If you’re looking for comprehensive financial planning advice, but you don’t want to pay the high fees typically charged by financial advisors, Facet may be exactly the service you’re looking for. They provide all the services of traditional financial planners, but at much lower fees. And they’ll even include investment management in the package. This can be especially beneficial for those with portfolios under $500,000, since traditional financial planners often won’t work with smaller clients.
In this comprehensive Facet review, we’ll break down their comprehensive service offering, and help you decide whether this type of financial planning is right for you.
About Facet
Based in Baltimore, Facet was launched in 2016, to serve those who are looking for something of a hybrid between automated, online investment platforms (robo advisors) and full-service financial advisors. Instead of focusing only on investment management, they provide holistic financial management, covering all aspects of your financial life.
Also Read: Wealthfront Review – Low Cost Robo Investing and Financial Planning
But rather than charging annual fees based on a percentage of your assets under management, they instead charge a flat annual membership fee.
And unlike robo advisors, where your portfolio is invested on an automated basis with very little direct human contact, you’ll instead work directly with a dedicated Certified Financial Planner™ professional. The CFP® professional will work with you to establish your financial goals, and immediate and future needs, then come up with an action plan to help you get to where you want to go.
Investment management is available and it’s included as part of the basic annual membership fee. For that reason, it’s not possible to do a direct price comparison between Facet and robo advisors, most of whom don’t offer life financial planning advice.
Related: Personal Capital Review – A Free Wealth Management Tool
How Facet Works
When you sign up with Facet you’ll work directly with a dedicated CFP® professional. However, all contact is either by phone, video chat or email. There are no in person meetings, though due to technology that’s becoming increasingly unnecessary.
You don’t need a certain minimum amount of investable funds to work with Facet either. You can work with them even if you don’t have anything to invest. This is unlike traditional financial planning services, which typically require large minimum account balances to provide advice.
All information relating to your financial situation will appear on an intuitive dashboard, enabling you to get a 360° view of your financial life on the platform.
If you do choose the investment management option, one big advantage is that they do provide investment recommendations for employer-sponsored retirement plans, like 401(k)s. They can’t directly manage employer plans, but the advice they provide will help you better manage your plan going forward.
Financial Services Provided by Facet
As you’ll see, Facet goes well beyond simple investment management provided by robo advisors. They provide investment management, but also comprehensive financial planning services, including the following:
Retirement Planning: Your CFP® professional will put together an action plan to help you reach your retirement goals, as well as help you to understand the strategies behind it.
Education Planning: If you have children, they’ll present options to pay for their future education.
Life Planning: Your Facet advisor will help you to plan for what’s most important in your life.
Asset Management: This is the investment management part of the Facet program. It will include constructing a well-diversified portfolio to help you achieve your long-term goals.
Income Tax Planning: This service involves minimizing the impact of taxes while implementing your financial plan and investing activities.
Insurance Planning: If you don’t know a whole lot about insurance, your financial advisor can help. They’ll recommend the best types of plans to provide specific protections you need for yourself and your family.
Estate Planning: Facet will work with your personal attorney to create an estate plan to provide for your loved ones after your death.
Legacy Planning: This involves creating a plan to make provisions for either your family or a favorite charity. It will enable you to structure your finances in such a way that you will be able to provide for the people or organizations you care for most.
Retirement Income: Apart from retirement planning, it’s also important to successfully manage income in retirement. Your financial advisor will take into consideration your income from Social Security and pensions, in creating a distribution plan from your retirement savings.
A Facet CFP® professional can even help you choose your employee benefits and provide assistance in making the right decisions with your company’s stock option plan.
Also Read: Blooom Review – Finally, a Robo-Advisor for Your 401(k)
Facet Investment Strategy
If you sign up for Facet to take advantage of the financial planning services, you’ll also get investment management at no additional cost. Investment funds are managed through four major brokerages, including Fidelity, Charles Schwab, TD Ameritrade, and Apex. There is no minimum initial investment requirement.
Because those are among the largest investment firms in the industry, there’s a good chance you invest with one of them already. But if you don’t, and you want to take advantage of Facet investment management, you’ll need to transfer your current account to one of those four platforms.
Investments will be managed using primarily mutual funds and exchange traded funds (ETFs), though the company does indicate use of individual stocks and bonds are possible on a discretionary basis.
Portfolios are designed based on your personal investment risk tolerance, as well as your time horizon and investment goals. Your portfolio may be constructed based on the following risk levels:
Aggressive
Moderately Aggressive
Moderate
Conservative
Your portfolio will be fully managed by Facet, including periodic reviews, which will be conducted at least annually. More frequent reviews may take place based on a change in your personal investment objectives, as well as in response to investment market conditions, or upon request.
Other Facet Features and Benefits
Investment accounts that can be managed: Taxable brokerage accounts, and any self-directed retirement plans, including traditional, Roth, rollover, SEP and SIMPLE IRAs, as well as solo 401(k) plans. And though they can’t manage them directly, Facet will provide management assistance with employer-sponsored plans, like 401(k) and 403(b) plans.
Availability: All 50 states, plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
Customer contact: One of the advantages of working with Facet is that you will have a direct line to your dedicated CFP® professional. When you call in, it won’t be to a call-in center. Contact is by phone, videoconference, or email, all of which are available mornings, evenings, and even on weekends.
Fees: Membership fees will vary by the services you need performed, and are not determined by the size of your portfolio.
Prices range from $2,400/year ($167/month) to $8,000/year ($667/month). Most members fall in the middle of that range.
There are no cancellation fees – but any annual fees already paid will not be returned.
How to Sign Up with Facet
To sign up with Facet you’ll start by scheduling a 30-minute introductory call with a dedicated CFP® professional. That person will work with you to determine your needs and goals, as well as your budget for the service.
When you schedule your introductory call, you’ll be required to provide basic information, as well as financial information, such as investment accounts, and to list important financial goals.
If a Facet membership feels right to you and you agree to sign up, you’ll go through Facet’s digital onboarding process which is a guided experience that consolidates all your key information in one place. The full process takes 30 – 45 minutes but you can leave and revisit the process at your convenience. Once the digital onboarding is complete, the first meeting with your planner will be scheduled. They will come to this meeting prepared after reviewing all the information you submitted during the digital onboarding process and can start discussing your financial priorities.
The CFP will create an individually designed financial plan, though the creation of that plan may require several direct sessions to complete. Once again, the fees you’ll pay for that plan will depend on the individual services you want.
The CFP will create an individually designed financial plan, though the creation of that plan may require several direct sessions to complete.
Facet Pros and Con
Flat fee structure — This will work very well for those with larger portfolios.
No minimum to begin investing — There are no upfront fees.
Full service financial planning — Facet takes a holistic view of your entire financial life, rather than focusing exclusively on investment management. Investment management is included in your complete financial planning package.
The company is a fiduciary — This legally requires them to represent your best interests, and not to promote their own products to generate additional income.
Works with major investment brokers — Facet works with four big investment platforms.
Can be pricey — The flat fee structure will be high for those with smaller portfolios.
No face-to-face meetings — All contact is by phone, email or video chat.
Difficult to estimate costs — Since fees are based on the level of service, actual costs can be difficult to determine upfront.
Alternatives to Facet
If you’re interested in what Facet has to offer, but you’d like to check out the competition, we recommend the following financial management services:
Probably the most popular investment platform among robo advisors with personal financial advice is Empower. The platform is free to use, if you’re looking for budgeting tools and limited investment advice. But with a minimum initial investment of $100,000, you can take advantage of Empower Wealth Management, that provides full investment management. And with at least $200,000, you can have regular access to financial advisors. Management fees start at 0.89% for a portfolio up to $1 million, but slide down to 0.49% for portfolios greater than $10 million.
Betterment’s Premium plan works similar to Personal Capital, but at a lower fee. They charge an annual management fee equal to 0.40% of your account balance, and there’s no upfront fee. That means you can have a $250,000 portfolio managed for $1,000 per year. The service provides automated portfolio management (robo advisor), with unlimited access to Betterment certified financial planners. Qualification requires a minimum account balance of $100,000.
But at an even lower fee structure is Vanguard Personal Advisor Services. The minimum required investment is $50,000, and the annual fee is just 0.30%, sliding all the way down to 0.05% for portfolios of $25 million or more. An investor with $250,000 can have his or her portfolio managed for just $750 per year. The service offers unlimited access to personal financial advisors, including a dedicated advisor if your portfolio is $500,000 or more.
Facet vs. Robo Advisor
Those considering Facet might find themselves debating between Facet and a robo advisor for managing their money. The truth is that both types of service have something to offer different customers.
A robo advisor is an algorithm that manages your investments based on a risk tolerance that is set upon signing up for the service. Robo advisors occasionally offer personalized advice, but this often comes with a fee. At best, you’ll have limited access to a financial planner. Fees are usually set based on a percentage of what you invest, plus set fees (although exact details depend on the robo advisor).
Whether or not you want a robo advisor depends on whether you want to take a hands-on or hands-off approach to managing your money. Robo advisors are automated investment strategies, and are therefore a very hands-off approach. Facet allows you more freedom to customize your plan, with real access to human advice, and a fee structure that isn’t only based on how much you invest.
Both types of investment have a lot to offer, so it will depend on the person to decide which is most suited to their personal risk tolerance and investing goals.
What Others are Saying – Facet Reviews
To get a better understanding of what people think about Facet, it helps to look at third-party reviews. Reviews are a great way to get a non-biased perspective of what others are saying about Facet. Prospective clients will be happy to learn that Facet reviews are mostly positive overall.
Better Business Bureau has Facet at an A+ rating. A+ is the highest rating available on BBB’s 100-point rating scale. The rating scale is based on an aggregate of factors, including the business’s complaint history, transparent business practices, time in business, advertising issues, licensing and government actions, and more. An A+ is an encouraging sign for prospective customers of Facet.
Business Insider has also given Facet a positive review. They state that Facet is “best for comprehensive financial advice and those with modest or sizable assets”. Business Insider had overall positive things to say about the service, but also said that those with modest assets or one-off questions may not benefit from Facet. Business Insider gave Facet a rating of 4.6/5.
Facet FAQs
What is a Certified Financial Planner™ professional, and why is having one so important?
CFP® professionals are required to be certified, and have experience in all aspects of financial planning. Not only can they provide the information you’ll need, but they can recommend third-party sources for additional advice when necessary. A dedicated CFP® professional is part coach, part advocate and all partner. Working with a CFP® professional means you never have to deal with financial concerns alone.
Why is it important that Facet is a Fiduciary?
A fiduciary is a financial professional with a legal and ethical relationship of trust to you as a client. They’re legally required to make financial recommendations in your best interest alone. All Facet CFP® professionals are fiduciaries.
Why do I need Facet when I can just use a robo advisor to manage my portfolio?
