Daily life activities from work to school and social events in recent months are assuming a new normal, with safety precautions in place to prevent the spread of COVID-19, following an unusual and uncertain spring, where the country experienced widespread shutdowns of business and industry as a result of the pandemic.
As the economy bounces back, one of the lingering consequences of this year’s events include especially low rates for Certificates of Deposit, or CDs, posing a difficulty for those who want a safe way to grow their money, the Financial Planner at Liberty Financial Services related.
However, Gary Wallberg CFP®, Liberty National Bank Vice President and Financial Advisor with Liberty Financial Services said the organization is here to help. He can discuss with clients other safe options to help grow their assets, including fixed rate annuities offering the potential for growth.
A fixed annuity is a type of insurance contract that promises to pay the buyer a specific, guaranteed interest rate on their contributions to the account. The guarantee of the annuity is backed by the claims paying ability of the insuring company.
“People who typically use CDs are frustrated right now with the historically low rates,” Wallberg said. “The Federal Reserve doesn’t expect those rates to increase for at least a year or even until 2023.
“However, we can match client’s savings goals with fixed rates in other products that we have available, and still offer them some of the safety they’re looking for. We can help individuals who want safe money, but with a better yield.”
The Certified Financial Planner™ said funds placed in a fixed rate annuity never decrease due to market risk, and only will grow with time.
In addition, Wallberg explained there are variable interest rate annuities (also known as Fixed Index Annuities) as well are tied to the market, with funds never decreasing due to market risk, and poised to see potentially favorable gains over time.
“There are a lot of nice ways that we can help people grow their money. Oftentimes, these types of clients that we assist are ones who have money that they want to pass along to their families, and they want protect and grow their funds.”
To discuss these types of decisions and other financial planning needs, Wallberg is available to meet with clients via in-person appointments at Liberty National Bank’s main Bellefontaine location, 1120 N. Main St., or other convenient locations. Liberty Financial Services is located at Liberty National Bank and offers access to financial planning services, and funding for individuals’ long-term financial goals.
“We’re located close to home, in the branch where people are already comfortable,” he said.
A Financial Planner with 27 years of experience in the industry, Wallberg said he joined the Liberty Financial Services team in June of 2019. He is also a Registered Representative of Cetera Investment Services, LLC Member FINRA/SIPC.
Despite the unusual year, he said one of the goals he has is to help clients increase their confidence.
“That is one of our goals as financial planners – to help individuals so that the financial piece of their lives is not a struggle,” he said. “Clearly things changed in financial markets dramatically and rapidly. These types of situations can sometimes create a sense of angst for folks. I’m here for you, to talk through your situation.”
For individuals who are within five years of retiring or those individuals who are retired, Wallberg said this is a crucial time for planning and financing the “what’s next” in their lives.
“After folks have worked somewhere for 30 or 40 years, they are used to their daily routine and going to work every day, but we want to help them plan out and finance what they’d like to pursue next and the types of activities they’d like to take up in their retirement.”
Another important aspect of planning for retirement Wallberg said is looking at long-term care insurance, both for clients themselves or for aging parents. Individuals who are in their 50s and 60s can oftentimes secure lower rates that can provide them with confidence for the future to help pay for in-home care, assisted living or nursing home care if those services are needed.
“I’ve taken the time to get to know this area of knowledge very well. Many times, we can make it so that it’s not just an expense that comes out of your wallet, to make sure that it’s an affordable and worthwhile option.”
In addition to those planning for retirement, Wallberg said Liberty Financial Services can assist customers who want to begin building college funds for their sons and daughters, along with setting up life insurance plans that best fit clients’ needs.
To set up a financial planning appointment with the Certified Financial PlannerTM, contact the north Main Street office at (937) 592-5688, south Main Street location at (937) 593-9694, or connect with Wallberg via the program’s Financial Planning page, gwallberg.
Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Advisory services are only offered by Investment Adviser Representatives.
Investments are: *Not FDIC insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.