Financial Planning Industry: Selecting an Advisor

“Life is Change, Growth is Optional”

I heard that book title the other day, and even though I haven’t read the book, I found myself considering the title in relation to my profession. As in the case of life itself, there exists a lot of change in the financial world. My job as an advisor is to stay informed and help my clients navigate their options. However, despite consistent advances in technology and an ever-changing landscape of regulations, I make sure three things remain constant for my clients — our relationship, our collaboration toward growing their wealth, and always being a good steward of their money.

I am reminded of the value financial advising offers and the critical impact we have to help shape future lives of our clients and their families in profound ways. Because of that, I cannot emphasize enough the importance of finding the right financial advisor for your own needs.

The first thing to consider when you’re looking for the right advisor is what information you are seeking and how it will impact your decisions now and for the future:

  • Is the advisor a Fiduciary? “Fiduciary” means an advisor pledges to act in the client’s best interests at all times. Any designation of Certified Financial Planner, Registered Investment Advisor or Investment Registered Advisor has fiduciary standards that must be upheld.
  • Does the advisor have a clean record? Do some research through FINRA Broker Check https://brokercheck.finra.org/ and SEC Action Lookup https://www.sec.gov/litigations/sec-action-look-up. Check for criminal convictions or investigations by any regulatory bodies or investment industry groups.
  • What is their fee structure or how do they get compensated for their work? Typically, there are commissions and fees included for advisory work, which can be charged as a percentage of assets or at an hourly rate. There is currently a big push for fee-only advisors as the fiduciary standard. However, the industry has been changing, and some options (such as insurance products) are only available on commission, so blended structures and hourly options might be worth considering.
  • What are services I can expect to receive? It is important for you to have the right expectations for what your advisor will provide other than just investment guidance and how/how often that will be delivered.
  • What is the investment strategy? You need clarity on how your advisor makes decisions. Ask if they have a process, access to resources or a team, and evaluate if these align with your values.
  • Why are they a financial advisor? Hearing how your advisor came to be in their position will help you better understand the person you’ll be trusting and why they have a passion for the work they do.

For me, being a financial advisor is an honor, and to be able to serve others with their wealth and prosperity is something that fills me with joy. I wish for you to find a great financial partner in your journey of navigating all of life’s changes. May it be filled with abundance and prosperity.

Kendra Erkamaa
Securities and Advisory Services offered through Harbour Investments, Inc.

A look at what you need to think about when buying a home.

When people talk about the American Dream and what it means to them, buying a house is often near the top of the list. However, the care and responsibilities of owning a home can sometimes be overlooked: You’re not only buying the house but also committing to a new roof every couple of decades, keeping the electrical and plumbing systems in good repair, and replacing the water heater. You may need to take care of landscaping or lawn maintenance, as well. It can quickly become a considerable to-do list! And, this list only becomes more complicated when you’re thinking about a second home.

But before we get ahead of ourselves, here are a few things to think about:

The Money

Whether you’re financially ready or just starting out, most questions about home ownership come down to money. Have you saved enough for a down payment? Can your budget accommodate a monthly mortgage? Is your income seasonal or steady? How’s your credit history? These questions all relate to your ability to “thread” that financial needle and make the purchase happen.

  • Did you know that 74 percent of all buyers financed their home purchases in 2024? This is a decline from 80 percent in the previous year.1
  • First-time buyers were more likely to secure financing, with 91 percent doing so compared to 69 percent of repeat buyers. A record-high 26 percent of homebuyers paid in cash in 2024.1
  • Among recent buyers, 49 percent used their savings to fund their home purchases, down from 54 percent in 2024. For first-time buyers, savings were the most common source at 69 percent. In contrast, 25 percent used a gift or loan from a relative or friend for their down payment. Interestingly, 52 percent of first-time buyers opted for a conventional loan whereas 29 percent chose an Federal Housing Administration (FHA) loan, and 9 percent used a Veteran Affairs (VA) loan.1
  • Buyers continue to view purchasing a home as a wise financial decision, with 79 percent believing it to be a good investment, and 39 percent of those believing it was better than other investments.1

The Time

People rent for many reasons. Some may not have the money to buy a home, while others might view home ownership as a hassle. The responsibilities of home ownership are considerable, after all, regardless of location. Ultimately, it’s a personal question of, “How much time and energy do I want to spend?”