Because Facet will provide investment management services, comparable to a robo advisor, but they also work with you to better manage your entire financial life. For example, they can provide investment advice on how to better manage your employer-sponsored retirement plan. They can also work with you in other critical areas of your life, such as insurance, estate planning, and preparing for your children’s college educations.
How does Facet help me manage my employer sponsored retirement plan?
Facet doesn’t directly manage your retirement plan. But they can provide you with advice on portfolio allocation, as well as selecting from the best investment options in your plan. This may include certain funds that will create a more well-balanced portfolio, as well as include investments with lower fees.
How do I know a Facet CFP® professional will work in my best interest?
As fiduciaries, Facet CFP® professionals are legally required to work in the best interest of their clients. Additionally, because Facet charges flat fees, there are no worries associated with CFP® professional giving you bad advice to profit off commissions. Facet also boasts a rigorous recruitment process to vet every person they hire, putting a particular emphasis on kindness and honesty.
Related: How to Evaluate an Investment Portfolio
Is Facet the Right Choice for You?
If you’re looking for an investment advisor, but you also want comprehensive financial advice, schedule your introductory call is worth checking out. They provide professional level financial advice, including retirement planning, estate planning, education planning, and income tax planning for a fraction of what you’ll pay to an independent CFP® professional.
It’s also an excellent choice if you’re not simply looking for the type of automated investment management provided by robo advisors.
However, if you’re mainly interested in investment management, the value of the service may depend primarily on the size of your investment portfolio. For example, if you have a $1 million portfolio under management, and your total annual membership fee is $2,400, the fee will work out to be 0.24%, which is lower than most robo advisors.
But if your portfolio size is $100,000, and you pay the same $2,400 annual membership fee for Facet, it will be the equivalent of a 2.4% annual fee. That’s many times higher than what robo advisors will charge, and even higher than traditional human investment advisors.
However, you also have to consider the value of the financial planning advice being provided. If you’re looking for ongoing financial advice, the Facet fee will be well worth paying. But if you’re looking for one-time advice for very specific areas of financial planning, and mostly interested in ongoing investment management, it may be more cost-effective to invest through a robo advisor, and to get the needed financial planning advice from an independent CFP® professional.
At the end of the day, you need to consider your own financial goals, personal risk tolerance, and what you want from a financial services provider. Only with a proper understanding of these personal preferences can you make the choice that’s right for you.
As a resident living fairly close to the Gulf Coast, I’m familiar with evacuating for a hurricane. There’s no way around it — evacuating for a natural disaster is a pain. But, there are things you do to make the process less stressful. Here’s a short list of the things I consider when evacuating.
The most important thing is to have a plan.
Where are you going to go? My wife’s job requires her to be back to work as soon as the storm blows through, which makes it tricky for us to evacuate &madsh; we can’t go too far away. Our evacuation route is decided based on where we think the storm is going to go. For instance, when Hurricane Gustav came in well to our east, we headed west to my sister-in-law’s house. When Hurricane Ike came in to our southwest, we headed north.
During an emergency, your local government will have an evacuation route that they want everyone to follow, but if you leave early enough you can go pretty much wherever you want to go.
The most economical way to evacuate is to stay with friends or family. This is the best way to go because it’s hard to find an empty hotel when everyone else is evacuating. Just be sure you’re a good guest. Don’t overstay your welcome. If you don’t have friends or relatives that you can stay with and you don’t have money for a hotel, consider a shelter.
What are you going to pack? For the most part you need to pack like you’re taking a vacation. If you need to evacuate for a natural disaster or other emergency, consider the following:
Clothes and toiletries. Be prepared to be away from home for at least a week — more likely two.
Important papers. I use one of those portable filing boxes to store our most important papers (insurance information, social security cards, birth certificates, employee benefits information, etc.). (Some of these documents may be stored in a safe deposit box.)
Pets. Don’t forget Fluffy. Be sure and take a bottle of water and some pet food. Also, if you have an outside pet, you might want to give a good scrubbing before you load it into the car. I don’t like traveling with a dirty, smelly dog. Washing the dog is my kids’ job.
Food and water. There’s no need to go overboard but it is a good idea to pack some bottled water and maybe a few canned goods.
Computer. This is easy if you own a laptop. It’s important to be able to go online to check in with your local news station and newspaper for important information.
Road atlas. Never leave home without one.
Money. It’s a good idea to have some cash on hand. I usually take $300, which isn’t a lot but is better than nothing.
Phone numbers to your neighbors. I have the cell phone numbers of most of my neighbors so that we can check in with each other to get status reports. One of my neighbors called me to tell me when our power was back on.
Finally, be sure and check on your older neighbors. Are they evacuating? If you have room, take them with you.
What are you going to do with the things you leave behind? As important as the things you take with you is what you leave behind. Proper preparations can save hassle when you return.
Board up the house. For the first time ever, I boarded up some of the windows of my house. I never did this before because I thought it was too expensive to do. This year I bought six sheet of 1/2-inch plywood and one bag of clips and spent over $114. I then spent an afternoon cutting the pieces to fit my windows and marked each one for storage. When I boarded up for Ike, it only took me a few minutes to secure the boards. [J.D.’s note: Not every disaster requires boarding up, of course.]
Take an inventory of your stuff. My wife went room-by-room and took pictures of everything we owned. Chances are good that you won’t need to use these pictures but you never know. I also have an itemized list of my CD collection.
Unplug all your appliances and electronics. I do leave my answering machine plugged in so that I can check in to see if I have power (if the answering machine doesn’t pick up, I don’t have power).
Pick up loose items in the yard and empty out the shed. One of the biggest problems with hurricanes, tornadoes, and other wind storms is all the debris flying through the air. (And in the case of flooding, there’s plenty of debris in the water.) You can do your part by moving all your patio furniture other loose items into your garage. This is a great job for the kids. Don’t forget that portable basketball goal.
EMPTY THE REFRIGERATOR! For some crazy reason, we didn’t empty our refrigerators for Hurricane Rita. BIG MISTAKE! By the time we got to come back to check out our house, our power had been off a week. I can’t tell you how bad the smell was!
Lock the house. I usually lock the garage doors and unplug the garage door openers.
A little preparation before the disaster can save a lot of headache later.
What about AFTER the emergency? This is a whole topic by itself but I will say that if your area is hit by a hurricane, tornado, or flood, it could be weeks before you get back power and drinkable water. You have to decide if you’re going to go back and rough it or if you are going to stay away.
Because I’m a big wimp, I always opt to stay away. I don’t have a generator and am not really interested in buying one. I realize that not everyone will have the option to stay away if their job requires them to be back as soon as possible.
You may also be interested in reading The Simple Dollar’s recent guide to surviving a natural disaster.
J.D.’s note: Kris and I don’t have any sort of emergency preparedness plan. Oregon isn’t subject to many disasters, but we do have the occasional flood or earthquake. JLP’s experience is a reminder that advance preparation beats future regret.
Voya Financial, Inc. is a combination of insurance, retirement, and investment product and services conglomerate. The company serves the financial needs of approximately 13 million customers – both business and consumer – throughout the U.S.
The vision of Voya is to become America’s Retirement Company – and it is well on its way, as the firm helps its customers to meet the challenges of saving for retirement through its more than 7,000 dedicated employees.
Need help finding a different form of insurance coverage, such as burial insurance plans, auto insurance coverage or health insurance, we can help find the best company to work with according to your needs!
The principal businesses of Voya include Insurance Solutions, Investment Management, and Retirement Solutions. Each component has a very specific focus. These are broken out as follows:
Insurance Solutions: The Insurance Solutions component of Voya is considered to be a top-tier provider of term policies, as well as a top-ten provider of medical stop-loss insurance coverage in the United States. On the individual life insurance side, Voya currently has more than $2 billion in gross premium via its term, universal, and variable life insurance products. This component of the business also consists of Employee Benefits whereby Voya currently serves nearly 4.5 million individuals.
Investment Management: On the investment management side, Voya holds in excess of $207 billion in assets under management for both external and affiliated institutions and for individual investors. The company has a focus on investment solutions, with a clear emphasis on fixed income, equities, and multi-asset income strategies.
Retirement Solutions: Retirement Solutions is a leading provider of retirement products and services in the United States. This section of Voya’s business has roughly $375 billion in assets under management and administration and it serves approximately 47,000 institutional clients, and more than 5 million individual retirement plan investors. In addition, more than 2,300 financial advisors are also served in this area, as well as more than 417,000 retail fixed annuity product customers.
History of Voya Life Insurance Company
In the scope of financial services companies, Voya is quite new. It actually made its debut in April 2014 – and completed its overall re-branding in September. The company’s name originated as an abstract name that was coined from the word “voyage,” and it reflects both momentum and optimism.
The company actually came from the former ING US – and after two years of transforming the strategy, the financial profile, and the culture of the company, ING began to trade as a public company on the New York Stock Exchange under the ticker symbol VOYA in 2014.
While it has only a short history, Voya has strived to impress. In 2014, the company was named one of the World’s Most Ethical Companies by Ethisphere Institute, as well as a top-five retirement plan provider based on number of plans, participants, and assets. In addition, the company is also a top-tier independent broker dealer network in the U.S. a top-tier provider of life insurance, and a top-10 medical stop-loss coverage provider in the United States.
Products Offered By Voya
Voya offers a wide range of insurance and financial products. For individuals, the choices include life insurance, annuities, IRAs, workplace retirement plans, employee benefits, and college savings options.
On the life insurance side, options include the following:
Term Life – Term life is the most basic of all coverage options. This is because term provides just pure death benefit protection only, with no cash value or investment build up. Term life is also typically the most economical form of life insurance protection, especially for those that are needing a larger death benefit amount such as a 1 million dollar life insurance policy. This can especially be the case when the applicant for coverage is young and in good health at the time of application. If you are not in the best of health and feel a no exam life insurance policy would be best for you, we can help find the carrier to best suit your needs. Term coverage is sold for a set period of time – typically a certain number of years. Voya offers several term life options, including the Voya TermSmart, and the Voya ROP (Return of Premium) Endowment Term.
Universal Life – Universal policies are a type of permanent life insurance protection. This means that the policy is not sold for a set period of time but rather, it will last for the entirety of the insured’s life – provided that the premium is paid. Universal coverage offers both a death benefit and a cash value. Cash value growth is tax deferred, meaning that the policy holder does not have to pay any income tax on the cash while it accumulates inside of the policy. Universal policies are also quite flexible in that the policy holder is allowed to adjust the frequency of premium payments in order to meet his or her changing needs. The death benefit of the policy can also be adjusted up or down, within certain guidelines, as well.
