Finance
Hiring a financial planner? 3 things they don’t want to hear from new clients.
The first call to a new financial planner is difficult enough for many people, because asking for help often is. Don’t complicate their initial impression of you or future relationship with these opening lines:
1. ‘I retired last month and am trying to figure my financial situation out.’
Like planning and preparing for a career, the more done ahead of time, the smoother the transition into retirement. This is a new chapter, not an end point. Retirement is a major change in lifestyle and income. If and when you are thinking of retirement, the time to consult a financial person is five years before the anticipated date of leaving your job.
Read: Here’s how you can save money on capital-gains taxes when you sell your home
Once you have left a company, there are fewer options for saving or strategizing a successful retirement. It’s better to consider all options while still employed. There are many possibilities around saving, pensions, catch-up contributions, investment withdrawals and housing choices. All of your decisions impact taxes and your Medicare premiums. Think ahead and plan ahead to maximize your retirement income.
Read: There is more to picking a place to retire than low taxes — avoid these 5 expensive mistakes
Samantha had retired and came to me looking for advice. However, at age 60 she was so excited about her ability to retire and claim her pension that she jumped on the opportunity without digging into some important details. The questions she forgot to ask left her retirement finances in jeopardy. Her medical insurance was only partly covered by her former employer – leaving her wanting for medical insurance until she could claim Medicare at age 65. Her options were to live on less or withdraw more from her IRA, or go back to work for an employer that would pay her medical insurance.
She chose to go back to work but because she had already been collecting a pension, she had to look for a job with benefits outside of her company. Just when she thought her time was her own, she was faced with learning new skills, meeting new co-workers, and challenging herself in new professional ways when she would have rather been traveling.
Read: Medicare and HSAs don’t mix — what near-retirees need to know
Although I as much as I wanted to say “too late,” I didn’t, because “better late than never” is also true. Tweaks can be made but some major decisions are unchangeable.
2. ‘My spouse/partner did all the financial stuff and died suddenly. Can you help me?’
Of course, a financial professional can help in the above situation. This becomes like piecing a puzzle together while educating the surviving partner. All of this has to happen at the pace of the grieving partner who is already overwhelmed. Many are not ready to make decisions and instead defer to a CFP, dead spouse’s way of doing things or another friend. They are unprepared to sort through a lifetime of money history and make their own financial choices.
The real issue is how any couple operates while they are both living. Every adult responsible for earnings, spending or investments should know their monthly debt, savings in the bank and investments. All of your and your partner’s financial life may fall in your hands due to death, disability or divorce.
Partnerships create shared responsibilities. Build into the relationship a time to review and understand together – even if one person takes care of the day-to-day details.
Often the person who does not take care of the finances has a sense of what is going on financially – at least they know what they spend and perhaps what the family owns. But they also need to meet the accountant and the investment adviser while understanding the assets and responsibilities of the family.
One couple I worked with divided their financial life. When the wife had a minor stroke and started donating monthly to a charity she had previously given the same amount annually to – the husband never noticed, because, “she has always managed the checkbook.” He wanted her to be back to normal and never considered looking at what she was doing in the past or post-illness.
I heard other stories of once sharp businessmen falling prey to Ponzi schemes, women giving money away or men buying cars when they no longer had a valid license. Be prepared by being in the know.
Don’t have a partner? Be sure your estate plan is up to date, and you leave an easy accessible trail to follow if you are ill. One client sent a sealed envelope to his brother every year who was his executor and financial power of attorney. The brother was ready with the information.
3. ‘I just need an hour of your time.’
A good adviser needs to know a person’s financial and personal life. As a financial professional, insurance, investments, debt, tax, and estate planning are all a part of the review. This takes more than an hour to understand and appreciate where you are financially.
In the interest of saving money today, I understand the desire not to spend much money or time meeting with a financial professional; however, most times a CFP will help you see the full picture and improve your financial situation.
Some financial do-it-yourselfers cannot see their own blind spots. Many are great at investments but may have overlooked their estate planning. Or without a deep understanding of their tax situation they end up paying so much more each year in taxes. Financial planners can not only help you save money, but also be sure you are spending your money more effectively. So, the cost of more than one session may actually save you money.
