February 15, 2010. Michael Garber Financial Planning Establishes Morgan Hill, CA Office
Michael Garber Financial Planning has established an office in the Lincoln Building at 605 Tennant Avenue in Morgan Hill. Office hours are by appointment.
May 26-27, 2009. Highlights of the 37th Annual NorCAL Financial Planning Conference
The economy and financial markets are facing one of the most challenging environments of the last hundred years, with the failure of asset allocation in 2008. Markets are permanently changed: now, investors need to prepare for future cuts in social benefits by saving more. Despite the rise of Asia and other economies, America will remain in a dominant role in the economy of the 21st century.
Three keynote speakers shared their perspectives during the 37th annual NorCAL Financial Planning Conference, held in San Francisco on May 26 and 27.
David Kelly, PhD, Managing Director and Chief Market Strategist for JP Morgan Funds commented:
* This recession is comparable to the downturns of 1980-82 and 1974-75, but it is still not as deep as the great depression.
* Some things are beginning to move in the right direction. The rate of housing starts and vehicle manufacturing is now unsustainably low. In fact, more cars are now being scrapped than the number being built. So these industries are very likely to improve from their present levels.
* Still, unemployment is forecasted to rise through the end of 2009, probably peaking over 10% and possibly has high as 12%. Based on the experience of previous recessions, the US economy is not likely to return to full employment (between 4 and 5%) until 2014.
* Because wages as a percentage of GDP have been declining, and slack labor market conditions, Kelly expects wages and inflation to remain subdued through the middle of the next decade.
* Treasury rates will increase.
* We are seeing a huge increase in labor force participation among people over age 65.
* Demographic shifts will force reductions in social benefits, or raise requirements for eligibility. In 2020, 60 million people will be over 65, but 300 million people will be under 65, and so it is likely that entitlement programs will be reduced. People need to build bigger portfolios, because the government will be doing less for them.
* Investors need to be diversified to withstand potential risks from rising oil prices, additional financial shocks, and problems resulting from the current extreme levels of government intervention.
Paul Tiffany, PhD, Senior Lecturer at the Haas School of the University of California, Berkeley
* Globalists has been the most powerful force for economic change in the past 30 years.
* One can legitimately ask if the 21st century will be a continuation of American economic dominance.
* America's strengths of deep democratic roots, free speech and a history of technological innovation, will allow the US to continue to play a leading role in the coming years.
Bob Veres, a financial industry commentator, said:
* The financial advisory profession is evolving and changing. Times of genuine trauma, such as these, is when change takes place.
* Although the downturn has hit investors portfolios hard, missing one's goals does not necessarily equate to eating dog food in retirement. There are intermediate steps of working longer, traveling less in retirement, or driving less expensive cars. Many people will still be able to retire.
* A whole way of life is changing right before our eyes. Many of the things people thought they needed, in our consumer society, are now revealed as empty. Fulfillment is not about "buying stuff" but about how we live.
April 9, 2009 Arlington Heights, IL.
Michael Garber of Michael Garber Consulting Services in San Martin, CA has been accepted for membership in the NATIONAL ASSOCIATION OF PERSONAL FINANCIAL ADVISORS (NAPFA).
Membership in NAPFA is granted only to Fee-Only financial advisors who are paid directly by their clients. NAPFA members receive no commissions or other rewards for selling financial products. Those forms of compensation create potential conflicts of interest that may serve to undermine an advisor's objectivity and fiduciary responsibility. It is for this reason that all NAPFA members must sign our Fiduciary Oath, in that they explicitly promise to "place the clients' interests first."
In addition to tough standards on client-friendly compensation, NAPFA has some of the industry's most rigorous education and training requirements. All candidates for membership are required to submit a complete comprehensive financial plan for a full-scale peer review. Furthermore, NAPFA's continuing education requirements exceed those of any other association of financial advisors.
"Michael Garber is a welcome addition to our organization," said NAPFA Chair Diahann Lassus, a financial advisor in New Providence, NJ. "Membership in NAPFA denotes a real accomplishment for any financial advisor. We recently surpassed 2,000 members, and are always pleased when we can strengthen our ranks with well-trained, highly committed financial advisors.
For more information about fee-only financial planning and NAPFA, visit our website at http://www.napfa.org or call toll-free 1-800-366-2732.