Indexed Universal Life – Indexed universal policies provide death benefit protection, as well as the ability to build funds inside of the policy based upon increases in underlying market indexes. Even if the indexes perform poorly, however, the policy holder is safe based on the policy’s guaranteed minimum interest rate. Like other types of permanent coverage, the funds that are inside of the policy are allowed to grow tax deferred. For indexed universal life insurance, Voya offers the Voya Indexed Universal Life – Global Choice, and the Voya Indexed Universal Life – Guaranteed Death Benefit products.
Variable Universal Life – Variable universal coverage provides death benefit protection and the flexibility of universal life insurance plans. Policy holders also have the ability to build funds in their policy using variable investment options from the market. Funds in these policies can also grow on a tax deferred basis. Voya offers the Voya Variable Universal Life – CV, and the Voya Variable Universal Life – DB plans in the area of variable universal life insurance.
Survivorship Life – A survivorship policy insures the lives of two people – and the death benefit is paid out when the second person passes away. These policies are oftentimes used for estate planning strategies. They can be especially beneficial as the premium on a survivorship policy is generally less costly than that of two separate policies. Voya offers the Strategic Accumulator Survivorship Universal Life policy, as well as the Voya Survivorship Variable Universal Life-CV plan.
Financial Strength Ratings
Voya is a strong company, and it has been provided with very good ratings from the ratings agencies. These marks are as follows:
A.M. Best
Fitch Ratings
Moody’s Investor Services
Standard & Poor’s
A
A-
A3
A-
Advantages and Disadvantages
Although not at the very top of the list, Voya is considered to be an extremely strong contender in the life insurance arena. The company has very strong ratings in terms of financial ability for paying out claims, and it offers a nice array of different products for meeting a diverse mix of client needs.
As with some of the other life insurers, however, if an applicant has any type of adverse health condition, he or she may be at an impasse in terms of how to proceed through the “traditional” application channels – especially if applying directly through the company. In this regard, it is best to instead work with an agency or company that specializes in higher risk insurance cases.
Obtaining Life Insurance Quotes
Any time you are seeking coverage, it is always best to obtain quotes from several different insurance carriers. This will allow you to review various policies, as well as premium prices, and to truly see what types of plans are available to you.
Just as with other types of important purchases, you wouldn’t typically opt for the first and only item that you see. So, with life insurance, it is important to keep in mind that this is in most cases going to be the financial security that your loved ones will be counting on to pay their living expenses, erase large debts, or eliminate substantial tax obligations. With that in mind, you will want to ensure that you are obtaining the very best coverage that you can.
When you’re ready to begin shopping for policies, our recommended partner, Root Financial, can help. They work with the top life insurance carriers in the nation today, and can get you all of the information that you need in order to make a well informed decision. They can also assist you with decisions such as:
What type of coverage to purchase – term, whole life, or universal
Determining how much benefit will be enough
Finding the best carrier that will meet your protection needs, as well as your premium budget
In addition, should you have any type of adverse health condition, Root financial specializes in helping people find the carriers that are more apt to cover various applicants. So whether you are a smoker, a diabetic or just in good health, this can save you countless hours of time and frustration throughout the application process. Use the form on this page to get started with your own set of quotes.
Lincoln Financial Group is a large insurance and financial corporation. It is a Fortune 500 company that provides a very diverse array of financial services and solutions to its business and consumer clients. The company has in excess of 9,000 employees and it is headquartered in Philadelphia, PA.
The name Lincoln Financial Group is actually the marketing name for Lincoln National Corporation, as well as its affiliates. The company’s shares actively trade on the New York Stock Exchange under the symbol LNC.
History
Lincoln Financial was founded back in 1905 – and it has thrived and grown throughout the past century. Today, the company holds very strong positions in the financial services industry, being #232 on the 2014 Fortune 500 list in terms of company revenue, and #26 in terms of assets. Lincoln is also listed as #218 on the Barron’s 500 2014 list for the most growth in revenue, as well as for the most cash returns.
As of the third quarter 2014, Lincoln Financial reported to have $215 billion in assets under management, with total adjusted statutory capital of roughly $8.3 billion. This places the company in a solid fourth place for all life and health insurance companies by revenue. However, Lincoln is ranked #1 for both total life insurance sales, as well as for variable universal life sales, according to LIMRA’s YTD rankings as of June 30, 2014.
Products Offered By Lincoln Financial
Lincoln Financial Group offers a wide variety of financial and insurance products for both businesses and consumers. These include life insurance, annuities, long-term care solutions, employee benefits, workplace retirement plans, group insurance, and executive benefit plans.
On the individual life insurance side, Lincoln provides the following options:
Term Life – Term life is typically purchased to provide “temporary” coverage. This type of policy can be obtained for one year, five years, ten years, or longer. It is considered to be the most economical form of coverage. This is because term life provides only death benefit protection, with no cash value build up or investment component. Lincoln Financial offers three different level term options to choose from.
Universal Life – Universal life insurance provides insureds with the benefits of traditional coverage. This means that they have death benefit protection, along with cash value. This cash grows on a tax deferred basis, meaning that there are no taxes due on the growth until the time of withdrawal. With universal life, policy holders have the opportunity to grow cash over time at a set rate, yet the flexibility to set the amount and the timing of their premium. Policy holders can also set the amount of their death benefit – within certain guidelines – when the policy is in force. Lincoln has several different Universal Life products to choose from, including the Lincoln LifeGuarantee UL, the Lincoln LifeCurrent, and the Lincoln LifeReserve.
Index Universal Life Insurance – Similar to regular universal life, index universal life also allows funds to grow tax deferred. However, growth is tracked by the performance of an underlying index such as the S&P 500 or the Dow Jones Industrial Average (DJIA). Lincoln offer several index universal plans, including the Lincoln Treasury Indexed UL, the Lincoln LifeReserve Indexed UL Accumulator, the Lincoln LifeReserve UL Protector, and the Lincoln WealthPreserve Survivorship Indexed UL.
Variable Universal Life Insurance – Variable universal life insurance offers flexible death benefit coverage, along with growth potential in the cash value component of the policy. The potential to grow the cash over time is based upon market performance of an underlying portfolio of “subaccounts.” The funds, however, are not invested directly in the market. It is important to note, however, that while variable life can offer the opportunity to grow funds due to market performance, the potential for poor market performance can also make this type of policy more risky. Lincoln Financial offers several options for variable universal life insurance. For single life plans, it offers the Lincoln AssetEdge VUL, the Lincoln AssetEdge Exec VUL, and the Lincoln VUL ONE. There is also a Survivorship Life option. These plans include the Lincoln PreservationEdge SVUL and the Lincoln SVULONE.
Lincoln Financial also provides a life insurance option as an alternative funding mechanism for long-term care expenses. This can allow an individual or a couple to forgo the expense of having to purchase a stand-alone long-term care insurance policy and instead just use the funds that are inside of a universal plan. This can essentially provide the policy holder (or policy holders) with the benefits of universal life and long-term care insurance combined.
It also helps to eliminate the worry of “not using” long-term care insurance policy benefits that are paid for over many years, but never utilized. Instead, this option provides coverage for long-term care expenses if the person needs it – but if they don’t, it offers either a death benefit or a return of their initial premium if they don’t.
Company Ratings
Lincoln Financial is a solid performer in terms of financial strength – and it has the ratings to show it. The company has received very strong marks from the ratings agencies:
The Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
A.M. Best
A+ (2nd highest of 16)
A+ (2nd highest of 16)
Standard & Poor’s
AA- (4th highest of 22)
AA- (4th highest of 22)
Moody’s Investor Services
A1 (5th highest of 21)
A1 (5th highest of 21)
Fitch Ratings
A+ (5th highest of 19)
A+ (5th highest of 19)
Advantages and Concerns
There are a number of advantages to going with Lincoln Financial as your company of choice. First, this financial services giant offers a nice variety of both term and universal policies, along with a very wide selection of optional policy riders to choose from. So, even though the company does not provide a whole life insurance option, there are a lot of other choices that can meet most other needs.
Lincoln also offers other popular policy features such as a no-exam term conversion (for those who qualify), as well as a level premium guarantee on its term life insurance plans, and access to the cash value on its universal life policies. It does not, however, offer a dividend option with paid-up additions.
The company is also very solid in terms of its financial backing and strength. Across the board, the financial rating agencies have provided Lincoln with strong marks. That, coupled with the company’s century old history, should give policy holders confidence that Lincoln will likely be there when they need them.
Unfortunately, no matter how nice the variety is in a company’s product selection is, it is always a wise plan to get more than just one policy quote before making your final purchase choice. Just like choosing a car or a computer, you wouldn’t just look at one and agree to the sticker price without first doing some comparison shopping.
When searching for life insurance, it is likely that the proceeds will be used for paying off large debt, replacing income, or some other important purpose in which survivors will rely. With that in mind, you will want to ensure that the amount of proceeds is correct, the premium is within budget, and the company is secure. To help protect your family further, looking into Burial Insurance is also a good choice.
Finding the Life Insurance Coverage That Meets Your Needs
If you are ready to begin searching for the right policy for your specific needs, we can help. We can assist you in several different ways. First, we can help you in determining the right type of coverage. In other words, is term, whole life, or universal life the proper coverage type for you? Next, we will also walk you through determining the proper amount of coverage for your needs.
Coming up with the right dollar figure can be daunting at times – especially if projecting out into the future. My preferred provider can help you in coming up with the coverage that can help get your loved ones through the tough times. Get started with your own set of quotes by filling out the form on the side of this page.
They will also help you in reviewing the many different life insurers in the market place in order to find the one that is best for you. Root Financial works with the best life insurance carriers in the industry today, and can get you all of the important information that you need in order to make the right decision. Complete a major part of your personal finance plan today by getting quotes and coverage. We also have great tips for other insurance covers out there too, check out our post on the Best Auto Insurance Companies!
While Minnesota life did not make the Good Financial Cents® top 10 life insurance companies it did get an honorable mention and we have had great success working with this company.
Table of Contents
The History of Minnesota Life Insurance Company
Since 1880, Securian Financial Group has been the holding company and parent of Minnesota Life Insurance Company and Securian Life – as well as their affiliates. This financial powerhouse specializes in working with employers to offer financial, retirement, and insurance plans to their employees.
And, for more than 80 years, Minnesota Life Insurance Company has provided businesses with customized solutions to their employee benefit needs, as well as with expertise in administering large public and private employer plans to small and medium sized municipal employers. This insurer also offers individual insurance options.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-medrectangle-3-0-asloadedmax-width:300px!important;max-height:250px!important
This insurance company insures more state plans than any other group insurer. It also counts 20 percent of the Fortune 100 companies as its clients. Also, it is proud to offer industry leading technology, such as the first mobile optimized website for group insurance transactions.
