We Manage Investments of All Sizes
No matter how big or small your budget is, we can find solutions that will help you achieve your goals.
We understand that everyone has their own personal level of risk tolerance. Unlike some other advisors, we do not try to force you into investments that leave you feeling uncomfortable and stressed. Instead, we help to educate you about your options and try to find you the proper balance to reach your long-term goals.
Galloway Financial Advisors have spent years studying numerous different investment models to make sure we have a strong foundation of knowledge for your investments. A few of the many models we follow are Fama-French Three Factor Model of 1992 (a Nobel Prize winner), Modern Portfolio Theory and the Nick Murray Investment Philosophy. We have taken key aspects of each of these models to form our own core strategy.
We then used that core strategy as we examined tens of thousands of mutual fund prospects. This due diligence has given us the background to select the options that we feel will help to support your needs and fit into your risk tolerance level. We then try to provide these selections to you in a way that makes sense, so you are confident in your decisions.
How It Works
Galloway Financial Advisors consider all aspects of your life and your needs so that we can find proper solutions that will work for you and your family or your business. You review the options and pick the one that most suits you and your goals. It’s that simple!
Our primary goal is to help you make financial decisions that align with your long-term goals, all while making sure that you are well informed on the “whys” and “hows.”
Our Wealth Management services are all centered around finding proven ways to support your future financial goals. Please see the summaries below for some of our services or click on the individual service to learn more.
Frequently Asked Questions
Can I afford to retire?
We are often asked “Can I afford to retire?” or “Do I have the right retirement plan?” or “How much income do I need to retire?”
There are numerous retirement calculators out on the internet that can be used to estimate how much money you should save before you retire. These calculators will allow you to adjust your spending patterns, the amount you contribute to your retirement plan each year, and more. Just remember that these are mere guidelines and even the data you enter is somewhat of a guess. No one knows exactly how much you will save each year or how much it will gain in investments, but these should at least give you an idea if you are on track to retire by your preferred age.
Although these calculators help to give you a baseline, nothing replaces an actual retirement advisor. No matter if you are 25 or 50, you could benefit from working with someone with extensive knowledge and expertise in retirement planning.
What can I do if I don't have enough money saved for retirement?
If you are not on track currently, there are some things you can do to help move that in the right direction. For example, you can save more money each month, or you can change the way you invest your money to something more or less risky, depending on the situation. Try playing around with these numbers in the calculator, and you may be surprised on how big of a difference some small changes and sacrifices might make.
If you are getting close to our desired retirement age, you may also consider either delaying retirement for just a few short years or getting a part-time job during retirement to help cover your basic expenses. Many people plan to spend less money during retirement than they do now. While this is not necessarily a requirement, it is usually a good time to look at the things you spend your money on and what is really important. If you do decide to adjust your spending, it might be a good idea to start adjusting your spending patterns now. Not only will this help you to make the transition at retirement time much easier, but the less you spend now, the more you can save for retirement.
Of course, this all depends on your retirement plans. If going out to eat instead of cooking each day is one of your top goals, then make sure you account for that. If you plan to travel more during retirement, then you should consider that when making your retirement budget. It is important you find a balance between how you want to spend your retirement years and what is realistic for your situation.
A knowledgeable retirement advisor can help you determine which of the above factors are the most important to you. They can then help you draft up a retirement plan that includes goals for savings and investments.
What does it mean to diversify?
You have probably heard people talk about diversifying their investment portfolios. You may have even received the advice to diversify your personal investments. Yet, many people don’t understand what that truly means.
Diversifying is a necessity to protect yourself in the financial world. You have surely heard the saying to “not put all your eggs in one basket.” When it comes to investments, you don’t want to put all your money into one investment or type of investment. If that investment fails or that specific stock drops in value, you are at great risk for losing most or all of the money you invested.
To diversify means to invest in multiple areas, stocks, funds, etc. That way, if one area has a large drop in value, your overall portfolio does not suffer as much because it is protected by other types of investments.
If I have a mutual fund, does that mean I am diversified?
Mutual funds are basically a group of different investments (stocks, bonds, etc.). You typically do not have direct control over what is included in the fund, as there is a portfolio manager who makes decisions for the fund. There are many benefits of mutual funds, one being that it gives you the opportunity to invest in multiple areas instead of just one.
However, this does not automatically mean that a mutual fund makes you diversified. Some mutual funds are built with numerous investments all in the same sector (such as technology or healthcare). Although it is not as common as an individual stock crashing, entire sectors can drop for numerous reasons. Investing in multiple mutual funds often gives people a false sense of security. Often, there are many overlapping investments in these funds.
Mutual funds can still be an important part of your overall portfolio. We recommend working with an investment specialist to help you determine some ways you can diversify you portfolio and make the most of mutual funds.
A Foundation Built on Great Ideas and translating those discoveries into practical investment solutions for clients.
Planning for Retirement
One of the most important investments you can make is in your own future.
We all want to save for the future. We want to reach a point where we don’t have to work if we don’t want to but still maintain a certain lifestyle. In order to do this, we need to invest money into funds or assets to pay for retirement.
There is no “one size fits all” solution for investing. When it comes to planning for retirement, there are countless factors to consider. Retirement investors should be able to help you find a balance between your desire for quick results and your risk comfort level. Galloway Financial Advisors review endless portfolios and stay up-to-date with the current financial trends. Let us share our knowledge with you so that you can build a retirement investment portfolio fitting for you and your situation.
Types of Retirement Investments
Workplace Retirement Accounts
A tax-deferred investment that comes out of your paycheck. Your employer may match some of your contribution. The most popular of these is the 401(k), but there is also the 403(b) and 457(b).
Individual Retirement Accounts
IRAs can replace or supplement workplace accounts. These accounts offer tax advantages and are extremely flexible as they allow you to invest in ETFs, stocks, bonds and mutual funds.
Simplified Employee Pension
A SEP is technically another version of an IRA but falls into its own category because employers can contribute to it. This type of account can be initiated by a self-employed individual or by an employer.
Defined Benefit Plan
Also known as a pension, a formula is used to compute the payout to an employee based on their salary and length of employment. Employees are aware of the formula so they know exactly what they will receive as a benefit.
Profit Sharing Plan
This type of plan offers greater flexibility than other employer-contribution plans. If a company makes a profit in a given year, they share that profit with their employees through contributions to a retirement fund.
Other Retirement Plans
There are countless variations of retirement plans. Some with tax breaks, some without. Some with contributions from employers and others completely controlled by your own individual contributions. Contact us to learn more.
Get In Touch
If you want to plan for your future, contact us today. Fill out the form below to talk with one of our advisors with no obligation. We feel financial education is important. We will help you understand your options and what they can help you achieve.