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Robert HendersonCDFA

Independent Financial Planner / Investment Advisor. Specializes in retirement planning and the unique needs of divorcees

Mystic, CT
President, Lansdowne Wealth Management, LLC
Fee Structure: Fee-only

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29 out of 48 people Robert's answers helpful

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  • 2 out of 2 people found this answer helpful

    How can I anticipate what will happen to my finances in a divorce?

    Divorce, Personal Finance

    It is difficult to give a blanket answer to this question, as the laws vary from state to state (primarily

    more »

    It is difficult to give a blanket answer to this question, as the laws vary from state to state (primarily community property vs. equitable distribution state), judges have tremendous latitude in how assets are distributed, and depending on your specific financial situation, consideration of children, and what method of divorce you chose (mediation, collaboration, traditional, etc.), the outcomes can be significantly different.

    I would recommend two things:

    1. Consult with a Certified Divorce Financial Analyst that can help you understand how various financial outcomes may affect your financial future. CDFA's are particularly skilled as it relates to divorce situations.

    2. Consult with an attorney who's concentration is family/divorce law. They can help you understand what the potential outcomes may be.

    I would recommend getting educated on divorce, but to NOT rely on articles, stories, friend & family input, etc. as gospel. Every divorce that occurs is unique, and sometimes deals are struck between parties that are specific to their circumstances...circumstances which may be VERY different than your own.

    Best of luck.

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  • 2 out of 2 people found this answer helpful

    I am in the midst of a divorce. Are all of my personal retirement accounts at risk for being split?

    Divorce, Personal Finance

    In addition to the great advice below, keep in mind that depending on the amount and type of assets outside

    more »

    In addition to the great advice below, keep in mind that depending on the amount and type of assets outside of your retirement plans, it might make sense to seek some of those assets in your divorce. Remember, all withdrawals from retirements plans are subject to ordinary income taxes. So if you keep all of the retirement assets and your ex-spouse receives non-retirement assets, you are limiting your tax flexibility in retirement (if this is an fact an issue in your case).

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  • 2 out of 2 people found this answer helpful

    I'm looking to re-establish credit after a bankruptcy due to divorce. Where's the best place to get started?

    Divorce, Personal Finance, Debt, Credit Scores

    Without more information to go on, I would say that you need to start by evaluating your current situation.

    more »

    Without more information to go on, I would say that you need to start by evaluating your current situation. If you don't already have copies of your credit report, go to a site like annualcreditreport.com. Take a look at what it shows. First, make sure it is accurate, and that you are aware of all of the open credit you have.

    While it is generally not a good idea to close down credit accounts (it can negatively affect your credit, as it may remove some long-term positive credit history), you also don't want to carry an excessive number of credit cards. If you have 3 or 4 credit cards, I would leave them open and at least use them periodically. If you have 9 or 10, you might consider strategically closing some of them. 

    You also want to make sure you are not maxing out any of your cards. This can have a negative impact on credit.

    Since you said that you want to re-establish credit, I am thinking that maybe you don't have a lot of credit in your name. If that is the case, consider opening a credit card, and using it for routine monthly expenses like gas, groceries, etc. (Paying close attention to not running up revolving debt that you can't pay off each month).

    I am not a huge fan of opening credit for the simple sake of building credit (although when you are young and never had credit before, it's almost necessary in order to build SOME credit history). But if you are a disciplined person, paying close attention to how much you are using on each form of credit is important (ie. using small amounts and not maxing out any cards).

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  • 2 out of 2 people found this answer helpful

    I have $14k in student loans, and my partner and I have $24k in cc debt. Most of the cc debt is at 10% APR or less, but we're making barely any progress on reducing it. I have ~$14k in investments plus ~$4k in bonds (maturing in 4-8 years). I was saving it for a house, but should I use any (which/how much) of this for our debt instead?

    Mortgages, Personal Finance, Investing, Debt

    Look at it this way...while saving for a house is a valuable goal, and there are some financial incentives

    more »

    Look at it this way...while saving for a house is a valuable goal, and there are some financial incentives to buying a house (equity build, possible tax savings), it will actually end up costing you MORE in the long run by continuing to maintain high-interest, non-deductible debt.