Minnesota Life Insurance Company Review
The unique brand of service that is provided by Minnesota Life Insurance Company has established the company as a valued partner and a premier provider in the group insurance coverage arena. Just some of the quality and exceptional service that Minnesota Life Insurance is known for includes the following:
100 percent of the insurer’s new clients recommend its implementation services;
The company pays out 99 percent of death claims within ten calendar days of receiving proof;
The insurer offers technological solutions to ease its policyholders’ administrative load;
The average tenure of the company’s staff is 12 years.
Its parent company, Securian, is also considered to be strong and stable. Securian has nearly 15 million customers, and more than 5,000 associates and representatives in its headquarters in St. Paul, Minnesota, as well as in sales offices around the country. Also, the company has more than $1 trillion of insurance in force, and in just the year 2014 alone, it paid out more than $4 billion in benefits to its customers.
Ads by Money. We may be compensated if you click this ad.Ad
The Financial Strength and Ratings of Minnesota Life
The parent company of Minnesota Life Insurance Company, Securian, has been provided with extremely high ratings from the insurer ratings agencies. These include:
A+ (Superior) from A.M. Best. This is the 2nd highest of a possible 16 total ratings.
AA (Very Strong) from Fitch. This is the 3rd highest of a possible 19 total ratings.
Aa3 (Excellent) from Moody’s Investors Service. This is the 4th highest of a possible 21 total ratings.
A+ (Strong) from Standard & Poor’s. This is the 5th highest of a possible 23 total ratings.
Life Insurance Products Offered
Minnesota Life Insurance Company offers both term and cash value life insurance policies. Life insurance policies are individual and group in nature.
For the group plans that are offered, regardless of whether these are offered as basic or as voluntary plans, group life insurance products are considered to be the mainstay of most employee benefits programs – and Minnesota Life Insurance Company provides them all.
Group life insurance products that are offered through Minnesota Life include the following:@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-banner-1-0-asloadedmax-width:580px!important;max-height:400px!important
Group Term Life Insurance Coverage – Group term life insurance coverage offers life insurance protection for a set period of time. This type of life insurance will pay out a benefit only if the insured passes away during the term that the coverage is in force. With term life insurance, there is no cash value build up.
Group Universal Life Insurance Coverage – A group universal life insurance plan will combine the protection of life insurance coverage along with the option to build up savings with cash value. This cash value account will earn a fixed rate of interest.
Variable Group Universal Life Insurance Coverage – A variable group universal life insurance plan will offer a death benefit, and will provide the option to invest in a variety of different investments, and will also make allocations to a guaranteed account. With a variable group universal life insurance policy, the investment “sub-accounts,” there can be some both potential risks and rates of return so that employees may “customize” their investments to meet their specific financial goals. These investments can fluctuate, and when they are redeemed, they may be worth more or less than the amount that was initially invested by the employee. These plans may be designed to include a guaranteed account that offers a fixed rate of return that is guaranteed never to fall below three percent. The guarantees for the guaranteed account are based only on the financial strength and claims-paying ability of Minnesota Life Insurance Company, which are important. However, this has no bearing on the performance of the individual investment options.
Accidental Death and Dismemberment Insurance – Accidental death and dismemberment, or AD&D, coverage provides a benefit if the insured attains bodily injuries that result in death or dismemberment as a result of an accident.
Business Travel Accident Insurance – Business Travel Accident, or BTA, insurance will provide a lump sum benefit if the insured dies or is injured due to a covered accident while he or she is traveling for business.
Critical Illness insurance – If an insured is diagnosed with a condition that is covered in a critical illness insurance policy, then the lump sum benefit may be used in any way that the insured chooses. These may include making mortgage payments, paying for child care, or paying for any out-of-pocket medical costs.
Accident insurance – The accident insurance that is provided by Minnesota Life Insurance Company will offer a payout to use in any way that the insured wishes that can cover deductibles, out-of-pocket medical expenses, or even everyday living expenses.
Other Coverage Products Offered by Minnesota Life Insurance Company
In addition to term and permanent life insurance coverage, and the accidental death and dismemberment (AD&D) insurance protection, accident insurance, and critical illness insurance to both large employers and to executive groups across the nation, this insurer also partners with Zurich International Life in order to provide group life insurance coverage for global employees.
Individual annuities are also offered by Minnesota Life Insurance Company. These can help individuals to ensure that they will have an income for the remainder of their lives, by paying out a guaranteed income stream on a regular basis, regardless of how long the person lives. Also, retirement plans are also offered through Minnesota Life Insurance Company.
They have an IncomeToday! Annuity, which is an immediate income annuity (as you can probably guess from the name). With these annuities, you pay one lump sum and then you’ll start receiving paychecks immediately. If you’re getting close to retirement, you might be worried about having enough money, but that’s where these annuities come in.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important
Aside from the immediate paycheck, there are several other annuity options that you can choose. One popular is a fixed indexed deferred annuity. These are annuities that are based on the performance of the markets. That means that these annuities are going to give you guaranteed income, but there is a chance that they could earn you much more.
Another type of annuity that you can choose to supplement your retirement income is variable deferred annuities. When you invest in a variable deferred annuity, there are several options for investing your money. The investment options of the annuity can reflect your risk tolerance and you can change the investments as you get closer to retirement.
Through the parent company of Minnesota Life Insurance Company, Securian, there are many additional insurance and financial products that are offered, too. These include retirement plans, investments, and executive benefits. Because employers are this company’s key market, Securian works with groups in identifying the right plan types for their needs – from profit sharing and 401(k)s to defined benefit and cash balance plans.
The 401(k) plan design options are based primarily on employer goals, as well as the budget and demographics of the particular employer. Investment options can be selected from more than 5,800 unique investment options, and investment allocation portfolios are based on age or risk tolerance. Profit sharing and matching contribution components are also available.
While few employers offer defined benefit plans today, Securian helps companies to differentiate themselves and offer their employees the security of knowing that they’ll have an income for life with a pension income. Regardless of how the investments in the plan perform, the participants in this type of plan will be able to still receive a set amount of retirement income.
Cash balance plans are also available through Securian. These types of plans can help an employer to essentially bridge the gap between a traditional defined benefit plan and a defined contribution plan such as a 401(k). The qualified plan products that are offered by Securian are done so via a group variable annuity contract that is issued by Minnesota Life Insurance Company. While the company (Securian) works with employers of all sizes, it specializes in plans that have assets up to approximately $200 million.
Inside: Working mothers face many challenges when balancing work and family life. This guide offers the best jobs for moms. Find out how to maximize your career opportunities while raising children.
Moms often feel like they can’t have a successful career and be a good moms at the same time.
I completely feel that way too. I struggled to be a stay-at-home mom when my kids were little because I wanted to help out financially to help pay down debt. It took me a few years, but I soon realized there are great ways to make a mom and be a great mom!
I have uncovered plenty of jobs for moms with no degree that offers flexible hours, good pay, and satisfying work.
The best jobs for moms with no degree are ones that offer flexibility, good pay, and room for growth.
It can be tough to balance family and career, but it is possible to find a job that fits your lifestyle.
Here are the best jobs for moms with no degree or with a degree.
What jobs are good as a mom?
As a mom, finding a job that allows for flexibility and growth can be challenging, especially if you don’t have a college degree.
However, there are still plenty of opportunities out there that can help you balance your family and career.
Most importantly, you need to find a job that you LOVE! An environment that you thrive in!
With flexible schedules, remote work options, and potential for growth, these jobs can provide the stability and income moms need while still being able to prioritize their families.
Whether you’re looking for a part-time job or a full-time career, there are plenty of opportunities out there for moms.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
What are the best careers for current stay-at-home moms?
Stay-at-home moms face the challenge of balancing their family responsibilities with the desire to pursue a career.
With the high cost of child care, you need to find a job that allows you to take your kids or one that offers flexibility to work around your kid’s schedules.
Hello- that is me! I am a blogger and day trader when I’m not taxing my kids around.
Your best bet is to check out how to make money online for beginners. That is where you will find the most job options that can be done from home or offer flexible schedules, making it possible to have the best of both worlds.
What are the best careers for former stay-at-home moms?
Returning to the workforce after being a stay-at-home mom can be a daunting task, but there are many careers that are best suited for moms.
You still want careers that offer flexibility, high earning potential, and a good work-life balance.
You need to consider your previous employment, any education or certificates you hold, or skills and/or interests.
As such, the answer will vary for each person reading this post. So, consider any one of these past ideas.
Best Jobs for Moms
There are plenty of great jobs for working moms.
The key is to find a position that offers the right mix of income, hours, and flexibility.
Preferably, you want a low-stress job that pays well without a degree.
Here are jobs to consider if you’re a working mom with no degree.
1. Web developer
Web development is a highly flexible and lucrative career option that is ideal for working moms who may not have a college degree. With the ability to work remotely or part-time, web development is a perfect fit for moms who need a flexible schedule.
This field is rapidly growing and in high demand, making it an excellent choice for those looking for a career change.
To become a successful web developer, proficiency in programming languages like HTML, CSS, and JavaScript is essential. Additionally, knowledge of website design and development tools is crucial to create visually appealing and functional websites.
The skills required for web development can be learned through online courses or boot camps, making it accessible to anyone with an interest in technology and design.
Benefits:
Many web developers work from home or have flexible schedules, making it easier for moms to balance work and family life.
The demand for web developers is expected to grow, making it a stable and secure career option.
Web development is a field that allows for creativity and self-expression.
Pay: The salary for a web developer varies greatly on experience, but it is possible to make six figures.
2. Customer Service Representative
Customer service representative is an excellent career option for working moms who do not hold a college degree.
As a customer service representative, you will be the primary point of contact between customers and the organization, providing information about products and services, taking orders, responding to customer complaints, and processing returns.
You can work from home part-time or full-time, and many times the work takes place remotely. To succeed in this role, you will need to have strong communication and negotiation skills, patience, and the ability to multitask.
Benefits:
The work environment is flexible, and you can work from the comfort of your home.
Job offers great work-life balance and schedule options, making it an ideal choice for working moms.
Pay: As a customer service representative, you can expect to make from minimum wage to $20 an hour.
3. Proofreader
Being a proofreader can be a rewarding and fulfilling career for individuals who have a way with words and a keen eye for grammar. As a proofreader, your primary responsibility would be to review and correct spelling, grammar, and punctuation errors in various types of written content, such as books, websites, and social media posts.
Moreover, the earning potential as a proofreader can be quite lucrative. For instance, Caitlin Pyle, a successful proofreader, made $43,000 in one year working part-time.
To get started as a proofreader, it is important to develop the necessary skills. You can start by attending a free introductory workshop or enrolling in a course that teaches the skills needed to become a freelance proofreader.
Benefits:
Great flexibility as you work on a project basis.
The significant earning potential in the field of proofreading, especially for those who are dedicated and skilled in their craft.
