CenterStage: Help Us Fill The Truck!


For this month’s CenterStage, we’ve decided to do something a little different. Due to the holiday season being in full-swing, we wanted to spread the love and joy that fills our hearts this time of year by sharing with you our involvement with Fill the Truck as a sponsor.

"One of the best parts of Fill the Truck is being there to deliver the donated goods to our awesome charities. The expressions on their faces and their gratitude, makes all of the hard work and extra efforts worth every second."

-Kelly Ackerman, Sales Operations Director at Frames USA

Our Part & Yours

Saxon invites our local community to come together in donating things like personal care items, toilet paper, winter clothing and bedding to fill up boxes. These items allow us a chance to give back directly to our local community. Then, we load the boxes up onto the truck, overjoyed with the sensation of giving back to those in need.

The truck delivers to all charities involved – such as The Healing Center, who offers practical, social and spiritual support to individuals and families, and the Children’s Home of Northern Kentucky, who focuses on providing a better life for abused, neglected and at-risk children – around the 21st of December, and every donated dollar goes toward buying needed items with no administrative costs.

A Brief Fill the Truck History Lesson

Fill the Truck began when the CEO of Frame USA, Dan Regenold, envisioned filling a 54-foot semi-truck full of supplies for a local charity. His idea flourished into a full-blown charitable operation, including a team of packers, donation collectors, marketing & PR professionals and more.

This year, the 2017 vision is to fill multiple trucks and provide substantial donations to each charity, partnering with several businesses and corporate partners, including Saxon.

You can read the full Fill the Truck history here.

Donate Today

Are you ready to take action and join Saxon for this charitable Community Strong event? Donations can be dropped off directly to Saxon’s local office or any one of the participating locations. Unsure of what to donate? Monetary donations are accepted and will be used to purchase items to help finish Filling the Truck. Happy holidays from Saxon and we look forward to “Filling the Truck”!

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CenterStage: Fee-Based vs Commission-Based Advisors: What You Should Know

“After almost 30 years of working in the business, the most important question to ask,” Garry Rutledge, AIF®, a Fee Based Advisor with Saxon, explained, “is do you trust that person to make decisions in your best interest or in theirs?”

In this month’s CenterStage article, we sat down with Garry to get the lowdown on what to expect from both fee-based financial advisors and commission-based advisors.

When Is a Commission-Based Advisor a Better Choice than a Fee-Based Advisor?

A commission-based advisor receives compensation for transactional business, usually at the point of sale, with a small annual fee to encourage advisor engagement. A client rarely knows the commission amount until the transaction is completed.

Garry mentioned, “those who purchase investments for the long term are better off choosing a commission-based advisor, who won’t pursue the client for information and bombard you with advice.”

Also, if you are a do-it-yourselfer when it comes to investing, a commission-based advisor is a great fit for you.

When Is a Fee-Based Advisor a Better Choice than a Commission-Based Advisor?

A fee-based advisor tends to value relationship’s over transactions. This results in, typically, a more involved and hands on process, because positive results increase the value of client’s portfolio.  A fee-based advisor takes a consultative approach to managing client’s assets and is more likely to offer a broader scope of advice than compared to a commission based advisor.

A fee-based advisor works for the relationship resulting in little or no bias to an investment or its sponsor, as it relates to compensation, vs a commission-based advisor who may consider the compensation when making a decision when weighing similar products.

What Are You Paying Your Financial Advisor?

There are three means of advisor compensation:

  1. Commission for products or transactions
  2. A percentage of assets an advisor manages
  3. A hybrid between method 1 and 2

 

It’s imperative to know which method your advisor utilizes.  This knowledge allows you to determine if you are receiving advice commensurate with the value provided.  A Commissioned advisor, after making a sale, generally has no interest in what the outcome is because they have received compensation vs a fee based advisor who must build trust with clients to maintain a meaningful relationship.

Garry very rarely utilizes the hybrid model when working with clients.  However, in keeping with his philosophy of doing right by his clients, there are times when he must employ this model.  Garry points out, “at times, an alternative investment that is a complimentary piece of a client’s portfolio is not available on a fee basis, in which circumstance dictates that I receive a commission.  In full disclosure, my clients realize when this happens and exactly what their charge will be.”

