News & Ideas

Financial Planner Partnerships

Relate Offers The Model for CPA – Financial Planner Partnerships

Considering the complexity of today’s client financial needs, now more than ever, CPA’s are partnering with financial advisors to gain advantage over the competition.

Financial Advisors & CPAs

Relate Can Help Your Business Run More Efficiently

According to the NASBA, there are well over half a million accountants in the US with more than 22,000 in Pennsylvania alone. Considering that today's sophisticated investor demands individual attention, now more than ever, CPAs are partnering with financial advisors to gain advantage over their competition and balance the workflow.  

Data from the last 5 years supports this trend: with a 300% increase in CPAs partnering with financial advisors, jumping from 1.5% to more than 5%.

The Average Duration of Unemployment is 27.5 Weeks

In a changing economy, sometime job security can be uncertain. What many people do not realize is how hard it is to predict how long unemployment will last or how long it will take to find another job.

It can be a scary time for anyone and it is important to have the money saved in an emergency fund it just in case.

56% of Americans do not have a rainy day fund that would cover 3 months of expenses

Life isn't always predictable. And while you might think you're financially prepared for an emergency, you never really know how long that emergency might last.

The Financial Category 5

If there is anything that can show us the cost of failing to plan for tough times, it is the recent hurricanes that hit Florida and Texas.

Only 52% of pre-retirees consult a financial adviser

Every year, less and less people are visiting a personal financial advisor for situations like health care, long-term care, inflation, and retirement planning. According to Forbes, "only 52% of pre-retirees and 44% of retirees consult a financial planner or adviser."

6 Things to Know about Relate Personal Finance

6 Things to Know about Relate Personal Finance

Here at Relate Personal Finance, we understand that the client  should always financially benefit from their advisor. Below are six facts about Relate Personal Finance that will help you understand that we want to make sure that we are addressing the issues that you are bringing to the table but have not been able to address on your own.

Finding the Right Financial Advisor for You

Finding the Right Financial Advisor for You

Finding the right financial advisor isn't easy. Too often taking care of your finances can seem complicated and expensive -- but with the right help, you'd be surprised. Relate Finance lives by these four principles, which we find essential in doing good work for our clients.

48% of Americans Have More Debt Than Savings

To many young adults credit cards are treated like free money until the bills start rolling in... and then it could be too late for them to start paying off their debt while saving for their future. 

Approximately 48 percent of those surveyed in a new Bankrate Financial Security Index survey have more credit card debt than money in emergency savings. 

When Should You Work With a Financial Advisor?

When Should You Work With a Financial Advisor?

The world of financial advice is changing. Relationships between clients and advisors are evolving as the pace of life quickens. Most people don’t have time to think about retirement, much less sit down with a financial guru for a couple of hours and plan it all out. That does not work, anymore.

The average cost of a new car is $33,670

One of life's many milestones is purchasing a new car, which can require extensive preparation and saving in advance. In the United States, the average cost of a new car is $33,670, which can be a daunting purchase for any American.

The average home loan in the US is $222,261

Buying a home is a major life milestone that requires extensive financial planning and foresight. With homeownership however, there are a variety of associated expenses that everyday Americans struggle to pay, specifically involving their mortgage.

How the Right Financial Advisor Saves You Time

How the Right Financial Advisor Saves You Time

In the past week, how many articles have you clicked on to read about impossible realities, like "How to Retire by Age 45" or "What Some Millionaire Says is the Key to Wealth?" What about the financial service ads that show a smiling couple, talking to their advisor in an expensive, glass-paned office?

55% of Households Don't Have Enough Savings to Replace Lost Income

Middle class Americans are struggling to get by, living paycheck to paycheck. Most middle class Americans are in a state termed "financially perilous," where they have difficulty paying basic expenses and housing while hiding the issue from their peers. Despite the sobering straits of poverty that affects America, the middle class is overlooked in their monetary hardship.

49% of Americans Live Paycheck to Paycheck

Despite the oft-repeated advice about saving and budgeting effectively, Americans are still living on the edge with their take-home income. In fact, according to a recent study done by CNBC, 49% of Americans live paycheck-to-paycheck. 