Rewarding career path for individuals with a passion for language and a meticulous eye for detail.
Pay: In terms of salary, the median pay for a proofreader ranges from $15.22 to $26 an hour, depending on experience and the project you are working on. Many other proofreaders earn between $1,000 to $4,000 per month.
4. Flight Attendant
A flight attendant is a career that does not require a college degree but extensive training and certification. It is an ideal job for working moms due to its non-traditional scheduling that allows them to work part-time, take extended periods off, and get out of the house.
Flight attendants can take on trips when they know they have child care covered, and stay at home for days at a time.
Benefits:
Enjoy the perks of travel.
Flexible schedules.
Great health benefits.
Pay: The pay ranges by airline, but the median salary is $65000 per year.
5. Blogger
For moms who are looking for a flexible work-from-home job that doesn’t require a degree, becoming a blogger could be the perfect fit.
With the rise of the internet, there is an increasing demand for content writers and bloggers. These jobs allow you to work from home, set your own schedule, and choose the topics you want to write about. Additionally, these jobs don’t require a degree, making them accessible to anyone who has a passion for writing and a way with words.
Blogging is another option for those who want to write about specific topics they are passionate about and share their insights with others.
Benefits:
Be your own boss.
Flexibility blogging offers – work as much or as little as you want.
Work from home.
Choose the topics you want to write about.
Pay: As a blogger, you are creating passive income through ads, affiliating marketing, and paid sponsorships.
6. Engineer
Returning to work as a mom can be a challenging transition, but leveraging your engineering degree can open up a range of opportunities for you. With your technical skills and problem-solving abilities, there are several career paths that can offer a healthy work-life balance and flexibility to accommodate your family responsibilities.
Here are ways to utilize your degree and still have the flexibility you crave:
Pursue freelance work in your field. As a freelance engineer, you have the freedom to determine your own schedule and take on projects that align with your interests and availability. Platforms like Upwork provide a space for engineers to connect with clients and offer their services on a project basis. This allows you to work on engineering projects from the comfort of your own home, giving you the flexibility to balance work and family life.
Explore part-time or remote positions with engineering firms or companies that value work-life balance. Many engineering firms recognize the importance of accommodating working parents and offer flexible work arrangements. With your engineering background, you can contribute to projects and collaborate with teams remotely, allowing you to work from home and adjust your schedule to meet the needs of your family.
Pursue a career in technical writing or content creation. Many companies and organizations require technical documentation, manuals, and instructional materials to accompany their products or services. With your engineering background, you can leverage your expertise to create clear and concise technical content.
Work as an engineering consultant. As a consultant, you can offer your specialized knowledge and expertise to clients on a project basis. Consulting also provides the opportunity to work remotely or have a flexible work arrangement, making it an ideal option for moms returning to work.
By expanding your knowledge and skill set, you can position yourself for more opportunities and increase your marketability in the engineering field.
Benefits:
This can be done on a freelance basis or as a remote employee, allowing you to work from home and have more control over your schedule.
Take on projects that align with your skills and interests.
Have a fulfilling career that allows you to balance work and motherhood successfully.
Pay: Additionally, engineering offers high earning potential, which can help support a family and provide financial stability. Most engineers earn over $100000 a year.
7. Virtual Assistant
For working moms with no degree, finding a job that balances well with their family life can be a challenge. However, virtual assistant jobs can be the perfect solution.
As a virtual assistant with no experience, you can work from home, set your own schedule, and earn a good income.
A virtual assistant provides administrative support remotely, handling tasks such as email and social media management, scheduling appointments, data collection, customer service, and event planning. The skills required for this job include strong multi-tasking, organizational, and time-management skills, as well as basic computer skills.
Here is a virtual assistant checklist to see if you would enjoy this job possibility.
Benefits:
Be the boss of your own schedule.
Build your own small business if you desire.
Earn significant income
Pay: Most virtual assistants can earn $21 an hour or more pending experience.
8. Teacher
Teaching can be an excellent option for moms who want to work in a field that values education and have the same schedule as their kids.
Plus you can take on one of these summer jobs for teachers to extra cash.
Another option is to become a teacher’s aide that assists teachers in the classroom, helping with tasks such as grading papers, supervising students, and preparing materials. To become a teacher’s aide, you need to have a high school diploma or GED.
Benefits:
Same work hours as your children.
Work in a field that values empathy and care for children, while also providing financial stability and work-life balance.
Most teacher retirement plans are well worth working your full 30 years for that ongoing income post-retirement.
Pay: Unfortunately, teachers are one of the lowest paid salaries for the fantastic work they do. Find out if teachers get paid in the summer.
9. Substitute teacher
Substitute teaching can be an excellent job option for working moms who don’t have a degree. It offers flexibility, a chance to get teaching experience, and a decent daily rate of pay.
A substitute teacher fills in for full-time teachers when they are absent.
This experience can be helpful if you decide to pursue a permanent teaching position in the future.
Benefits:
Allows you to work when your schedule permits. You can note your availability and work as much or as little as you like.
Gain teaching experience without committing to a full school year.
Rewarding job option for some.
Pay: As of right now, there is a shortage of teachers, so the pay for substitute teachers has increased immensely. Substitute teachers can earn a daily rate ranging from $60 to $200, depending on the school district and the region with most substitutes making $22 an hour or more.
10. Consultant
As a consultant, you can use your prior work or life experience to offer solutions and advice to clients in a wide range of areas, including sales, marketing, operations, and management.
Furthermore, consulting can be an ideal way to transition your prior work or life experience into a new career and shorten the time spent in school, making it a great option.
To become a successful consultant, you need to have strong communication skills, the ability to work independently, and experience in your field to run a successful business.
Benefits:
As a consultant, you can enjoy flexible work hours.
The potential to work from home.
Ability to control your schedule.
Pay: The hourly rate for consultants varies depending on the type of consultant and the industry, with some earning high salaries.
11. Day Trader
Swing or day trading is a popular option for individuals who want to work from home and make a living from the stock market. Day traders buy and sell securities within the same day, aiming to make a profit from small price movements.
This job requires a certain set of skills and investing knowledge, as well as specific equipment and software.
It is possible to make money with stocks fast.
Day trading can be a good option for working moms with no degree because it offers flexibility and the potential for high earnings. Personally, I love trading stocks and options. I learned from Teri Ijeoma.
Benefits:
Unlike traditional jobs, day trading allows individuals to work from home and set their own schedules.
Successful traders can make a significant amount of money, with some earning six-figure or seven-figure incomes.
While a degree is not required for day trading, I highly recommend taking this investing course to jumpstart your learning.
Pay: Widely variable as it depends on your risk. You can lose money or make $1000 a day.
12. Claims adjuster
As a claims adjuster, you will be responsible for investigating insurance claims, negotiating settlements, and collaborating with other professionals such as lawyers and medical experts. To become a claims adjuster, you will need to possess relevant experience, strong communication abilities, and proficiency in data analysis.
The work environment can be fast-paced and stressful, but the potential for career growth and the flexibility to work remotely make this an attractive option for many working moms.
Claims adjusters must also maintain accurate records and documentation of all claims activities.
Benefits:
While the work environment can be fast-paced and stressful, the potential for career growth is likely.
Flexibility to work remotely make this an attractive option for many working moms.
Pay: Claims adjusters can advance to higher positions within the insurance industry, such as senior claims adjuster or claims manager. Additionally, many claims adjusters work as independent contractors or consultants, providing even more flexibility and potential for career growth.
13. Bookkeeper
As a bookkeeper, one is responsible for monitoring a company’s cash flow by keeping track of transactions and preserving copies of receipts. The job requires great attention to detail, excellent organizational skills, and an ability to analyze and interpret financial data.
This job can be done virtually, making it an excellent position for moms who want to improve their work-life balance.
Bookkeeping does not require a degree and one can earn a decent hourly pay or salary. To become a bookkeeper, one must have bookkeeping skills, which can be learned from online courses.
Benefits:
Flexible working hours, allowing them to work whenever suits them.
Great for someone who loves analytics.
Pay: Most bookkeepers enjoy relatively high hourly salaries. They can work as independent contractors or be paid as a salaried employee.
14. Nanny
Being a nanny is an excellent option for moms who want to balance work and family life.
As a nanny, you would be responsible for taking care of children, cooking, cleaning, and running errands. The best part about being a nanny is the flexible hours, which allow you to work part-time or full-time while still being present for your family.
Finding a job that allows moms to work while still being present for their families is crucial, and being a nanny provides the perfect solution.
Benefits:
Be able to care for your own children at the same time.
Find a nanny job that works for your circumstances.
Stay young and playful while working with kids!
Pay: The pay varies widely for a nanny, but once you have experience and great references, you can earn good money.
15. Marketing Specialist
Marketing can be an excellent job choice for moms looking for flexibility, potential job growth, and the opportunity to work remotely. With the advancement of digital marketing, moms can now pursue a career in marketing without having to leave their homes or work in a traditional office setting.
As a digital marketer, there are various specializations and skills that can be honed to advance in the field. These include SEO (search engine optimization), web development, content creation, and marketing strategies.
By continuously learning and improving these skills, moms can enhance their professional reputation and open doors to new opportunities within the marketing industry.
Benefits:
Ability to work from home.
Work flexible work hours that can be adjusted to fit their family’s needs.
Digital marketing also offers potential job growth and career development.
Pay: As a marketing specialist, the pay can vary greatly if you work as a freelancer or a bigger corporation.
16. Financial Advisor
Financial advising can be an excellent career path for working moms without a degree, offering flexibility and opportunities for growth.
Honestly, I know many people who have successfully entered the workforce as financial advisors.
The first step towards becoming a financial advisor is to obtain relevant certifications and licenses, such as the Certified Financial Planner (CFP) designation. Once certified, financial advisors can work for a firm or start their own business, providing financial advice to clients.
Pursuing a career as a financial advisor can offer a good salary and work-life balance, making it a great option for working moms.
Benefits:
Help others pursue a life of financial independence.
Perfect for someone who loves numbers!
Pay: The pay for a financial advisor varies greatly, but the median salary is $75000 a year.
17. Writer
Becoming a writer can be a great career choice for moms who want to work from home and have a passion for writing. With flexibility, the potential for a decent income, and no degree required, it’s an accessible and rewarding career path.
Highly recommended to take this writing course to jumpstart your networking opportunities.
As a writer, you can work as a content writer, staff writer, or freelance writer.
Content writers produce content for websites, such as blogs, news aggregators, and e-commerce sites.
Staff writers write articles for publications, such as magazines or newspapers.
Freelance writers write for clients without being permanent employees.
What’s more important is having a way with words, strong research skills, and a passion for writing.
Benefits:
Flexibility to work on a story when you are able to.
For those with a love of English, this is a great way to express yourself.
