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So far Perspective Financial Services has created 137 blog entries.

Stay Connected to Your Financial Goals

Life happens – family, work, school, fitness, illnesses and the list goes on. As you get tugged in many directions at once, how can you stay connected to your financial goals and dreams? In this brief video, Lupe Camargo explains the role a financial planner can play in helping you stay on track, even when your daily life tries to derail you.

By |November 6th, 2017|Financial Planning, Video Blog|

Bank Account Boosts Financial Literacy

Does your child need a bank account? In a word, yes. Learning to manage money may just give her a global competitive advantage over her peers when she becomes a young adult. A recent study suggests that having a bank account boosts financial literacy in teens. This brief video provides interesting details.



Video Transcript

Does your child need a bank account? In a word, yes. Learning to manage money may just give her a global competitive advantage over her peers when she becomes a young adult. A recent study suggests that having a bank account boosts financial literacy in teens.

According to results from the Program for International Student Assessment (PISA), one in five U.S. high school students (22 percent) lack basic financial literacy skills. The study evaluates the financial literacy of teens from 15 countries. China ranked number one overall, followed by Belgium and Canada. Chile, Brazil and Peru ranked as the bottom three.

American teenagers have made no appreciable gains in financial literacy in the three years since the previous PISA in 2012, when the U.S. ranked ninth among the countries studied. The Russian Federation and Italy showed measurable gains in average scores over that time, while Poland, the Slovak Republic, Australia and Spain showed measurable declines.

One data point of the study offers a potential bright spot for American parents. Among U.S. students, 53 percent reported that they have a bank account; and students with a bank account scored on average 42 points higher than students without a bank account. This suggests a simple and practical step parents can take to help boost financial literacy in their children, according to Ted Beck, CEO of the National Endowment for Financial Education.

“Get your child involved with a bank or credit union by having an account and learning to manage it during their teenage years,” he suggests. “We shouldn’t assume kids receive this education in schools. We need to step up and involve our children in regular, meaningful interactions with money.”

If you’d like help setting up an account for your child, talk with your personal financial planner or give us a call at Perspective Financial Services.

By |October 9th, 2017|Current Affairs, Video Blog|

Protecting Your Business From Liability

protecting your business from liabilityProtecting your business from liability is critical. If you or your business provides professional services or advice, professional liability insurance can help protect your assets if you are ever sued. It covers financial losses suffered by third parties as a result of errors and omissions in your services (it is also sometimes called E&O insurance).

Attorneys and physicians consider this type of protection a necessity; in fact, legal and medical malpractice insurance is required by law in many states. Other professionals who should explore and consider professional liability insurance include accountants, software developers, real estate agents and consultants.

According to the Insurance Information Institute, there are two types of professional liability policies: claims-made and occurrence. Most policies are claims-made, meaning that the policy must be in effect both when the event took place and when a lawsuit is filed for a claim to be paid. An occurrence policy is less common, but will cover any claim for an event that took place during the period of coverage, even if the suit is filed after the policy has lapsed (such as after you’ve retired or changed careers).

Policies will generally have a deductible ranging from $1,000 to $25,000. The amount of professional liability insurance you will need and how much it will cost depends upon the size of your business and the level of risk it poses. Coverage does not extend to losses caused by intentional or dishonest acts. Professional liability insurance also does not cover bodily injury or property damage claims (these are typically covered by commercial general liability policies).

Consult with your financial planner or inquire with your profession’s trade association about protecting your business from liability and to determine if you might need professional liability coverage.

By |September 6th, 2017|Insurance, Small Business|

Seasons of Investing

In many ways, tending a portfolio is like tending a tree, according to Jim Mailliard. One must know how much to water it, when to prune and when to harvest. There are seasons of investing, and a well-balanced portfolio can grow and blossom through those seasons.

In this brief video, we explain the analogy in more depth.

By |August 14th, 2017|Advisors, Video Blog|