Firm:
SJK Financial Planning, L.L.C.
Job Title:
Managing Partner
Biography:
Wes started his career as an insurance agent for his family’s independent insurance agency in Fort Worth, Texas, where he was born and raised. He owned several businesses over the years in the financial services and other industries.
After working decades in the insurance and financial services industry, Wes eventually left the insurance field to commit to financial planning and investment advising. Wes founded SJK Financial Planning, where SJK represents the initials of his children.
Wes graduated with a bachelor's degree in Business Administration from the University of North Texas majoring in Financial Planning. In addition to being a Certified Financial Planner™ Professional, Wes is a Life Underwriters Training Council Fellow (LUTCF). Wes is also an active member of the DFW chapter of the Financial Planning Association.
In his personal life, Wes has raised three children and seen them through college. He has been active in church, school, and professional organizations all his life. Wes enjoys the outdoors participating in backpacking, hunting, fishing, canoeing, and camping. He likes to cook, garden and read. He has a passion for old movies and is a Turner Classic Movie fan.
Education:
BA, Risk Management, Insurance, & Financial Services, The University of North Texas
Assets Under Management:
$12 million
Fee Structure:
Fee-Only
Asset-Based
CRD Number:
1673397
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Wes Shannon, CFP
I would suggest maxing the 401(k) over paying additional principal on the student loans. Before doing either you should develop an emergancy fund of 3 months worth of living expenses.
It is called day trading and it is legal. Remember that you usually have to pay someone trading fees so the profit needs to be calculated minus the trading cost. Some discount brokerage firms will charge a flat $4 to $6 per trade. So in your example you would pay $5 for the Sell and $5 for the buy back. So you got to make enough to cover the $10 trading costs.
Studies have shown that day trading does not work for long-term financial goals.
A 4 percent annual return fixed is very good. I don't generally like annuities for people going into retirement because of the surrendar charges but if you have held this contract past the surrendar period, it may be a good cash alternative.
I would need more information before making specific recommendations about your temporary investment and long-term needs.
I would encourage you seek out a “Fee only” independent Registered Investment Adviser (RIA). RIA’s are fiduciaries and will have your best interest at heart. Find one who is a Certified Financial Planner professional ™ (CFP®). You can find advisers at the following websites:
National Association of Personal Financial Advisors - https://www.napfa.org/financial-planning/how-to-find-an-advisor
CFP Board - https://www.letsmakeaplan.org/?utm_source=LMAP&utm_medium=header&utm_content=homepage&utm_campaign=header
Financial Planners Association - https://www.plannersearch.org/
XY Planning Network - https://www.xyplanningnetwork.com/
Ask for his ADV-Part 2A and Part 2B, these are required disclosure forms for all RIA's (Registered Investment Advisers). The ADV's will clearly state his/her fiduciary status.
In order to answer your question completely and competently I would need more information. I am concerned that your advisor is making his living on a commission from the life insurance policy and if so, would have some bias in his advice.
I would encourage you seek out a “Fee only” independent Registered Investment Adviser (RIA). RIA’s are fiduciaries and will have your best interest at heart. Find one who is a Certified Financial Planner professional ™ (CFP®). You can find advisers at the following websites:
National Association of Personal Financial Advisors - https://www.napfa.org/financial-planning/how-to-find-an-advisor
CFP Board - https://www.letsmakeaplan.org/?utm_source=LMAP&utm_medium=header&utm_content=homepage&utm_campaign=header
Financial Planners Association - https://www.plannersearch.org/
XY Planning Network - https://www.xyplanningnetwork.com/