 

As a means of building relationships, Garry has and is focused on sustaining the fee based practice he has built and continues to build through client referrals.  Garry’s fees range from 1% to .5%, depending on the assets and complexity of a client case.  With this knowledge, clients know what their expenses will be up front.

 

The length of his client relationships is a testament that fee based advising is successful in building a solid financial advisory firm.

 

In the end, the client must determine what works for them, as far as how they will compensate the advisor. If a client wants to be transactional, commission is the way to proceed; but if an ongoing relationship is a requirement, a fee-based advisor is the best path for them.

 

More About Garry

 

Garry joined Saxon in August of 2006 and his focus has been the strategic management of client assets with tax minimization and capital preservation as the foundation of his planning strategy.

Since graduating from Wright State University in 1988 with a degree in Finance, Garry has worked for two respected firms.  Garry holds Series 7 & 63 securities licenses, and his Life & Health license, along with achieving the professional AIF (Accredited Independent Fiduciary) designation.

 

You can contact Garry via email, phone, or connect with him on LinkedIn.

 

These are the opinions of Garry Rutledge and not necessarily those of Cambridge; they are for informal purposes only, and should not be construed or acted upon as individualized investment advice. All investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.

 

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CenterStage...Open Season for Open Enrollment

In this month’s CenterStage, we interviewed Rich Arnold for some in-depth information on Medicare plans and health coverage. Read the full article below.

Open Season for Open Enrollment: What does it mean for you?

There are 10,000 people turning 65 every single day. Medicare has a lot of options, causing the process to be extremely confusing. Rich – a Senior Solutions Advisor – works hard to provide you with the various options available to seniors in Ohio, Kentucky and Indiana and reduce them to an ideal, simple, and easy-to-follow plan.

“For me, this is all about helping people.”
– Rich Arnold, Senior Solutions Advisor

What does this call for?

To provide clients with top-notch Medicare guidance, Rich must analyze their current doctors and drugs for the best plan option and properly educate them to choose the best program for their situation and health. It’s a simple, free process of evaluation, education, and enrollment.

For this month’s CenterStage article, we asked Rich to break down Medicare for the senior population who are in desperate need of a break from the confusion.

Medicare Break Down

Part A. Hospitalization, Skilled Nursing, etc.

If you’ve worked for 40 quarters, you automatically obtain Part A coverage.

Part B. Medical Services: Doctors, Surgeries, Outpatient visits, etc.…

You must enroll and pay a monthly premium.

Part C. Medicare Advantage Plans:

Provides most of your hospital and medical expenses.

Part D.

Prescription drug plans available with Medicare.

Under Parts A & B there are two types of plans…

Supplement Plan or Medigap Plan

A Medicare Supplement Insurance (Medigap) policy can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles, coverage anywhere in the US as well as travel outside of the country, pay a monthly amount, and usually coupled with a prescription drug plan.

Advantage Plan

A type of Medicare health plan that contracts with Medicare to provide you with all your Part A and Part B benefits generally through a HMO or PPO, pay a monthly amount from $0 and up, covers emergency services, and offers prescription drug plans.

How does this effect you?

Medicare starts at 65 years of age, but Rich advises anyone turning 63 or 64 years of age to reach out to an advisor, such as himself, for zero cost, to be put onto their calendar to follow up at the proper time to investigate the Medicare options.  Some confusion exists about Medicare and Social Security which are separate entities.  Social Security does not pay for the Supplement or Advantage plans.

Medicare Open Enrollment: Open Enrollment occurs between October 15th and December 7 – yes, right around the corner! However, don’t panic, Rich and his services can help you if you are turning 65 or if you haven’t reviewed your current plan in over a year – you should seek his guidance.

Your plan needs to be reviewed every year to best fit your needs. If you’re on the verge of 65, turning 65 in the next few months, or over 65, you should consult your Medicare advisor as soon as possible. For a no cost analysis of your needs contact Rich, Saxon Senior Solutions Advisor, rarnold@gosaxon.com, 513-808-4879.