gifts to their children, the children should tell their parents exactly how they can help. Too often, there is no talk of the taboo subject of money - - and too often parents make gifts of one type or another without consulting their children and without realizing that another method of gifting might provide a greater benefit" How Retirees Are Blowing Their Nest Eggs Gerry Mandel, a Santa Cruz, Calif., magazine editor, and her two sisters inherited an IRA in 2002 from their mother. Four months ago, financial planner Rich Winer asked one of the sisters if they had taken the (IRD) deduction, and they had not. "Both my accountant and the accountant that my sisters used missed it," Ms. Mandel says. "On my return this year, it was over $7,000 as a deduction" - - enough to cover the tax she owed on her $17,000 withdrawal from the inherited IRA. Investors Pull $4.4 Billion From Putnam Some investors also see shifting money as the moral thing to do. Richard Winer, a financial adviser in Woodland Hills, Calif., says he is moving client money away from fund firms that have allegedly been involved in improper or illegal fund-share trading because "I have no interest in rewarding them for that kind of behavior." Financial Planners Mull Tax Cuts' Impact On Investors "I tend not to get too excited until I see (the legislation) actually go through," said Richard Winer, a registered investment adviser in Woodland Hills, Calif. Winer said once the legislation proposed by President Bush works its way through Congress, "it may look nothing like it looks now" so it's difficult to figure exactly how it will impact investors. Los Angeles Business Journal Reel Money Several financial planners interviewed for this story cautioned against using retirement funds for high-risk investments such as motion pictures, commodities or even real estate. "Not only do you risk losing what you've built up in your account today, but you're risking the growth that can be built up over the next 5, 10, 15 or 20 years" said Richard Winer, chief executive of Winer Wealth Management, Inc. in Woodland Hills. San Fernando Valley Business Journal More Americans Go Global in Investment Strategies Rich Winer, president of Winer Wealth Management in Woodland Hills, said that in the globalization of the economy now many U. S. companies earn most of their income from overseas operations. "Companies themselves are becoming more global, so you almost have to invest overseas," Winer said. "Even investing in the U.S., you're still getting overseas exposure." For now, Winer suggest to continue reaping the benefits of a waning dollar. "The weak dollar makes foreign investments that are un-hedged more attractive, but if the dollar rebounds, that advantage will go away," he said. Financial Planning Magazine: Career Advisor The Music Man There's nothing like seeing an opportunity to grow his wealth management practice - - which is what Winer is hoping his new band connections (as guitarist for Band From TV) will do. "I'm networking in circles with people who can help my business," he says. "And I can also help them." Winer acknowledges he's a terrible marketer, and he also doesn't want to push his services on his buddies (the celebrities in Band From TV) either. Instead, he's hoping his newsletter and specialized expertise in the retirement distribution planning area might be a lure. "The tax laws surrounding IRAs and qualified plans are extremely complex and convoluted," he says. "In the entertainment world, most business managers who often take on the role of financial planner know very little about the intricacies of IRA distribution planning. As a result, most will make costly mistakes and oversights and miss out on little-known opportunities to save their entertainment business clients a fortune in taxes." | |||
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