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A Man is Not a Plan

By Echo Huang, CFA, CFP®, CPA

Recently I heard a story from a 67-year old woman who had gotten divorced after twenty years of marriage. She had raised her daughter at home while she was younger and she didn't get much at all from the divorce. She is now collecting about $900 per month from Social Security income and working part-time to get by while sharing an apartment with others. She is fearful about her financial future because she has never managed money before and it's hard for her to find a job at her age. This month, I also heard another story about a woman who confided to her granddaughter in college that she had stayed in an abusive marriage for many years because she didn't have any control of money. Later, this woman's death resulted from falling down the stairs and was later confirmed not to be an accident. In fact, her abusive husband pushed her down the stairs. Staying because of money had literally cost her her life.

There are many stories like these that made me feel sad, but they have also made me more certain than ever that a man is not a plan.

Women face unique challenges in planning for a secure financial future while going up against these facts:

  1. Women earn less than men even though more women have a college degree than men. According to statista.com, in an impressive increase from years past, 35.3 percent of women in the United States had completed four years or more of college in 2018. This figure is up from 3.8 percent of women in 1940. A significant increase can also be seen in males, with 34.6 percent of the U.S. male population having completed four years or more of college, up from 5.5 percent in 1940. More women in the US have a college degree than men, but the average woman's unadjusted annual salary has been cited as 78% to 82% of that of the average man's as of 2015 (and hasn't changed that much today).

Financial Steps To Take Now To Set Yourself Up For A Productive 2019

By Amy Ng, Associate Wealth Manager

A personal financial review may not be near the top of anyone’s favorite fall activities, but putting effort into one right now can help you understand exactly where you stand financially, and set you up for a prosperous and less stressful New Year. Here are five simple things you should work on before the ball drops in Times Square:

  1. Set your holiday gift budget limit

    The holidays can be a stressful time for many of us who feel obligated to buy gifts for loved ones.  A great way to avoid this stressor is to set your budget for gifts early on and start saving as soon as possible. Saving early in the fall can help you avoid the stress of putting all your gifts on credit and starting the New Year with a large credit card bill.  If you’re finding yourself faced with a tight budget, you may need to review your current spending habits and pinpoint areas to cut back on in order to free up funds for gifts. 

    At Echo Wealth Management, we always advise our clients to factor “Gifts and Charitable Donations” into their annual expenses to reduce the occurrence of stress during gift giving seasons. 
     
  2. Do a credit check

Get to Know Jared Johnson, Our New Team Member!

By Echo Huang, CFA, CFP®, CPA

As my company successfully expands, I am pleased to welcome Amy Ng and Jared Johnson as the newest additions to our team. Both Amy and Jared started working here on June 11, 2018 and they are in training to be Associate Wealth Manager, overseeing and enhancing the Echo Dashboard and designing customized financial plans for clients.

These two distinguished individuals are passionate about serving people and they have various skills and strengths that will bring our company’s personalized services to a higher level.

Amy joins EWM with seven years’ experience in client administration, with three of those years specific to finance management. She graduated from Metropolitan State University Summa Cum Laude in 2017 with a BS in Finance. Amy currently studies for her MBA at Hamline University.

Jared is a recent graduate of Saint Mary’s University of Minnesota where he competed in NCAA hockey and graduated Summa Cum Laude in 2018 with dual Bachelor of Arts Degrees in Finance and Business Intelligence & Analytics.

They will enroll in a CFP® certification program soon to obtain comprehensive study of all areas of financial planning in order to become a CFP® practitioner in two to three years.

Get to Know Amy Ng, Our New Team Member!

By Echo Huang, CFA, CFP®, CPA

As my company successfully expands, I am pleased to welcome Amy Ng and Jared Johnson as the newest additions to our team. Both Amy and Jared started working here on June 11, 2018 and they are in training to be Associate Wealth Manager, overseeing and enhancing the Echo Dashboard and designing customized financial plans for clients.

