By Benjamin Yeung | August 2015
When looking for help from experts in the financial world, a common concern is how to choose who to trust. Financial professionals are governed by guidelines to ensure that they do not take advantage of their privileged position. These guidelines are codified under a “standard of care.”
There are two very distinct standards of care for financial professionals: the fiduciary standard and the suitability standard.
By | August 2015
FAI Senior Advisor Mark Stinson was recently recognized as a finalist for the 2015 Baltimore SmartCEO Magazine's Top Money Manager Awards! Congrats, Mark!
By Mark Stinson | August 2015
Merely opening a 529 for a grandchild does not affect the grandchild’s eligibility for financial aid because a 529 owned by a grandparent is not reportable on the Federal Application for Student Financial Aid (FAFSA). However, withdrawals from the grandparent’s account to pay for college is treated as untaxed income to the grandchild.
By Lyn Dippel | July 2015
Everyone likes making money on their investments, but most people don’t like having to pay taxes on those returns. Interestingly, only certain portions of your investment return are subject to taxes in any given year. Interest and dividends are taxable in the year made (unless they are earned in a tax-deferred account such as an IRA or 401(k).
By Mark Stinson | July 2015
On May 18, the Supreme Court of the U.S. determined, in Comptroller of the Treasury of Maryland versus Wynne, that the State of Maryland can no longer “double” tax residents that work outside of Maryland. Hope explained to Early that she lives in Columbia, Maryland and her business is located in Virginia, but she is paying state tax to Maryland and Virginia.
By J. Michael Martin | July 2015
Before the markets opened on Monday, June 29th, the S&P 500 was sporting a ho–hum YTD total return (e.g. price change plus dividends) of 3.1%. But the last two trading days of 2Q were bogged down with worries about unmanageable debts in Greece and Puerto Rico; falling prices smacked the total return for stocks in the first six months of the year down to just 1.2%!
By The FAI Team | July 2015
FAI Wealth Management Chairman, J. Michael Martin, has announced that Curtis R. Gross, CFA, has been promoted to the position of Chief Investment Officer for the firm effective July 1, 2015.
By The FAI Team | June 2015
Congratulations to Mary Thompson, CFP®, CASL®, Principal & Senior Advisor at FAI, for graduating from the Leadership Howard County Signature Premier Program!