Pay: While the average hourly rate for writers and bloggers varies, it’s possible to earn a decent income in these fields.
17. Social Media Specialist
As a social media specialist, you will manage social media accounts, create and post content, increase engagement, analyze data, and monitor social media. This role requires skills such as graphic design, writing appealing content, an eye for design, and flexibility.
Moms possess many of these skills naturally, such as multitasking, creativity, and communication. These skills can be applied to social media management, including content creation, scheduling, and community management.
Social media management is also a growing field. As a result, this job can provide moms with a stable income and career growth opportunities while allowing them to prioritize their family life.
Benefits:
Great for those who personally love social media.
Easy to work anywhere.
Pay: With an average salary of $52000 a year, this job can be done from home, making it a perfect fit for moms.
18. Human resources manager
Work-life balance is crucial for working moms, and a career as a human resources manager can provide just that.
Human resources managers are responsible for managing employee benefits, overseeing hiring processes, and handling employee relations. This job offers flexibility, including the ability to work remotely or part-time.
A career in human resources management can positively impact a working mom’s family life by providing a consistent schedule that doesn’t involve weekends or holidays.
Benefits:
HR managers are in high demand in many industries, as every organization requires HR expertise to manage its workforce effectively.
Opportunities for personal and professional growth.
Make a positive impact on employees’ lives.
Ample networking opportunities with employees, upper management, and external stakeholders.
Pay: Human resource managers often receive competitive salaries, with average annual earnings exceeding $120,000.
19. Sell on Printables on Etsy
In recent years, the demand for printable products has grown tremendously, making Etsy a great platform for working moms without a degree to earn a steady income from home.
Printables are digital files that customers can download and print at home, such as wall art, planners, calendars, and invitations.
The best part is that once you create a printable, you can sell it repeatedly without having to invest more time or money.
Check out the list of the most popular printables you can create.
Benefits:
A flexible job that allows you to work from home and set your own hours.
Earn a steady income from a single printable, which means you can focus on creating new products and growing your business.
Able to start s small business.
Pay: This is a passive income. Learn how much these sellers have made.
20. Retail associate
Many moms become retail associates to get a discount from the retailer!
Working in retail can be a rewarding and dynamic career choice. Retail jobs are generally physically demanding, as employees are often on their feet for long periods and may need to lift and move heavy items.
The nature of retail work can also be stressful, especially during busy periods such as holidays or sales events. However, it can also be an opportunity to develop and utilize various skills, particularly when interacting with customers.
Benefits:
Working part-time hours while your children are at school.
Discounts to the retailer you work.
Flexible scheduling hours.
Pay: This is a minimum wage job earning $13 an hour to $18 an hour.
21. Nursing
Nursing is a fulfilling career for moms who enjoy taking care of others.
While most nursing positions require a degree, there are also entry-level jobs available for those without a degree. Certified nursing assistant (CNA) and licensed practical nurse (LPN) are two such positions.
Both positions require certification and training, which can be completed in a matter of months. Pursuing a career in nursing as a working mom without a degree offers the flexibility to balance work and family while also providing the opportunity for career advancement.
Benefits:
Flexible scheduling around what works best for your family.
Ability to work part-time or full-time.
Great career option to take fewer hours while your children are little and more hours when they are in school.
Pay: The average hourly rate for nursing varies depending on where you work. Most certified nurses make between $32 an hour to $50 an hour.
22. Transcriber
As a transcriber, you will listen to audio files and create a document that contains an accurate record of what was said. This is one of the best jobs for moms with no degree, as most transcription companies just require you to pass their test before they give you work.
To become a successful transcriber, you will need fast typing skills, attention to detail, and the ability to sit for long periods of time. You may also need to purchase special transcribing equipment, depending on the company you work for. Most transcription jobs will require the ability to type 75 WPM or more.
This is a great non phone work from home job.
With the right skills and tools, you can become a successful transcriber and earn a decent income. So if you are a fast typer with an eye for detail, consider taking a free mini-course to find out if this is the right job for you.
Benefits:
Transcription jobs from home are available remotely and work as many hours as you want.
Set your own schedule.
Make money by meeting deadlines.
Pay: Generally, transcriptionists earn around $19 per hour in the US, but this can be more depending on your employer.
23. Graphic Designer
Graphic design is an excellent job for working moms with no degree, as it allows for significant flexibility in working hours and can be done from home.
As a graphic designer, you will be responsible for creating logos, designing websites, and developing marketing materials such as brochures and flyers. To succeed in this field, you’ll need to be creative, detail-oriented, and able to work with clients to meet their specific needs.
Benefits:
Balance their family responsibilities with a fulfilling and rewarding career.
Perfect to showcase your creative side.
Pay: With a median annual wage of $48000 per year, graphic design is a lucrative career that offers plenty of room for growth and advancement.
24. Online Coach
Being an online coach is a great job for individuals who are looking to earn money online without a degree. While some online coaches do gain certifications, it is not always necessary.
There are several types of coaching fields to enter, including career coaching, life coaching, health coaching, family coaching, and fitness coaching. It is advisable to choose a field that you have experience in or feel comfortable handling.
As a life coach, for example, you can assist clients in achieving their goals, dealing with self-esteem issues, or working on relationships.
Benefits:
Freedom to set your own schedule and work from home, which allows you to balance work and family responsibilities.
Potential to earn a good income, especially if you specialize in a high-demand niche and build a strong client base.
Viable career option for working moms without a degree.
Work remotely from their computers and communicate with clients online.
Pay: Most coaches make between $30 an hour – 100 an hour pending experience.
25. Counselor
Counseling is indeed a vital service that plays a crucial role in helping individuals and families overcome difficult challenges.
As a counselor, you work closely with clients to address various issues and support them in achieving their personal and professional goals.
Counselors can work in diverse settings, including private practices, mental health centers, schools, substance abuse centers, or government institutions. This allows for a wide range of opportunities and flexibility in terms of work environment and schedule. Additionally, advancements in technology have made it possible for counselors to provide their services online, further expanding the accessibility and convenience of counseling.
Benefits:
Flexibility to work part-time or full-time.
Making a positive impact on the lives of others and contributing to their well-being is a significant aspect of counseling that attracts many individuals, including moms, to pursue this profession.
Offers a fulfilling and financially rewarding career path.
Pay: The average hourly rate for counselors is $39 an hour.
Other Jobs Options to Consider:
Home Health Aide: Care for patients in their own homes. Many opportunities for part-time work.
Personal Care Aide: Assist clients with daily tasks such as bathing, dressing, and grooming. Flexible schedules are available.
Event Planner: Plan and organize events such as weddings, conferences, and parties. Can often work on a freelance or contract basis.
Photographer: Take photographs for a variety of purposes such as weddings, events, or marketing materials. Can often work on a freelance basis.
Personal Trainer: Help clients achieve fitness goals through exercise and nutrition coaching. Can often work on a freelance or contract basis.
House Cleaner: Clean homes or businesses on a regular basis. Offers flexibility in terms of schedule and workload.
Online Tutor: This job involves teaching students online in various subjects. Skills required include teaching ability, subject expertise, and communication. To balance work and family life, set a schedule and prioritize family time.
Translator: This job involves translating written or spoken content from one language to another. Skills required include fluency in multiple languages, attention to detail, and communication. To balance work and family life, set a schedule and prioritize family time.
Pet Sitter/Dog Walker: This job involves caring for pets while their owners are away. Skills required include love for animals, responsibility, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
Personal Shopper: This job involves shopping for clients and delivering their purchases. Skills required include organization, communication, and time management. To balance work and family life, set a schedule and communicate with clients to ensure availability.
What to consider when choosing a job for working moms without a degree?
Working mothers without a degree face many challenges when it comes to finding a job.
They need to find a balance between their family and career commitments, and they also need to find a job that is flexible enough to accommodate their schedule. Here are the things to consider when looking for a new job.
1. Hours and Shiftwork
For working moms being able to control their own schedules allows them to be present for their children’s needs while also earning an income is extremely important. It is important to consider the hours you have available to dedicate to a job along with the shiftwork necessary when choosing a job.
Think about whether you want to go part-time or full-time.
Also, weekend shifts are also an option for those who need to work around their family’s schedule. Even better, remote work has become increasingly popular and offers even more flexibility.
2. Salary
Salary considerations play a significant role in achieving this stability a mom desires.
It is essential to explore different salary options and negotiate to ensure that you are being fairly compensated for your skills and experience.
Consider starting salary, the potential for growth, benefits packages, and negotiation when exploring job options.
3. Responsibility and Stress
As any working mom can tell you, being a working mom can be an incredibly stressful experience. Mothers often have to balance their work responsibilities with household chores and childcare, which can be overwhelming.
Finding a job that balances responsibility and stress is crucial for working moms to maintain their mental and physical health, and to be able to provide for their families.
4. Level of Education Required
As a working mom, it is important to consider the level of education required when choosing a job.
Plus, it is crucial to research job requirements and considers personal interests and skills when selecting a job. By doing so, working moms can find a job that offers flexibility, decent pay, and job satisfaction.
5. Professional Licenses and Certifications
Obtaining, professional licenses and certifications is an excellent way for working moms without a degree to increase their job opportunities, earn higher salaries, and improve job security.
These certifications and licenses are often required for specific industries, such as healthcare, education, and law enforcement.
With so many options available, it’s important for working moms to explore the various certifications and licenses that are relevant to their industry and career goals.
6. Work-Life Balance
Balancing work and family life is a challenge for anyone, but it can be particularly daunting for working moms.
However, there are several factors to consider when choosing a job that can help achieve a work-life balance:
Flexible Work Hours: A job with flexible work hours can help working moms without a degree balance their work and family responsibilities. This can include part-time work, remote work, or jobs that allow for flexible scheduling.
Remote Work Options: Remote work can be an excellent option for working moms without a degree who need to work from home.
Company Culture: A supportive company culture can make all the difference for working moms. Look for companies that offer family-friendly policies such as paid time off, flexible work schedules, and on-site childcare.
By prioritizing work-life balance, working moms can achieve success in both their personal and professional lives.
7. Vacation and Time Off
For working moms without a degree, vacation and time off are crucial benefits to consider when evaluating a potential job offer.
Here are three factors to consider when reviewing a company’s vacation and time off policy:
The number of vacation days offered, including paid time off for sick days and personal days.
The flexibility of the policy, such as the ability to take time off for family emergencies or unexpected events.
The potential for extended leave, such as maternity or paternity leave.
8. Career Advancement
When considering a job as a mom, career advancement is an important consideration. It is essential to choose an employer and a job that offers opportunities for growth and progression in your chosen field.
Advancing in your career not only allows you to achieve personal and professional goals but also provides financial stability and job satisfaction.
Don’t underestimate the power of setting clear career goals and actively working towards them.