These two distinguished individuals are passionate about serving people and they have various skills and strengths that will bring our company’s personalized services to a higher level. 

Amy joins EWM with seven years’ experience in client administration, with three of those years specific to finance management. She graduated from Metropolitan State University Summa Cum Laude in 2017 with a BS in Finance.  Amy currently studies for her MBA at Hamline University. 

Jared is a recent graduate of Saint Mary’s University of Minnesota where he competed in NCAA hockey and graduated Summa Cum Laude in 2018 with dual Bachelor of Arts Degrees in Finance and Business Intelligence & Analytics. 

They will enroll in a CFP® certification program soon to obtain comprehensive study of all areas of financial planning in order to become a CFP® practitioner in two to three years.

To learn more about Amy and Jared, please read their bios and see their pictures here on our web site:

http://www.echowealthmanagement.com/our-team

Let's learn more about Amy in addition to reading her bio.  She's answered these questions I asked this week:

  1. What excites you the most about your work?
    Being able to assist our clients in achieving their goals and of course building relationships!  As someone who values human connection, I revel in learning about the diversity of our clients.

Happy 3rd Birthday Echo Wealth Management!

By Echo Huang, CPA, CFP®, CFA

With thankfulness and appreciation for my friends, family, team and clients, I am excited to celebrate the 3rd birthday of Echo Wealth Management today! It has been a satisfying journey over the past three years of building a strong foundation for the business that focuses on taking the complexity out of wealth management. We have been blessed with amazing client experiences and the supportive efforts from our centers of influence, including attorneys, CPAs, insurance agents, business operations and technology partners.

It has been a very rewarding personal and professional experience along the way. We are now getting ready for more achievements in the next year, starting with hiring another new team member this spring as we now manage over $76 million for 57 households.

New Team Member at Echo Wealth Management

By Echo Huang on August 23, 2016

I am excited to announce the addition of Tyler Lodahl to the team at Echo Wealth Management.  Tyler works closely with me and Steve Drost in creating and maintaining the Echo Dashboard, the customized client homepage for each client.  In addition, he is responsible for managing efficient business operations by leveraging new technologies in serving our clients. 

Now hiring an Associate Wealth Manager starting in summer 2016

Company Website: www.EchoWealthManagement.com

About the Company

Echo Wealth Management is an independent, focused wealth management firm located in Plymouth, Minnesota that takes the complexity out of wealth management.  We offer integrated, comprehensive strategies that address every facet of our clients’ financial lives.  We do this by building the highest levels of trust, integrity and respect while always collaborating using a team approach.  Our clients range from corporate executives planning a secure retirement, to families looking to preserve their assets for future generations, to businesses seeking expert investment advice.    Echo Wealth Management was formed in February 2015 as a Registered Investment Advisor (RIA) and is looking for an Associate Wealth Manager to join a growing firm and support the founder of this firm who has over 20 years of experience. 

Echo Wealth Management is hiring an Associate Wealth Manager

Echo Wealth Management – Associate Wealth Manager

About Echo Wealth Management

Echo Wealth Management is an independent, focused wealth management firm located in Plymouth, Minnesota that takes the complexity out of wealth management.  We offer integrated, comprehensive strategies that address every facet of our clients’ financial lives.  We do this by building the highest levels of trust, integrity and respect while always collaborating using a team approach.  Our clients range from corporate executives planning a secure retirement, to families looking to preserve their assets for future generations, to businesses seeking expert investment advice. 

Echo Wealth Management was formed in February 2015 as a Registered Investment Advisor (RIA) and is looking for an Associate Wealth Manager to join a growing firm and support the founder of this firm who has over 20 years of experience.  As a new firm, this position will be very involved in the long-term success of the firm, learning all aspects of the wealth management business with a focus on client service, financial planning, and business operations.  This position offers tremendous future growth and opportunity.  The Associate Wealth Manager position does not have business development requirements.

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