Read: Can I afford to retire? Not before you know the answer to this big question
On rare occasions, there are not many meetings involved. One client, Maura, stands out who was so well organized and had done her research that after two meetings, I could say “Come back in a couple of years or if anything major changes.” She had done her legwork and did not have a complex situation or many assets.
After decades of learning financial planning and studying and understanding people and legal changes, that simple opening can be bothersome. The words display a lack of understanding of the work we do. Think of calling a dentist and saying “I just need one cleaning and one dental overview – I have been brushing my teeth for years.” There is more to finances and health.
In all of these situations, financial professionals can help you. Just remember, to take care of yourself now and understand we have made a career learning the financial world so we can help you.
CD Moriarty is a Certified Financial Planner, a MarketWatch contributor and a personal-finance speaker. She blogs at MoneyPeace.
Solid Revenue Growth Coupled with High Gross Profit Margin (73%) and Non-IFRS Profit (RMB 376 Million)
BEIJING, March 26, 2025 /PRNewswire/ — Bairong Inc. (the “Company”, “we” , “us” or “our” ; HKEX: 6608), a leading cloud-based AI turnkey service provider, today announced the consolidated results of the Company for the year ended December 31, 2024.
Mr. Zhang Shaofeng, our founder, chief executive officer and chairman of the Board, commented:
“As a leading cloud-based AI turnkey service provider, Bairong achieved revenue growth and sustained profitability in 2024 when the industry as a whole was weak. We also generated an operating cash flow of RMB 303 million in 2024, which fully demonstrates the resilience of our business. In terms of technology and products, our VoiceGPT continues to iterate rapidly, and at the same time, new products such as the digital human All – in – One Machine AvatarGPT and Cybotstar Agent Platform have been further implemented. In 2025, we will increase our investment in new businesses and new scenarios, especially in the two fields of Pan-financial AI and Pan-industry AI, so as to achieve a vertical and horizontal business layout supported by AGI.”
Financial Summary
|
Year ended December 31, |
|||
|
2024 |
2023 |
Change |
|
|
(RMB in thousands, except percentages) |
|||
|
Revenue |
2,929,267 |
2,680,915 |
9 % |
|
Model as a service (“MaaS“) |
932,473 |
891,248 |
5 % |
|
Business as a service (“BaaS“) |
1,996,794 |
1,789,667 |
12 % |
|
BaaS – Financial Scenario |
1,410,695 |
1,184,728 |
19 % |
|
BaaS – Insurance Scenario |
586,099 |
604,939 |
(3 %) |
|
Gross profit |
2,141,712 |
1,954,532 |
10 % |
|
Operating profit |
285,234 |
346,886 |
(18 %) |
|
Profit for the period |
266,029 |
335,259 |
(21 %) |
|
Non-IFRS measures |
|||
|
Non-IFRS profit for the period |
376,051 |
375,064 |
— |
|
Non-IFRS EBITDA |
486,176 |
463,782 |
5 % |
Revenue
Our total revenue increased by 9% from RMB2,680.92 million for the year ended December 31, 2023 to RMB2,929.27 million for the year ended December 31, 2024, primarily attributable to our enhanced capabilities of providing products and services despite a challenging macroeconomic and consumption environment.
For the year ended December 31, 2024, our MaaS business reported revenue of RMB932.47 million, representing an increase of 5% year-over-year. During the Reporting Period, the number of Key Clients reached 211, while average revenue per Key Client was RMB3.37 million. Our Key Client retention rate was 97%.
Key metrics of MaaS
|
Year ended December 31, |
|||
|
2024 |
2023 |
Change (%) |
|
|
(unaudited) |
(unaudited) |
||
|
(RMB in thousands, except percentages) |
|||
|
Revenue from MaaS |
932,473 |
891,248 |
5 |
|
Revenue from Key Clients(Note) |
711,328 |
744,489 |
(4) |
|
Number of Key Clients |
211 |
213 |
(1) |
|
Average revenue per Key Client |
3,371 |
3,495 |
(4) |
|
Retention rate of Key Clients |
97 % |
99 % |
(2) pct |
|
Note:“Key Clients” are defined as paying clients that each contributes more than RMB300,000 total |
|||
In 2024, our BaaS – Financial Scenario business reported revenue of RMB1,410.70 million, representing a year-over-year increase of 19% from RMB1,184.73 million for the year ended December 31, 2023. During the Reporting Period, we maintained growth against the industry’s downturn, with our brand gaining increasing recognition from more and more partners. A significant number of institutions prioritize choosing us as their partner of choice, indicating that the brand effect has been established.