  • Did you know that the median age of first-time homebuyers increased to 38 years old, up from 35 years of age in the previous year? Meanwhile, the typical age of repeat buyers rose to 61 years young, up from 58.1
  • Among recent buyers, 62 percent were married couples, 20 percent were single females, 8 percent were single males, and 6 percent were unmarried couples.1
  • Notably, 73 percent of recent buyers who did not have children under 18 in their homes represent the highest percentage recorded.1
  • Additionally, 17 percent of homebuyers purchased multigenerational homes for reasons such as cost savings (36 percent), caring for aging parents (25 percent), accommodating children or relatives over 18 returning home (21 percent), and housing children over 18 who never left (20 percent).1
  • Among recent buyers, 16 percent were veterans and 2 percent were active-duty service members.1
  • The primary motivation for purchasing a home was the desire for ownership, cited by 22 percent overall, but rising to 64 percent among first-time buyers.1

The Research

Some of the information a homebuyer may want to gather can be categorized as “money considerations.” You’ll want to ask yourself: Are you pre-qualified or pre-approved by a lender? Remember, pre-qualification doesn’t require as much information and is only based on estimates, while pre-approval is based on more detailed income verification. This may be important as it gives you a measure of what you are able to buy.

When applying for a loan, be certain to understand your options. For example, some may find down payment assistance programs and grants for households with low- to moderate-income attractive.

  • Did you know that 88 percent of home buyers used a real estate agent or broker?1
  • Meanwhile, 5 percent of buyers bought directly from a builder or their agent, and another 5 percent purchased straight from the previous owner.1
  • The primary reasons home buyers used an agent or broker were to find the right home (49 percent), and to negotiate the sale terms (14 percent).1

The Search

The actual house-hunting can begin once the research is out of the way. While this may be the most fun part of the process for many, it can be both exhilarating and exhausting! Since this is such a big commitment, it will help if you clearly understand what you need from your house. For example, are you bringing family members, or will there need to be room for family members to come? How big is the yard, and what do you want to do with it?

  • Did you know buyers spent a median of 10 weeks searching for a home in 2024, typically viewing seven homes, some exclusively online.1
  • Every home buyer utilized the Internet in their search, finding the most valuable information to be photos (41 percent), detailed property information (39 percent), and floor plans (31 percent).1
  • Additionally, 21 percent of buyers contacted a real estate agent as their initial move.1
  • Real estate agents played a pivotal role, with 86 percent of all buyers using their services, making it the most utilized source of information.1

Buying a home may be the largest purchase of your life. It’s a place where you and your loved ones can gather and enjoy your lives. I’m not a real estate expert, but I can speak to how a home fits into your overall personal finances. I encourage you to work closely with qualified professionals who can guide you through the process as you prepare to make one of the biggest purchases of your life.

1. National Association of Realtors, June 23, 2025.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

The item most homeowners forget on their home improvement project checklist is insurance.

If you are like most homeowners, you love selecting the fixtures, fabrics, and paint colors of your home improvement project. But there is one very important item that you may overlook—making certain you are properly insured.

Why Proper Insurance Matters

You may need to review your insurance before beginning any home improvement project since it can expose you to additional financial risks.

If you choose to act as your own general contractor (in other words, you organize and order supplies while hiring sub-contractors to do the work), you may be opening up yourself to additional liability (such as an injury to a worker or third party) that may not be fully covered by your current homeowners insurance policy.¹

Whether it’s an extra room or an updated bathroom, many home improvement projects will increase the value of your home. However, too many homeowners fail to review the policy’s replacement value limits, which may no longer be high enough to cover any losses that occur after your home improvement.

Obtaining additional coverage shouldn’t wait until you’ve completed the remodeling. After all, at any point in the process, you will have supplies and completed work that may not be covered under your existing policy.

To ensure that you are properly covered, meet with your insurance agent about your projects and discuss with them any need for modifying your current insurance coverage.

1. The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Whole life insurance remains in force as long as you remain current with premiums. Here’s how it works.

Insurance Benefits Graphic

In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies, but also offers additional benefits as well. Whole life insurance policies can build up cash value — effectively a cash reserve that pays a modest rate of return, and the growth is tax-deferred. Guarantees are based on the claims-paying ability of the issuing company.

  Policy Loan Graphic

Most whole life insurance policies allow policyholders to borrow a portion of their policy’s cash value. Access to the cash value can allow you to pay for things like college expenses, a home down payment, or any other needs you may have. Interest payments on policy loans go directly back into the policy’s cash value.

Insurance Benefits Graphic

When the policyholder dies, his or her beneficiaries receive the benefit from the policy. Depending on how the policy is structured, benefits may or may not be taxable.

Whether whole life insurance is the best choice for you may depend on a variety of factors, including your goals or circumstances.

When you borrow against this cash value of your policy, there are some important points to consider. Accessing the cash value of the insurance policy through borrowing — or partial surrenders — has the potential to reduce the policy’s cash value and benefit. Accessing the cash value may also increase the chance that the policy will lapse and may result in a tax liability if the policy terminates before your death.

As with all types of life insurance, several factors will affect the cost and availability of whole life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Life insurance is not insured by the FDIC (Federal Deposit Insurance Corporation). It is not insured by any federal government agency or bank or savings association.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
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