Invest in Knowledge

The word Fiduciary has become a buzzword in the financial industry over the last few years, but what does it really mean?

An investment fiduciary is a person, or entity, that has a legal and ethical responsibility to act in the best interest of their clients when managing their investments. This obligation requires the investment professional to prioritize the client’s interests above their own when making decisions related to investment strategies, financial planning, or other related services.

It may seem like common sense, but, believe it or not, some financial professionals are not fiduciaries and today, I will explain the difference. 

Hi, I’m John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life. 

Today, I am going to explain what it means to be an investment fiduciary, why you might want to consider working with one and how to determine who is, and who is not, a fiduciary.

Let me start by saying that in my practice as a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group, I am an investment fiduciary. Clients are always welcome to ask me about that and what it means for them specifically. 

It’s a question I get all the time: Don’t all advisors act in the best interest of their clients?

Well, most probably do, but not all are required to. That’s what separates investment fiduciaries from other advisors. 

Investors are missing out on billions of dollars when they switch jobs. 

The reason is that many end up pulling their retirement savings out of the stock market—often without meaning to.

This was the subject of a recent Wall Street Journal article which I think is important to talk about today.

Many workers, when changing jobs, roll their 401k balances out of the employer plan and into an Individual Retirement Account. Many also, unwittingly, leave the balance in cash, which is a very costly mistake.

Hi, I’m John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today, I want to talk about the options workers have for their retirement savings when changing jobs and how to avoid costly mistakes.

For more than a decade, savings accounts offered little to no interest, making it near impossible to keep up with inflation. But in recent years, the tides have turned, if you know where to look.

If you have extra cash on hand and want to start an emergency fund or a nest egg—a high-yield savings account can be a great option, providing an easy way to build your savings, with virtually no risk.

Hi, my name is John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today, I am going to talk about high-yield savings accounts and how you can take advantage of the relatively high interest rates of the past two years.

The content for this podcast episode was derived, in part, from a recent Wall Street Journal article on this subject.

High-yield savings accounts have been providing some of the best returns on cash in years, and with inflation still above the Federal Reserve’s 2% target, savers should have at least a few more months to enjoy generous interest rates, the Journal reported. But the bounty won’t last forever. 

When the Fed starts cutting its benchmark federal-funds, rates on savings accounts should decline as well. Wall Street observers now expect rate cuts to begin in September or later. Until recently, the prevailing idea was that cuts would begin early this summer.

Even though good rates are available now, many savers continue to earn meager returns. The average savings account pays just 0.45%, according to the Federal Deposit Insurance Corp.—but with a little legwork you can do far better. Some savings accounts offer an Annual Percentage Yield (APY) as high as 5%, a rate that’s especially appealing considering inflation is hovering around 3%.

Taking advantage of higher rates could mean as much as $500 a year for every $10,000 you have saved, Michael Finke, professor of wealth management at the American College of Financial Services told the Wall Street Journal, adding. “If you’re not paying attention, you’re leaving a lot of money on the table.”

Choosing the best savings account for your needs involves looking at more than just the advertised rate, though. You need to consider how you plan to use the account, how you prefer to bank and how much you plan to keep in savings.

If someone told you about an investment that has made some people millionaires overnight and has both a number of high-profile supporters and a global reach, would you be tempted to invest? If you were then told that the same investment also could lose most or all of its value almost overnight, and you might not have access to your money when you need it, how would it sound now?

You've just confronted the debate surrounding the digital phenomenon known as Bitcoin — an alternative currency that exists strictly as digital code. 

Hi, I’m John Gigliello, CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

When it comes to Bitcoin, if you're wondering what all the fuss is about, I’m going to give you a brief introduction to Bitcoin, how it works, and some of the potential pitfalls it presents.

Accidents happen. They just do. 

Your foot slips and you press the gas pedal when you meant to brake. 

Your child hits a line drive through a neighbor’s window during baseball practice.

Your dog panics and bites a stranger.

The question is: are you adequately prepared to handle these situations - specifically the economic consequences of these situations - when and if they occur?

Hi, I’m John Gigliello, CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today I am going to talk about umbrella insurance and how it differs from the other insurances for which you likely already pay.

What Is Umbrella Insurance?

Umbrella insurance provides “excess liability insurance,” simply meaning additional coverage, beyond the liability insurance you already have in your auto, homeowners and/or watercraft insurance policies. Umbrella insurance kicks in for expensive situations where medical bills and/or repairs exceed what auto, homeowners or boat insurance policies will pay.

Umbrella insurance is a good way to buy extra coverage to protect your assets. You can think of it as asset protection because it can prevent you from losing your assets while trying to pay for a lawsuit judgment against you.

Picture this:  Your wife or partner and you are driving along one day, rushing about to tackle the numerous errands you have planned for the busy morning.  Back home, your two daughters are working to finalize their plans for a birthday party for their favorite uncle.  Your errands take you all over town, and the Saturday morning traffic is starting to build.  And then suddenly, in the blink of an eye, your car is struck in the passenger side, t-boned at a busy intersection.  It all happens so fast; you have no time to think or react.  You feel pain throughout your body, and you manage to look over into the passenger seat.  Your wife is bleeding and not moving.  The last thing you remember before you pass out is the distant sound of an ambulance siren.    

