Author Archive

Interview with Evan Shear on Fox 35: Digging Yourself Out of Credit Card Debt

On Monday, February 17th, CrossleyShear’s Evan Shear talks to FOX 35 News about getting out of debt.

Digging yourself out of credit card debt

Any opinions are those of Evan Shear and not necessarily those of Raymond James.

For a Third Consecutive Year, CrossleyShear Wealth Management’s Evan Shear Named to Forbes’ 2020 List of Top Wealth Advisors

HEATHROW/MERRITT ISLAND, FLORIDA, February 18, 2020 – CrossleyShear Wealth Management (CrossleyShear), a team of financial planning and wealth management advisors, announced today that founding partner of the practice and branch manager for Raymond James, Evan Shear, has been named to Forbes Magazine’s prestigious list of America’s Best-in-State Wealth Advisors. The list, which recognizes advisors from national, regional and independent firms, was released online January 16, 2020. This is the third consecutive year Mr. Shear has appeared on the list.

“As a company, we understand that our client’s success is our success. Achievements like this reflect our team’s commitment to delivering the exemplary services and care our clients have come to expect from CrossleyShear,” stated Evan Shear, Co-Founder and Branch Manager of CrossleyShear Wealth Management, and CERTIFIED FINANCIAL PLANNER™ professional. “This honor is truly humbling and a tribute to the collective effort and passion our team delivers on a daily basis.”

R.J. Shook, president and founder at SHOOK Research, summed up the Forbes wealth advisors list. "Here's what our research has found: the very best advisors are laser focused on having a positive impact on their clients' lives," says Shook. "They want to add meaning, help them live better lives."

The Forbes Best-In-State Wealth Advisors rankings spotlights more than 4,000 advisors from Alaska to Florida with team assets amounting to more than $4 trillion. Developed by SHOOK Research, the award is based on an algorithm of qualitative criterion, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Advisors that are considered have a minimum of seven years' experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass the highest standards of best practices. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings.

Co-founded by Evan Shear and Dale Crossley, CrossleyShear has offices located in Heathrow and Merritt Island, Florida. The advisors manage more than $530 million in client assets and offer a wide variety of services, including retirement planning, investment and asset management, trust and estate planning, education planning and executive wealth management. The company also serves the complex financial and wealth management needs of sports professionals through CSsports, a division of CrossleyShear Wealth Management.

To learn more about CrossleyShear Wealth Management and the firm’s financial planning and wealth management solutions, visit CrossleyShear.com. For more information about CSsports, visit CSsports.net.

About CrossleyShear Wealth Management | Since 1998, CrossleyShear Wealth Management has served as a premier financial planning team dedicated to helping provide clients and families with innovative financial solutions and wealth management strategies. With offices in Heathrow and Merritt Island, Florida, the company’s tailored customer care philosophy and customized planning process helps empower its clients to achieve their financial goals and financial independence. For more information about CrossleyShear Wealth Management and its client-centric approach to financial planning, visit CrossleyShear.com.

About CSsports | CSsports is a division of CrossleyShear Wealth Management exclusively dedicated to serving the unique needs of sports professionals. Our success is driven by a promise to deliver personalized care and customized solutions for all aspects of our client’s financial life – before, during and after their sports career – ranging from everyday spending advice and retirement planning to managing investments, insurance, college savings and business planning. Visit CSsports.net to learn more about our sport’s professional services and solutions.

1515 International Parkway, Suite 2019, Heathrow, FL 32746 | 407.215.7575

2395 N. Courtenay Parkway, Suite 201, Merritt Island, FL 32953 | 321.452.0061

*Trust services offered through Raymond James Trust, N.A., a subsidiary of Raymond James Financial, Inc. CrossleyShear Wealth Management and CSsports are not registered broker dealers and are independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC.

Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Forbes Best-In-State Wealth Advisors 2020
The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 32,000 nominations, more than 4,000 advisors received the award. This ranking is not indicative of advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC.

