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Blog

Jul 19 2016
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POAs

New Connecticut Uniform Power of Attorney Act to Become Effective October 1, 2016

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Changes to Connecticut’s existing power of attorney law will take effect on October 1, 2016.  Under the new law, a power of attorney (“POA”) that was signed before October 1, 2016 in compliance with the law in force at that time will remain valid.  A POA signed on or after October 1, 2016 must comply with the provisions of the new law. The new law differs from existing law in a few key ways.  First, the new law requires that a third party, such as a financial institution, either honor a properly executed POA or request additional information/documentation within seven…
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Jun 15 2016
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fiduciary

John Oliver & The Fiduciary Standard

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In his most recent episode, John Oliver did a great job uncovering several issues that plan sponsors and participants might find in their 401k plan.  We are proud to say our approach to advising retirement plans addresses all of these issues: Fiduciary– Many “financial advisors” do not act as a fiduciary to their clients, meaning they can act in a sales-like capacity (broker) rather than acting in their clients’ best interests.  Simply put – find someone who, both in practice and by law, must act in your best interest.  Sontag Advisory acts as a 3(38) ERISA fiduciary to our corporate retirement plan clients,…
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Apr 26 2016
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female advisors

Planning Considerations for Millennials

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Below, I explore some common planning considerations and issues that I encounter on a regular basis when working with clients and prospects in my generation, as well as steps that our firm has taken to better serve Millennial clients. Common Planning Considerations for Millennials Saving philosophy.  Many Millennials believe they are too young to have to worry about saving, which often reflects a belief that building retirement savings requires large financial sacrifices.  This is not true.  Education about the power of compounding over long periods of time can provide confidence that taking small steps, starting now, may be all that is…
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Apr 21 2016
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alternatives

Alternatives & Individual Investors

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Alternatives are often a source of confusion for our clients and the investing public, and with good reason: there is no uniform standard for the definition of an alternative, and there is no investable benchmark to represent the asset class. How to Define Alternatives If there is one thing everyone can agree on, it is that "alternatives" are not old-fashioned stocks (think S&P 500) or old-fashioned bonds (think treasuries, high grade corporates, and the Barclays Aggregate index). I consider this the "smell test definition" - does it smell and taste like a stock or a bond? If not, it's an…
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Jan 19 2016
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behavioral finance

Our Habits Matter

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My five month old daughter is just beginning to understand the concept of cause and effect. She is learning that when she shakes her rattle it will make a sound and that when she giggles mommy and daddy will make a big fuss. In these small ways she is starting to form her first conceptions about the world around her. These initial observations will create the foundation for the development of her very first habits. While we have more control over our actions than a five month old, the reality is that our habits evolve in exactly the same way. When we observe…
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