    While you ultimately have to make the decision for yourself, I would always recommend to my clients that they extinguish revolving CC debt prior to buying a house.

    In addition, I would not recommend using ALL of the funds to extinguish debt. You still need to maintain a cushion. 

    But economically, it makes no sense to be saving/investing, while taking those earnings and paying them out the other end in the form of interest payments.

    My recommendation would be to come up with a plan for when you would like to pay off your credit cards by, and map out a schedule of how much to pull from current earned income, as well as from savings/investments to get you there.


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  • 3 out of 4 people found this answer helpful

    Should I pay off debt or save?

    Paying for college, Personal Finance, Debt

    I have always been a fan of paying down debt first, especially in our current interest rate environment.

    more »

    I have always been a fan of paying down debt first, especially in our current interest rate environment. Just think about it for a moment. For every dollar you pay off in debt, you earn a rate of return equal to the interest rate on that debt.

    Having said that, it's also important not to completely drain your savings. It's important to keep SOME level of savings, and also have a credit card to fall back on in an emergency.

    If possible, I would leave your savings where it is, and take any excess income you have to increase your debt payments.

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  • 3 out of 4 people found this answer helpful

    In what circumstances can children receive social security benefits in the case of the death of a parent?

    Social Security, Estate planning, Retirement

    Although the rules are complex, and there are various scenarios, generally a minor child can receive

    more »

    Although the rules are complex, and there are various scenarios, generally a minor child can receive benefits under these circumstances:

    Your child can get benefits if he or she is your biological child, adopted child or dependent stepchild. (In some cases, your child also could be eligible for benefits on his or her grandparents’ earnings.)

    To get benefits, a child must have:

    A parent(s) who is disabled or retired and entitled to Social Security benefits; or

    A parent who died after having worked long enough in a job where he or she paid Social Security taxes.

    The child also must be:

    Unmarried;

    Younger than age 18;

    18-19 years old and a full-time student (no higher than grade 12); or

    18 or older and disabled. (The disability must have started before age 22.)

    It's best to go to the SSA website for more details:

    http://www.ssa.gov/pubs/10085.html

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  • 3 out of 4 people found this answer helpful

    I am the owner and sole employee of a small construction business in CT. I have both a ROTH IRA and a SEP. My accountant said I can contribute to both for the same tax year BUT the combined amount can not exceed $5,500 between the two. Is this correct?

    Retirement Savings, Taxes, Investing, Retirement, Roth IRA, Small Business, Small Business Accounting

    My guess is that your accountant got confused between a SEP and a Traditional IRA. If you had a Traditional

    more »

    My guess is that your accountant got confused between a SEP and a Traditional IRA. If you had a Traditional IRA (instead of a SEP), plus a Roth, then the combined contribution limit would be the $5500. Bu as stated in the above replies, the SEP allows for much higher employer contributions (while still allowing full Roth contributions, assuming you are eligible).

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    • 228 views
  • 1 out of 1 person found this answer helpful

    How do I think about buying term life insurance versus whole life insurance?

    Insurance

    If you are young, and/or are looking at life insurance as a means to replace your income in the event

    more »

    If you are young, and/or are looking at life insurance as a means to replace your income in the event of a premature death, then term life insurance will be the most effective and inexpensive way to do that.

    Whole life has a couple of issues:

    First, the "returns" you get can be muted because of the current investment/interest rate environment. And second, it is going to take much higher premiums to see the same level of death benefit.

    Permanent insurance (such as whole life) is better suited for estate planning applications where you need to keep the policy in force until death (for example, to pay the cost of estate taxes on a large estate, or to create a legacy for your children).

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  • 1 out of 1 person found this answer helpful

    How do I decide whether to take the payout from my defined benefit plan in monthly installments or a lump sum?

    Retirement Savings, Retirement

    This is a complex question. There are several variables to consider, but here are some things to specifically

    more »

    This is a complex question. There are several variables to consider, but here are some things to specifically think about:

    * What is the internal rate of return on the annuity payment you will receive from your pension plan? It will require some calculations, but you need to understand the basic rate of return you are getting.