From the Desk of Dale Crossley and Evan Shear

From the Desk of Dale Crossley and Evan Shear

We hope that 2020 is off to a great start for you and your family! We’re proud to kick off the year by announcing the creation of our new, online quarterly newsletter, The Journey. We’re always searching for innovative ways to better serve our clients, and this newsletter will provide valuable market insights, timely tax tips, news about the firm, and of course, some fun articles like recipes, included in every edition.

The markets reached a new high in 2019 (as they often do) and fingers crossed, we hope to see a good year in 2020. Despite starting off the year with some unsettling saber-rattling and the uncertainty of the upcoming presidential election later this year, we anticipate another good year in 2020 (with the hedge that in an election year, anything can happen!). We’ll do our best to use this newsletter to address relevant topics that are impacting the markets as we review events that are consequential to investments as well as identify those that just aren’t worth worrying about.

There’s also a lot less worry when you have a comprehensive financial plan in place that contemplates the inevitable ups and downs in the market and ensures that you have the right allocation of stocks and bonds to withstand market corrections. If you haven’t met with us lately, particularly if you’ve had recent life changes, start 2020 off right with a checkpoint meeting. We can also help ensure that you are using the changes under the recent SECURE Act to maximize your retirement investments and plan appropriately for your heirs. After all, that’s why we’re here.

Please enjoy this first quarterly issue, which includes a market outlook for 2020, additional details on the SECURE Act, as well as tips on how to get prepared for the upcoming tax season. If there’s a topic you’d like us to address in the forthcoming issues, please let us know!

As always, please reach out with questions or concerns about your financial planning needs. We truly appreciate you entrusting us with such a vital part of your life – your financial future.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

2020 Outlook

2020 Outlook: The Expansion Continues

What a year!

As of the close on Friday, the S&P 500 was up 29.2% in 2019. At the end of 2018, we forecasted the S&P would hit 3100this year. At the time, this was a very aggressive call. Then we doubled down at mid-year, lifting our forecast to 3250. At the end of last week we were only 0.3% away. Two weeks ago we made our case for 3650by the end of 2020. That may seem overly optimistic to some, but we’re already only 12.7% away. Stocks remain cheap at the current level of profits and are even more so given expected earnings growth.

Meanwhile, we look for the economy to continue to grow at a healthy clip, reaping the benefits of a lower tax rate on corporate profits and less regulation. The economic consensus is that the US economy will grow only 1.8% in 2020(on a Q4/Q4 basis), which would be the weakest growth since 2012. Instead, we’re forecasting growth in the 2.5 -3.0% range. In particular, look for both home building and business investment to contribute more to economic growth next year than they did in 2019, while growth in consumer purchasing power continues to boost spending.

As you’d expect, given that we’re projecting better economic growth,we’re also forecasting a stronger labor market. The consensus says the unemployment rate will tick up gradually to 3.6% by the end of 2020,versus 3.5% at present. Instead, we see the jobless rate falling to 3.3%, which would be the lowest since the early 1950s. Job growth should stay healthy with accelerating wages, particularly among low-income workers, leading to continued robust increases in the labor force (the number of people working or looking for work).

The consensus says payrolls should grow around 130,000 per month in 2020, tilted toward the first half of the year due to extra Census-related hiring. We’d take the “over,” with payrolls averaging more like 150,000 per month, and with the risks tilted more toward the upside.

On inflation, it looks like we’ll finish this year with the Consumer Price Index up about 2.2%,a small acceleration from the 1.9% increase in 2018. The consensus expects CPI inflation to fall back to 2.1% in 2020, but we project another acceleration, to 2.5%. Monetary policy is still loose and the M2 measure of the money supply has accelerated substantially this year. Look for further acceleration in inflation beyond 2020unless the Federal Reserve reverses course, an unlikely prospect given the unnecessary interest rate cuts this past year and the Fed’s reluctance to raise rates during a presidential election year.

