Moff and Associates, 130 Court St., strives to simplify the complex world of finance while providing a level of service rarely found in the financial industry.
For more than 40 years, James O. Moff III, Founder, provided clients with his expertise and guided many to the financial freedom they had worked so hard to achieve.
Last October, Moff decided to spend more time with family, take vacations, and has mostly retired, handing over the business to longtime interns Jarrett Jones and Jake Weber, senior investment advisers and managing partners.
“We kept the Moff and Associates name and reputation because a lot of people know it and we tried not to make too many changes.” said Weber.
The team of Heidi Tudor, Administrative Assistant, Brandi Campana, Administrative Assistant, and Kiara Fry, Client Services, continue the Moff tradition by offering a variety of services including retirement planning, investment strategies and estate planning.
Jones, from Williamsport, attended Robert Morris University in Pittsburgh. Like Weber, who comes from Danville and attended the University of Pittsburgh, he completed an internship with the company founder.
Moff passed on the practice and sold it to Jones and Weber in October 2021.
For most people, retirement is one of the most stressful times, Jarrett said. “There are a lot of unknowns retiring” he said.
“I enjoy sitting down with a client, hearing what their problems and goals are, and being able to come up with a plan to help them achieve that goal.” said Jarrett.
Weber said he liked the topics of the financial market and old-age provision.
“I like the idea of investing” he said. “It’s nice to find different investments and how they stack up for different people.
“It’s worth helping them and enabling them to achieve those goals.” he said.
“We’re going to have clients who are being told they can retire at any age and they’re almost crying based on the numbers we’re running and the numbers we’re looking at.” said Weber.
Usually, the onboarding process is simple. A meeting will be scheduled and either Jarrett or Weber will discuss the goals of the retirement plan with each client.
This can include how much income they would like to have and still have assets to perhaps take a trip or give away to family members or charities.
The plan may include a statement of what investments are appropriate for the client or in their best interests and/or how much of it they can withdraw to achieve their goals and develop a plan for their life and how they can achieve that .
Weber said the team will continue to monitor this plan to ensure any necessary changes can be recommended based on the current market or as goals change.
Although many clients have reached retirement age, it is actually recommended to start planning for retirement early in life and in your career. By starting to plan for retirement as early as possible, it will be much easier if you start contributing to either an employer plan or an IRA sooner.
Which concerns are most common?
Most people say they don’t want any more money.
“We’re helping them plan for that income during retirement so hopefully the principle doesn’t come down too much, if at all,” said Jarrett.
“You work your whole life and your wages stop, and how do you plan to make up for that balance?”
Longevity is another factor as advances in medicine and nutrition are helping people live longer and promote healthier lifestyles.
“We run programs based on a life expectancy of 90 years,” said Weber. “Basically, we want them to have an income that lasts up to that age.”
Estate planning is also becoming more common, or how to leave your wealth to your heirs. Everything is checked: real estate assets, retirement accounts, and the Moff team checks the Social Security retirement benefits that are taken into account.
Apparently, some people could retire earlier, the advisers said.
Based on available assets, such as B. the pension calculation, the team can determine whether a lower amount of social security has a negative impact on the customer.
For others with fewer pensions or savings, it may be more beneficial to remain in the labor force until full retirement age and wait to collect Social Security.
“Many strategies can be implemented with social security”, said Jones. “It’s more complex than most people think.”
Against what banks are
“We use a multi-year fixed annuity guaranteed by an insurance company,” said Jones. “We’ve seen interest rates go up and they’re around 3 percent. The highest we’ve seen is 4.5 percent.”
The Federal Reserve could continue to increase interest, so a strategy used by Moff and Associates is to protect clients from some of the market’s volatility and fluctuation.
“Make money in investments somehow work for you” said Jones.
The advisers also discussed the volatile market and said they don’t take things too randomly, like they did with the 2008 housing crisis.
“We’ve had a lot of compliance calls this year asking if this would be like 2008,” said Weber.
“What we’re seeing right now in the market has always gone down, and every time it’s gone down, it’s rallied, and after that there’s been growth.” he said.
“We’re in a market correction, but it won’t be like the real estate crisis,” Weber speculated.
Prices are low right now, so if people have money on hand to invest, it’s not a bad time to do so, Jones said.
When it comes to investments, the focus is primarily on a mix of mutual funds and individual stocks. “We’re focused on mutual funds and a mix of different pensions.” said Jones. “Predominantly multi-year fixed pensions”, he said.
“We have individual customers, but a few small businesses that manage accounts, but the majority are individual customers.” he said.
It all depends on the needs of the customer. Examples would be vacation planning, life insurance needs, short and long-term investment goals.
“If our clients want to make a big investment, how can we help them achieve their investment goal faster?” asked Jarrett rhetorically.
The atmosphere at Moff and Associates is friendly and informal.
“We’re trying to keep it more personable for employees and customers,” said Weber.