Randy Fairfax, CFP®

Randy has more than 30 years experience in the finance and business advisory fields. As a consultant, he has primarily worked with non-profit organizations, closely held businesses and high capacity families. He has extensive experience in charitable organizations and planning. He has helped families and non-profits leverage tactical analysis with organizational strategies to be more efficient and effective increasing their financial resources. Randy obtained his undergraduate degree in accounting and MBA in Finance from the University of Akron. He has also earned the Certified Financial Planner designation. He is a member of the National Committee on Planned Giving and the Financial Planning Association.

Recent Posts

What Keeps You Up At Night? Mind your Ps and get some Zzzs.

If your personal finances keep you up at night, you’re not alone. Bankrate research conducted in 2018 reported that seven in 10 Americans have occasional sleepless nights due to worry. Concern over money was a concern for more than a third of worriers.  By the way, the number one cause of worry (41%) was relationships. The phone calls we received over that last year corroborate those findings. We fielded calls and emails asking:

  • Will the deep state bring down our country?
  • Will Congress ever work together for a common good again?
  • Will changing social values and norms weaken families?
  • Will rising debt, foreign crises and world economics erode our financial markets—and with them, our financial security?

Few (if any) of the questions were rooted in hope for the future. Instead, most of the questions were incited by a steady stream of sensationalized headlines meant to breed fear. We realized that the questions weren’t truly about the deep state and global market meltdowns. The underlying question was this: “How can I deal with the anxiety I’m feeling about the future?” Now that’s a million dollar question. It’s a question that can keep you up at night if your planning isn’t built with the three Ps: proper Perspective, established Process and enduring Principles.

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Who will inherit your wealth? Your heirs or the IRS.

Consider these three facts:

  1. Americans held $7.9 Trillion in IRAs by the end of 2016. (2017 Investment Company Institute Fact Book)
  2. With more than 10,000 baby boomers retiring every day, we are on the cusp of an historic intergenerational wealth transfer that could total as much as $3.2 trillion. (RBC Wealth Management Survey.)
  3. As much as 30-80% of an estate could be made up of IRAs or other retirement plan assets according to most estimates.

And, let’s add a fourth fact that is worth considering: Only 3 in 10 of families have a wealth transfer strategy in place.

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Are your windows clean?

First law of window cleaning…the dirt is always on the other side.” Anonymous

With the arrival of spring, I find myself thinking of this quote. It’s too true for me. And in my profession, I regularly meet people who tell me they feel the same way about making financial decisions. Just when they decide to get into the market, it plummets. When they sit on the sidelines, the market roars back to life.

Many people feel they’re on the wrong side of the financial markets—the wrong side of the glass.

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Family Wealth Management – Have You Tried it All and It’s Not Working?


 

Sir Winston Churchill once said…

“Americans can be absolutely relied on to do the right thing… after they have tried everything else.”

In our current political environment unprecedented in its volatility, what will we, as a country, try next?

On a personal level, we can also get buried in information and noise. Too often “the right thing” is buried in a deluge of information that overwhelms and paralyzes us.

We don’t know what to do, and we even lose hope that we can do much of anything to positively impact our future. We hear so many ideas pitched to influence and persuade us, but, ultimately, who cares for our interests? Who’s willing to pledge themselves to serving our best interests? [Click to Continue Reading...]