One of the persistent flaws in the economic thinking of many analysts and investors is that an economic expansion has to come to an end because of old age alone. History contradicts this widespread claim. Research from the San Francisco Federal Reserve Bank back in 2016 shows that old economic expansions are no more likely than young expansions to die in the following year.

Our view is that entrepreneurship and public policy matter the most. The animal spirits of US entrepreneurs are alive and well; think about the innovations of the last decade and how they’ve changed the world and our daily lives. The US has gone from the world’s largest importer of petroleum products to being a net exporter. Cancer death rates are headed down substantially. The value of the technology we can hold in our hands easily dwarfs what even the best desktops could do a decade ago. Meanwhile, public policy is helping boost growth rather than holding it back. No tax hikes, trade conflicts likely on the wane, less regulation.

The current expansion won’t last forever. But we don’t see it ending anytime soon.

Source: First Trust Monday Morning Outlook, December 30, 2019. Consensus forecasts come from Bloomberg. This report was prepared by First Trust Advisors L. P., andreflects the current opinion of the authors.It is based upon sources and data believed to be accurate and reliable.Opinions and forward looking statements expressed are subject to change without notice.This information does not constitute a solicitation or an offer to buy or sell any security.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

What Everyone Should Know About the SECURE Act

What Everyone Should Know About the SECURE Act

(Setting Every Community Up for Retirement Enhancement).

We’ve outlined the top 10 changes brought about by the SECURE Act. Although there are several enhancements to retirement savings and distributions, the elimination of the Stretch IRA may have an impact on your heirs, so we recommend discussing potential ramifications with us during your next financial planning meeting.

  1. The Required Minimum Distribution (RMD) age is being moved from 70½ to 72, providing an extra 18 months to let retirement funds grow before being forced to tap into them.
  2. There are no age limits for investing in a traditional IRA. The limit was previously 70½, but now contributions can be made to a traditional IRA for those working into their 70s and beyond. There are currently no age-based restrictions on contributions to a Roth IRA.
  3. Part-time employees will have access to 401(k) plans, providing they have worked at least 500 hours per year for at least three consecutive years and who are 21 years old by the end of that three-year period.
  4. Penalty-free withdrawals are now available for the birth or adoption of a child. Each parent can withdrawal up to $5,000 from a retirement account without paying the usual 10% early-withdrawal penalty.
  5. The Act requires 401(k) plan administrators to provide an annual “lifetime income disclosure statement” to plan participants, so they can see how much money they could get each month if their 401(k) account balance was used to purchase an annuity. The SECURE Act will also make it easier for 401(k) plan sponsors to offer portable annuities and other “lifetime income” options to plan participants by taking away some of the associated legal risks.
  6. The Act will increase the 10% cap on “Qualified Automatic Contribution Arrangement” (QACA) automatic contributions up to 15%, after a worker’s first year of participation. This feature allows companies offering QACA’s to ultimately put more money into their workers’ retirement accounts easing them into higher contribution
  7. To help small businesses offer retirement plans, the Act will increase the tax credit to 50% of a small business’ retirement plan startup costs. The $500 per year tax credit limit will be increased to a maximum credit of $5,000.
  8. Amounts paid in the pursuit of extended study (such as the pursuit of graduate or post-doctoral study or research) will be treated as compensation for purposes of making IRA contributions, allowing students to begin saving for retirement sooner. Similarly, “difficulty of care” payments to foster care providers are also be considered compensation when it comes to 401(k) and IRA contribution requirements.
  9. Credit card access to 401(k) loans will be prohibited, no longer allowing employees to access plan loans by using credit or debit cards.
  10. The “Stretch” IRA for non-spouse beneficiaries who are greater than ten years younger than their spouse is being eliminated. Distributions over the life expectancy of a non-spouse beneficiary would only be allowed if the beneficiary is a minor, disabled, chronically ill, or not more than ten years younger than the deceased IRA owner. For minors, the exception would only apply until the child reaches the age of majority.

Source: adapted from https://www.kiplinger.com/slideshow/retirement/T047-S001-how-the-secure-act-will-impact-retirement-savings/index.html

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

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