    * Do you need to monthly pension payment in order to live off? If no, then taking the lump sum (in a tax-free rollover into an IRA) might make more sense.

    * How well-funded is your pension plan? Yes, there is the PBGC that insures the pension, but it will likely not cover 100%, and the rules can be onerous if the pension goes bankrupt.

    * Would you be comfortable managing the lump-sum, or having someone manage it for you? 

    * Are survivor benefits an issue? If you have a spouse, and you pre-decease them, you need to know what the benefit will be to them for their lifetime. In almost all cases, survivor benefits result in a lower lifetime pension payment from day 1.

    * Is it important to leave a legacy for your children or other beneficiaries? Typically, once you die (and your spouse dies if there are survivor benefits), the pension is gone. By taking the lump-sum, you are in control of that money for life, and so you can control how much is withdrawn and left for heirs.

    * If you don't need the entire pension stream now, you could likely invest the money and see the balance grow before tapping it.

    * Most pension incomes do not increase over time. If you plan to live for another 20+ years (don't most of us!), inflation will likely eat into that pension income substantially.

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  • 1 out of 1 person found this answer helpful

    What are the pros and cons of a SIMPLE IRA vs traditional 401K plan?

    Retirement Savings, Investing, Retirement, 401(k), Traditional IRA, Roth IRA

    In addition to what Debbie has said, typically, SIMPLE plans might also be a bit more labor intensive

    more »

    In addition to what Debbie has said, typically, SIMPLE plans might also be a bit more labor intensive to administer than some 401K plans. Many 401K platform providers will offer online services where the plan participants can make changes and do research online themselves. With SIMPLE plans, this can be more problematic, as the plans are just a series of individual IRA accounts.

    So I usually find that once you get beyond 10 or so employee participants, a SIMPLE plan can become very cumbersome.

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About

Lansdowne Wealth Management, LLC ("LWM") is an independent wealth management firm based in Mystic, Connecticut that offers financial retirement strategies backed by education, knowledge, and experience that are supported by proven industry research. Our clients depend on us to provide personalized, thoughtful service and advice. As a fee-only Registered Investment Advisor, we present you with objective, independent guidance for achieving your goals. Successful individuals and families in southeastern Connecticut, Rhode Island and throughout the United States rely on us to guide the way so they can be confident in their futures.

Our goal is to provide our clients with the most complete Asset and Wealth Management services available. From the very beginning, our objective is to provide individual investors with the same level of sophisticated management as institutional investors. We are proud to say that the services our clients receive rival that of large institutions. In addition to providing portfolio management services, we also provide our clients with the opportunity to access our comprehensive Financial Planning and Wealth Management services.

Robert C. Henderson is the President and Advisor at LWM. Prior to founding the firm, Mr. Henderson was a financial advisor with a nationally recognized brokerage firm. His previous experience included numerous senior corporate financial positions, including Director of Finance and Accounting and Controller positions. Mr. Henderson holds a BS degree in Accounting from Bentley University, earned the Accredited Asset Management Specialist (AAMS) designation from the College for Financial Planning, and is a Certified Divorce Financial Analyst (CDFA).

Details

Contact Info
View contact info »
Email
bhenderson@lwmwealth.com
Phone
860-245-5078
Address
31 Willow St, 2nd floor
MysticCT 06355
Firm Website
Focus Areas
Retirement, Investing
Client Specializations
Divorcing couples, Engineers/scientists, People near retirement
Education
BS, Accounting, Bentley University
Registrations
Individual CRD #5089860
Regulatory Records
Please visit FINRA's website to review Robert's records
While designations are not everything when selecting a financial advisor, they often indicate a certain level of knowledge related to a specific field and/or commitment to certain ethical and professional standards. Please see our detailed Guide to Financial Advisor Designations for more information.
Designations
CDFA

*Financial Advisor Disclaimer: We try to keep information accurate and up to date, however we cannot make warranties regarding the accuracy of our information.

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