Single Women Under 35 Have a Median Wealth of Zero Compared to Men

In everyday life, most people don't even consider the idea of wealth in terms of their financial situation.

Pink products on shelves with higher prices

Rising Above the Pink Tax

I'm sure everyone has heard about the "Pink Tax," where women are charged more for female specific goods, compared to those for men or goods marketed as gender neutral. This "Pink Tax" can easily slip by from your casual observation at a grocery store trip, but it impacts the lifestyle of every female. According to a 2015 study by the New York City Department of Consumer Affairs, almost 800 products sold to women averaged a 7% higher price tag when compared to comparable products for men. While acknowledging how the "Pink Tax" affects the buying purchases of women is important, this concept also disproportionately pervades to other aspects of female lives.

Only 48% of Parents Save for Their Child's Education

No one knows more than parents that a college education is expensive. Tuition rises year after year, but according to a Sallie Mae study in collaboration with CNBC, only 48% of parents are saving for their child's education.

saving after college

Saving Money After College

Last weekend I attended my nephew’s graduation from college and this week it will be my son’s high school graduation. So in the spirit of graduation season, and the advice filled commencement speeches, I am in the mood to offer some of my own guidance. 

61% of Millennial Women Haven't Started Saving for Retirement

Millennial women are facing desperate financial struggles in saving for retirement. In fact, an August 2016 Wells Fargo study* found that 6 in 10 millennial women (61%) said their finances were "stretched too thin to save for retirement."

54% of Millennial Women are Living Paycheck to Paycheck

According to a 2016 Wells Fargo study*, 54% of millennial women said they were living paycheck to paycheck. How will their financial future fare?

Only Six in Ten Millennials are Saving for Retirement

According to a 2016 Wells Fargo survey*, six in ten (59%) of millennials have started saving for retirement, whereas 41% have not. Of the millennials who are not saving for retirement, 64% say they are “not making enough money to save for retirement.”

4 Reasons to Find A Trustworthy Financial Advisor

4 Reasons to Find A Trustworthy Financial Advisor

George Bernard Shaw said, “Life isn’t about finding yourself. Life is about creating yourself.” I find this sentiment is a great way to frame the discussion on how advisors can go about assisting people.

Stop Procrastinating Your Retirement Planning

Stop Procrastinating Your Retirement Planning

Everyone loves planning ahead for an exotic vacation, a family reunion or an event like a wedding or anniversary. These are all experiences that we look forward to with great anticipation.

Similarly, most people eagerly await a time when they do not have to go to work anymore.

The Average Length of Retirement is 18 Years

After retirement, a United States citizen is expected to live off their savings for an average 18 years.

The Average Wedding Costs $26,645

The average wedding cost in the United States is $26,645. This estimation does not include the rings or the honeymoon.

Unbiased Financial Advice

How To Get Unbiased Financial Advice

Nobody likes the feeling that they are being taken advantage of financially, especially when you don't know enough to prevent it. It's a horrible situation, but there are times when you cannot avoid it. Hiring a financial advisor makes many people feel the same way - yet most are hesitant to trust an advisor with their money for fear of the unknown.

The Average Cost Of Raising A Child Is $1.6 Million

A study completed by the New York Times estimated that the total cost of raising a child in the Northeast United States is approximately $1.6 million

The Average Student Loan Balance Is $37,172

College graduates have an average of $37,172 in student loan debt in 2017. This is up 6% from last year. 

Asking Financial Questions

10 Questions To Ask When Choosing a Financial Advisor

When searching for a financial advisor it is important to ask a lot of questions. After all, you are completely trusting someone with your financial situations and money. You need to find an advisor who will fit your budget, provide sound advice for your unique situation, and help you make informed decisions about your future. 

53% of Americans Have Trouble Understanding Annuities

While 71 % of Americans report they would consider using annuities to establish predictable income in retirement, a whopping 53% do not fully understand annuities.

In fact, only 20% are actually planning to use an annuity to convert retirement savings into a set income stream.

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