MOBILE, Ala. (WALA) – A former finance director for the City of Semmes has been arrested and charged with theft by deception and credit card fraud, according to jail records.
According to the Mobile County Sheriff’s Office, 48-year-old Heather Davis is accused of embezzling between $3,000 to $6,000 from her current employer, McDonald’s.
According to a post on the City of Semmes Facebook page from March 4, 2023, Davis began working for the city in February in 2023 as the finance director.
However, Semmes Mayor Brandon Van Hook told FOX10 News Davis has not worked for the city in over a year.
The Mobile County District Attorney’s Office said these charges do not stem from her position with the City of Semmes.
Davis was also a former city clerk for the City of Satsuma.
Davis turned herself in today after a warrant for her arrest was issued, according to investigators.
Jail records show Davis has since been released on a $10,000 bond.
This is a developing story
Copyright 2025 WALA. All rights reserved.
By Nupur Anand
NEW YORK (Reuters) – U.S. consumers are starting to curb their spending in response to high prices and a worsening economic outlook, according to consumer finance company Synchrony Financial (SYF).
Americans have been accumulating more debt amid strain in their finances, with delinquencies edging up for auto loans, credit cards and home credit lines, the Federal Reserve said last month.
Philadelphia Federal Reserve President Patrick Harker has also warned that trouble may be brewing for the U.S. economy, which is showing signs of stress in the consumer sector with consumer confidence also waning.
The belt-tightening indicates that Americans, whose finances are broadly healthy, are preparing for their finances to be more stretched, said Max Axler, chief credit officer of Synchrony. Most clients are still keeping up their loan repayments, he added.
“Purchase volumes have gone down across the industry as consumers across all income groups become more thoughtful about spending,” Axler told Reuters.
Synchrony, which issues credit cards in partnership with retailers and merchants, has more than 100 million consumer credit accounts.
U.S. consumer sentiment plunged to a nearly 2-1/2-year low in March as inflation expectations soared. Some economists have warned that President Donald Trump’s sweeping tariffs could boost prices and undercut growth.
Concerns about higher prices have driven consumers’ long-term inflation expectations to levels last seen in early 1993.
Retailers including Target and Walmart have said that shoppers are being careful with their spending, waiting for deals or making tradeoffs to lower-priced items.
Household spending cuts could be a precursor to increasing late credit payments or loan defaults, analysts said. While default rates have remained broadly steady, spending is being watched carefully as an early indicator of deteriorating consumer finances.
Borrowers could also become more cautious, taking out fewer or smaller loans and crimping a key source of revenue for banks. Across the industry, loan growth slowed by 5% to 12% in February versus a year earlier, HSBC analyst Saul Martinez said.
“There is clearly a slowdown, and it shows that the consumer is vulnerable,” Martinez said. “And for banks, slowing loan growth could result in lower net interest income and revenue,” he added.
The concerns about household finances have also weighed on consumer finance stocks with shares of American Express (AXP), Capital One (COF), Synchrony, (SYF) and Discover (DFS) down between 15-22% over the past month, Martinez said.
Family members of suspect in Idaho murders could testify against defendant
$344M jackpot-winning Mega Millions lottery ticket sold in Illinois
‘Predatory’ towing restrictions revived in Indiana Senate committee, despite mixed support
Cause of fatal fire at Kansas motel under investigation
Iowa law banning books including 1984 and Ulysses blocked by US federal judge
-
News1 week agoTrump Administration Ends Tracking of Kidnapped Ukrainian Children in Russia
-
News1 week agoVance to Lead G.O.P. Fund-Raising, an Apparent First for a Vice President
-
Technology1 week agoThe head of a Biden program that could help rural broadband has left
-
Business1 week agoEgg Prices Have Dropped, Though You May Not Have Noticed
-
Technology1 week agoDude Perfect and Mark Rober may be the next YouTubers to get big streaming deals
-
World7 days agoCommission warns Alphabet and Apple they're breaking EU digital rules
-
News7 days agoTrump’s Ending of Hunter Biden’s Security Detail Raises Questions About Who Gets Protection
-
News1 week agoU.S. to Withdraw From Group Investigating Responsibility for Ukraine Invasion