Your daughters arrive at the local hospital and are ushered quickly to the emergency room.  They find you in a condition that no one ever wants to see.  The doctors explain to your daughters the severity of your conditions and that some difficult decisions will have to be made regarding treatment.  He then asks, “Who has the authority to make medical decisions on behalf of your parents?”  The girls look at each other, confused, and ask the doctor, “What do you mean; what are you talking about?”  The doctor tells your daughters that there is a chance that your wife and you may never resume consciousness and that someone will have to make medical decisions on your behalf.  “Do your parents have a health care POA or a living will?” the doctor asks.  The daughters respond that they have “no idea” and have never heard of these types of documents.  In a heightened state of emotion, the girls look at each other and ask, “What do we do now?”
Hi, I am John Gigliello, CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money. Only through education, action and accountability can you build the confidence and security you need to live a satisfying life.
Today, I am going to talk about the 5 Essential Documents of a Complete Estate Plan.

The choices for Medicare coverage can be overwhelming and mistakes people make when choosing Medicare options can be costly for a lifetime. 
In this episode, CERTIFIED FINANCIAL PLANNER™ John Gigliello talks with local industry expert Chris Amorosi about  how to avoid the 5 most common mistakes people make when choosing a Medicare plan.

Interest rates have never looked better for savers. But you shouldn’t put all your eggs in one basket, or in this case, CD.

With the Federal Reserve’s recent quarter percentage point rate hike, interest rates have reached a new high. At 5.25% to 5.5%, this is the highest the benchmark federal funds rate has been since 2002. 

This era of higher interest rates makes borrowing money expensive, but it can also make saving money lucrative. 

Interest rates may be near a cyclical peak, creating an opportunity for some to lock in higher yield savings. This could be especially important for retirees living on a fixed income who want the security of a guaranteed rate.

Since rates are cyclical and are likely to decrease at some point in the future, I’d like to talk today about how you can capitalize on the higher rates while they last.

Hi, I’m John Gigliello, Certified Financial Planner with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

In today’s episode I am going to address the upside of higher interest rates, particularly for those who have reached the retirement phase of their lives. The inspiration for this episode comes from a Wall Street Journal article, which addressed this very issue on April 18, 2023.

Making economic forecasts and stock market predictions can be humbling. It’s especially tough when you expect stocks to go higher and get a big drop instead. The environment today is the opposite, but still tricky, as recession hasn’t followed the chorus of predictions. In some ways, figuring out what to do now that stocks have gone up is as difficult as considering what to do when stocks are down. 

Today’s more fully valued stock market is pricing in an increasingly optimistic outlook for economic growth and corporate profits, but the economy still faces challenges that will likely lead to slower growth in the second half — and perhaps even a mild economic contraction. So why stay invested?

Hi, I’m John Gigliello, Certified Financial Planner with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

In today’s episode I am going to talk about why you should not try to time the markets.  

First, it’s difficult to time the market. We’ve seen this play out several times in just the past few years. For example, few foresaw the strong market rebound that occurred as we came out of lockdown in 2020, or that inflation would become the ongoing problem that we’re still dealing with today. We saw it again this past spring – professional portfolio managers and investors alike were broadly pessimistic about the stock market, particularly in the wake of several bank failures. Yet, stocks have gone virtually straight up since. 

Inheriting a house can be a blessing. OR a curse. The difference is in the PLANNING as there will be tough emotional and financial decisions to make when the time comes.

Hi, I’m John Gigliello, Certified Financial Planner with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today I am going to talk about what it means to inherit a house and how that can affect your overall financial plan. The inspiration for this episode came from a recent Wall Street Journal article reporting that heirs are electing to rapidly sell their parents’ homes, rather than to hold on to them for living, sentimental or income purposes.

Leaving a home to children remains a common way to transfer wealth.

More than three-quarters of parents plan to leave a home to their children when they die. This is according to a 2023 Charles Schwab survey of more than 700 American investors between the ages of 27 and 95, as reported by the Journal. 

Some children may be reluctant to sell for sentimental reasons, but finances and the simplicity of unloading a property often win out. Nearly 70% of those who expect to inherit a home from their parents plan to sell it, the Journal reported in the June 1st article. 

Deciding what to do with a family property is often both an emotional and financial decision, but currently the finances are ruling -- the rising costs of renovations, property taxes and utilities are making it harder for adult children to hold on to the real estate. Higher home prices and mortgage rates have often also made it impractical for heirs to buy out their siblings.

The high home prices of the past few years have made the decision to sell even more attractive. If inheritors can sell a house in a hot real estate market for a high price, the proceeds from the home’s sale can help secure their finances and fund other goals such as retirement.

When you inherit a home, you have three basic choices:

1.      Move in

2.      Rent it

3.      Sell it