By investing in your skills, building a strong network, and setting clear career goals, you can pave the way for a successful and fulfilling career as a mom.
9. Job Security
Job security is especially significant for working moms, who may face more challenges in finding and keeping a job.
Typically, working moms are limited in their job options.
So, look for careers that provide financial security as well as companies with a solid track history.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
You can search for remote jobs, part-time jobs, or freelance gigs.
You can also look for companies that have flexible policies in place. Also, reach out to your network and ask if anyone knows of any openings that are flexible.
Stay-at-home moms can find a variety of jobs that can be done from home and offer flexibility to work around their schedule. Here are some of the options available:
Working from home offers the benefit of having a better work-life balance and the ability to be present for their families while still earning an income.
Which Job for Moms will You Choose?
For moms who want to balance family and career, finding a job that offers work-life balance and career growth is crucial.
Not only can working increase income, but it can also lead to career advancement and personal fulfillment.
Above, we listed many great jobs for moms. You can choose a job that allows you to work from home, or one that provides flexible hours. Also, many moms like me prefer one of these early morning jobs.
Whatever you choose, make sure you find a job that you enjoy and that allows you to spend time with your family.
Know someone else that needs this, too? Then, please share!!
Choosing to adopt a child is an exciting milestone in life, but it’s also one that takes a lot of planning and effort. Future adoptive parents can opt for either a domestic adoption or international adoption, but there are a lot of differentiating factors that may influence the decision.
If you’re considering adoption, you’ll want to understand the distinctions between domestic and international adoptions, from the process and timeline to the costs involved, so you can decide what’s best for you.
The Domestic Adoption Process
One of the major advantages of choosing a domestic adoption is that you have the potential to adopt a newborn. However, the timeline is not set in stone and may depend on whether you opt for an open, semi-open, or closed adoption. Most domestic adoptions are considered at least “semi-open.”
Depending on the agency you work with, you may need to be chosen by a birth mother based on your profile. Once you’re selected, the timing depends on the expected (and actual) due date. The process usually takes a few months. Typically, you get access to the child’s medical records as well as the birth mother’s family history.
An open adoption also allows some contact and conversations with the birth mother before the baby is born. In a semi-open adoption, personally revealing information is withheld between the adoptive parents and the birth mother.
Once the baby is born and you officially adopt the child, the adoption agency may facilitate sending updates to the birth mother, as well as pictures so she can see the baby is well taken care of.
Domestic Adoption Eligibility Requirements
American adoption requirements vary by state and by the adoption agency you choose to work with. Generally, you must be at least 18 years old, and there’s often a minimum age difference required between you and the child.
Most states allow domestic adoptions regardless of marital status; parents can be married, single, divorced, or widowed and still qualify.
Explore your state and city adoption websites for more details on additional requirements unique to your area.
The International Adoption Process
International adoption, thanks to rules and clearances, typically will not involve a newborn, so you’ll need to be open to welcoming an older baby or toddler to your home.
With international adoption, there are issues that could affect your ability to adopt, even in the middle of the process. New international laws and relations between the United States and other countries have the potential to derail families who are in the middle of an adoption. The process varies by country but typically takes between 1.5 and 2.5 years.
While you can find out about the child’s medical history, you likely won’t know anything about the family history. Once you adopt a child from abroad, you won’t have any contact with the birth family.
International Adoption Eligibility Requirements
Each country has its own eligibility requirements for adoptive parents, which are typically much stricter than domestic requirements. Often you’ll need to meet income requirements, which may include a higher amount if you already have children. Some countries also have net worth requirements.
In addition, you may discover that some countries restrict the type of families that are allowed to adopt from there. For example, some only offer adoption to married couples or single women.
These rules vary by country, and there are some countries, such as Colombia, that allow single men and same-sex partners to adopt.
International vs Domestic Adoption Costs
The costs vary greatly with both international and domestic adoptions, but the common thread is that it can be expensive if you’re not adopting a foster child.
For international adoptions, expect to pay anywhere from $20,000 to $50,000, depending on the country.
In South Korea, for example, adoptions may cost between $32,000 – $38,000. In China, the range is $35,000 to $40,000. Adoptions from India may span $21,000 to $25,000.
Choosing an international adoption also requires you to travel to the country (often more than once) in advance of actually adopting your child.
Domestic adoptions through a private agency may cost between $30,000 and $60,000.
It is much less expensive, and potentially even free, to adopt through foster care. However, as a foster parent, your goal is to help reunite the child with the existing family. Adoption may become an option, but it is not the primary objective.
Recommended: Common Financial Mistakes First-Time Parents Make
Funding Options for Adoptions
Adoption costs are often out of reach for many U.S. families. But even if you can’t tap into your savings (or don’t want to), you can explore other options for funding your adoption.
Recommended: 5 Tips for Saving for a Baby
Employer Benefits
Some companies offer adoption assistance funds as part of their employee benefits packages. In addition, about 34% of employers offer paid adoption leave and 25% provide paid foster child leave. This provides flexibility to transition when a new family member arrives.
You may want to check with your HR department to make sure you don’t miss out any adoption benefits offered by your company.
Adoption Federal Tax Credit
The federal government provides some tax benefits for adoptions. First, if you use employer benefit funds to pay for the adoption, that money is excluded from your income so you don’t have to pay federal taxes on it.
The tax code also offers an adoption tax credit that can help offset some of the costs involved in adoption, whether you adopt for a domestic or international adoption. Qualified adoption expenses include things like adoption fees, legal costs, and travel expenses.
The tax credit amount changes every year, so it’s a good idea to talk to an accountant for more specifics.
There are income limits for qualifying for both the tax exclusion and credit.
Friends and Family
Many adoptive parents ask friends and family members for financial support when starting the adoption process. You could even start a crowdfunding campaign as a way for your broader community to donate to your adoption fund.
Hopeful parents may want to include a compelling personal story about the path to adoption to help draw in potential donors from their community.
Just remember that if you use a crowdfunding platform, you generally have to pay fees taken out of the money you’ve raised. This usually ranges from 3% to 8% when including both fundraising fees and processing fees.
Recommended: New Parent’s Guide to Setting Up a Will
Personal Loan
Another option for financing your domestic or international adoption is with an unsecured personal loan.
This type of loan typically comes with a fixed interest rate and repayment period, which allows you to make a set monthly payment over a set number of years.
You’ll need good credit to qualify for the best interest rates. Lenders may also take your debt-to-income ratio into consideration. You may qualify for a larger loan amount if your existing debt is low compared to your monthly income.
Sometimes referred to as an adoption loan, the proceeds from this type of loan can be used for just about anything. That means not just the agency and legal fees but also soft costs like travel and meals, which can get expensive if you’re adopting from abroad.
The Takeaway
Choosing to adopt a child can be life-changing, but an international or domestic adoption usually carries a high price tag. Fortunately, with tax benefits and funding options available, you can worry less about how to pay for all of the costs associated with the process and focus more on the joy of growing your family.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
A few weeks back, I wrote about having a financial health day at work. With the help of some of my Foolish colleagues, we’ve created a PDF that outlines how to host your own financial health day at work, including a checklist of what to consider accomplishing during the day.
As you’ll read, a key component of the financial health day was classes taught by experts we invited to Fool HQ, including several fee-only financial advisors from the Garrett Planning Network. Which brings us to the topic of today’s post: how to pay for help from a financial professional. It all begins with my experience as one myself.
My Short Life as a Stockbroker
Way back when (in those crazy, hazy, dot-com-zy days of the 1990s), I put on a suit every workday and headed to the offices of Prudential Securities, where I was a (very junior) member of team that managed $200 million. I started off as essentially an office gopher, and ended up being a licensed broker in a span of about two years (at which point I left to join The Motley Fool).
The term “broker” is important; it means I earned commissions for sales of stocks and mutual funds. I also was a licensed insurance agent, and earned commissions for selling insurance products such as annuities.
Now, the fellows I worked work were smart and ethical, and I’d trust them with my own money. And they’re not the only good brokers in the industry; I know plenty of them. But I saw enough to know that this is an industry driven, first and foremost, by people who want to make a lot of money for themselves. That money doesn’t materialize out of thin air; it comes straight from their clients’ accounts and into their own.
As part of my training, I spent three weeks in New York City. During the day, we heard from various representatives of the firm’s departments — the bond desk, the equity analysts, etc. We weren’t being taught how to choose better investments for our clients; it was more of an introduction to how the firm worked. Then, we’d learn sales techniques. At night, we practiced them by making cold calls while instructors listened in, giving us advice after the call on how to provide more “sizzle.”
When I joined the firm, I thought I’d be getting “the keys to the kingdom” in terms identifying the best investments. After all, this is a big-name Wall Street firm; they surely knew how to beat the market. Alas, it was not true. I learned more about investing from reading a collection of good books than I did from Prudential’s training. What I did learn was that recommending certain investment products resulted in a bigger payday for the broker than recommending others — regardless of what was best for the client — and that many brokers weren’t able to overcome (and loath to disclose) this conflict of interest.
The Fee-Only Way
Is there a way to get financial help without this conflict interest? Yes, there is — by hiring a fee-only financial advisor. Such an advisor gets paid by the hour, by the project, or — if they will be managing your money — as a percentage of the assets under management. These folks have just one incentive: provide good advice. You know they will recommend what they really think is the best course of action, because they get paid the same no matter what they recommend.
Here are a few other reasons why I like fee-only planners:
If you walk into your local Merrill Lynch, Morgan Stanley, or some other brokerage, the advisor you speak with will care mainly about your investments, and maybe your insurance, because that’s how they get paid. (Don’t expect much guidance on the money in your 401(k), because they can’t get paid for providing advice about that.) Fee-only advisors, on the other hand, take a look at the whole picture, from debt to cash flow to employee benefits to estate planning.
Many fee-only planners will work on an as-need basis. Perhaps you just need help answering one or two questions, such as whether you’re saving enough for retirement. Or you’d like to continue handling your own finances, but you want an objective second opinion to make sure you’re on track. An hourly fee-only advisor can help you. It’s not exactly cheap — approximately $150 to $200 an hour. But not spending that money can be hundreds-wise but thousands-foolish.
Fee-only planners tend to have professional designations, such as Certified Financial Planner or Chartered Financial Analyst. Plenty of brokers have those designations, too, but not as many, percentage-wise. Such a designation doesn’t guarantee good behavior or perfect advice, but it does mean the advisor knows enough to pass very rigorous exams and fulfill continuing education credits, including classes in ethics.
Most fee-only planners are fiduciaries, which means they are legally obligated to put their clients’ interests first. Surprisingly, and appallingly, the typical broker is not a fiduciary, and is held to a lower standard. I won’t bore you with all the legalese, but it has been in the news lately since it’s a part of the debate about financial reform. Just know that it’s a topic you should research and bring up with any financial advisor you consider hiring.
Where do you find such a fee-only planner? The Garrett Planning Network is a start. Visit their locate an advisor page and click on your state to see if there’s an advisor in your area. (In the interest of full disclosure, and revealing my own conflicts of interest, The Motley Fool has a partnership with Garrett, but no money has changed hands. It’s more of a “we like each other, so let’s spread the good word about each other” type of arrangement.) Another option is the National Association of Personal Financial Advisors, or NAPFA. Finally, you can use the PlannerSearch tool of the Financial Planning Association, and specify “Fee Only” under the “How Planners Charge” link.
Fee-only advisors are independent, and have their own ways of doing business. So not every fee-only advisor will manage money, and not every one will work on an hourly basis. Determine what you need, and find an advisor who will work on your terms — and put your interests first.
Symetra Life Insurance Company boasts more than half a century of offering life insurance coverage to valued clients. Over time, this insurer has exceeded $35 billion in assets and 2 million clients throughout the United States.
Symetra has its headquarters in Bellevue, Washington, while the company sells its products in all states excluding New York.
Established in 1957, the insurer has made many strides in the insurance and financial industry. For example, in 1976, Symetra pioneered the medical stop-loss product – which today is a key product in the medical insurance marketplace.
In 1987, Symetra started selling its annuity products through the banking channel, and in 1999, exceeded the $30 billion mark of life insurance in force. In 2004, the insurer transitioned into an independent company – Symetra Financial Corporation, and in 2016, it joined Sumitomo Life, a global life insurer.
The products sold by Symetra Life Insurance Company are offered through brokers and financial advisors, banks, and a network of independent insurance agents.
The primary products provided through Symetra include life insurance protection, along with annuities, retirement, employee benefits, and medical stop-loss insurance coverage.
Symetra Life Insurance Company Review
Today, Symetra is owned by parent company Sumitomo Life – which is considered to be one of the most prominent life insurance companies in Japan. The parent company has been in operation for over 100 years. Both Symetra and Sumitomo Life have total assets surpassing $250 billion.
Symetra Life Insurance is currently recognized as a Top 3 seller of fixed deferred and fixed indexed annuities through banks. It is also a Top 40 U.S. life insurance company, based on admitted assets. In 2015, the company brought in roughly $2.2 billion in total revenues and nearly $147 million in net income.
In addition to offering insurance and financial products, Symetra is committed to the community. In 2015, Symetra contributed to nearly 900 charitable organizations, and its employees invested roughly 8,500 hours of volunteer service.
The company also does a great deal of advertising and sponsorship – including its Sports Illustrated Rising Stars campaign, The Symetra Tour – Road to the LPGA, the Symetra Heroes in the Classroom, and the “I Just Want to Fly,” highlighting the insurer’s commitment to helping people and businesses with reaching higher and flying further to attain their financial goals.
Symetra Life Insurance Company Ratings and Grades
A (Excellent) from A.M. Best. This is the 3rd highest rating out of a possible 16.
A (Strong) from Standard & Poor’s. This is the 6th highest rating out of a possible 21.
A2 (Good) from Moody’s Investor Services. This is the 6th highest rating out of a possible 21 and puts them in good company with Globe Life Insurance.
A (Strong) from Fitch. This is the 6th highest rating out of a possible 19.
Types of Life Insurance Available
Symetra Life Insurance Company brings a variety of life insurance products to the table.
This can be helpful for clients when fitting coverage to meet their specific protection needs.
The company offers term and permanent life insurance plans.
Term Life
Term life insurance provides pure death benefit coverage only. Because term does not include cash value, these policies are typically more financially feasible than comparable permanent coverage – all other factors being equal.
Term life insurance policies are purchased for a set period of time, such as ten years, 15 years, 20 years, or even for 30 years. The term plans offered through Symetra Life Insurance Company offer level premiums throughout the initial period. This can make these plans easy to budget for because the premium won’t budge during the initial policy’s term.
With these term policies, the policyholder may also have the option to convert the coverage over to a permanent life insurance policy without the need to prove insurability – or even having to answer any medical questions. Doing so can extend life insurance protection for the remainder of the insured’s lifetime – provided that premiums continue to be paid.
If the insured is diagnosed with a terminal disease, he or she may also be eligible to receive no more than 75% of the death benefit from their policy while still living – up to $500,000. This can allow the insured to pay for medical expenses or other outstanding bills and puts them ahead of Primerica life insurance for an all-encompassing term policy.
Symetra Life Insurance Company’s term life insurance policies also offer some additional riders that may be added to better meet an insured’s protection needs.
These riders are:
Insured Children’s Benefit
Additional Term Rider
Waiver of Premium
Accidental Death Benefit
Permanent Life
The permanent life insurance policies offered through Symetra Life Insurance Company provide an insured with a guaranteed death benefit, in addition to a cash value element. In other words, loved ones will be protected, while at the same time allowing tax-deferred build-up of savings within the policy.
There are a number of different permanent policies offered by Symetra:
Symetra UL-G Universal Life Insurance – The UL-G policy is a universal life plan. In other words, the policyholder has some flexibility when it comes to how much of the premium payment will go toward the death benefit, and how much will go toward the cash value component. Individuals who are between the age of 16 and 85 can apply for this plan, and it has a minimum death benefit of $50,000. There are also a number of optional riders available that may be added to fit the insured’s protection needs. Also, the amount of the premium may be reduced if the insured is between the age of 20 and 70, and he or she qualifies for Symetra’s GoodLife Rewards program.
Symetra SUL-G Survivorship Universal Life Insurance – The SUL-G is also a universal insurance policy that offers a guaranteed death benefit, in addition to ensuring that legacy planning goals are being met. This policy can also be a good option for estate planning and wealth transfer, as well as for business protection needs. It includes a lapse protection benefit so the policyholder can ensure the policy will be in force for as long as he or she would like.
Symetra CAUL Universal Life Insurance – This type of policy offers lifetime protection that can be tailored to an insured’s objectives, no matter if it is lifetime insurance protection or primarily cash value accumulation. This policy offers flexible premium payments and death benefit options, including the ability to use cash value as a future financial cushion for things like retirement income and/or paying off debts.
Symetra Universal Life Insurance (2008) – With Symetra Life Insurance (2008), an insured will get lifetime insurance coverage at a fixed cost. As a result, loved ones are now financially secure. This policy also offers several additional riders that can help with further customizing the insurance policy. It also offers an initial interest rate guarantee for 12 months from the date that the premium is received. In addition, this rate is guaranteed to be no less than 3%.
Symetra Successor Single Premium Life Insurance – With this form of coverage, the policyholder can designate a certain amount of money to his or her beneficiary exempt from federal income taxation. Plus, the financial worth of the insured’s estate will essentially go up the minute they purchase the insurance policy. With this plan, there is no need to worry about the policy expiring in the future. This is because it has a guaranteed death benefit that won’t terminate before the first policy anniversary following the insured’s 120th birthday. This policy also allows free annual withdrawals of no more than 10% of the accumulation value each policy year without a surrender charge.
Other Products Sold
In addition to just life insurance coverage, Symetra offers other products, too.
These include:
Annuities
Symetra offers a number of different annuity products. These can help individuals with saving for retirement, as well as ensuring they have an ongoing income that will last them throughout their retirement years.
Annuities offered by Symetra include the following:
Fixed Deferred Annuities
Fixed Indexed Annuities
Variable Deferred Annuities
Income Annuities
Employee Benefits
Symetra also offers employee benefits. The company’s knowledge of the marketplace, as well as its flexible policy designs, can help companies develop an employee benefit plan that best fits their business.
Stop Loss Insurance
Symetra is a pioneer in the stop-loss insurance arena. The company introduced the product to the market back in 1976, and it has worked to build one of the very best and largest medical stop-loss entities in the United States.
Do you want to make money driving for Instacart? This Instacart Shopper Review will show you how it works and how much money you can make delivering groceries.
Instacart is a popular website for people looking to earn extra money as shoppers and grocery deliverers. Acting as a middleman between customers and stores, Instacart allows you to turn your free time into a chance to make some extra money.
As an Instacart shopper, you can enjoy the flexibility of choosing when and where you want to work, making it an attractive option for those with busy schedules or seeking gig work opportunities.
Before deciding if you want to become an Instacart shopper, there are some things to think about. And, you may have some questions too.
In this Instacart Shopper Review, we’ll dive into an in-depth review of what it’s like to be an Instacart shopper, from shopper requirements and the sign-up process to tips for increasing your earnings and efficiency.
This information will help you make an informed decision about whether becoming an Instacart shopper is the right side hustle for you.
You can click here to sign up to be an Instacart Shopper.
Key takeaways:
It is easy to get started as an Instacart shopper.
The flexibility of being an Instacart shopper provides an opportunity to make extra money. You can choose your hours and there is no minimum you have to work.
Maximizing earnings and efficiency is essential for success as an Instacart shopper so that you can make the most money per hour.
There is no compensation for car maintenance or gas expenses. You are driving your own vehicle.
Instacart Shopper Review
What is Instacart?
Instacart is a grocery delivery service that allows you to view, select, and purchase products from a variety of stores online or through their Apple and Android apps. As a user, you can place an order for groceries, and an Instacart Shopper will fulfill your order and deliver it to your doorstep.
I have used Instacart many, many times in the last couple of years. The service has made my life so much easier, because sometimes I simply don’t have time to run to the grocery store or I may simply not have a car (such as when traveling).
Instacart is available in the United States and Canada.
Related content:
What is an Instacart shopper?
As an Instacart shopper, your main responsibilities include shopping for and delivering groceries to customers from stores like CVS, Publix, and Kroger. The amount of money you can earn depends on factors like order size, tips, and the distance traveled for deliveries.
To become a Instacart Full-Service Shopper, you’ll have to meet basic requirements such as:
Be 18 or older
Have a valid driver’s license and reliable vehicle
Own a smartphone with the Instacart Shopper app installed
Be able to lift heavy items (up to 40 lbs.)
You can click here to sign up to be an Instacart Shopper.
How does Instacart make money with grocery delivery?
Instacart makes money in a few different ways. They charge customers a delivery fee and a service fee for each order placed.
Usually, the prices of items on Instacart are higher than in-store prices. So, customers are paying a higher price when shopping on Instacart than if they just went to the store themselves.
Additionally, Instcart has partnerships with retailers that offer their services on the platform. So, they charge these companies a fee as well.
How much do Instacart shoppers make?
The amount of money that you can make as an Instacart shopper can widely vary depending on several factors such as location, order volume, tips, and your efficiency of shopping and driving.
Shoppers typically make around $11 to $20 per hour. Keep in mind that as an independent contractor, you may have additional expenses such as gas and vehicle maintenance to account for when calculating your earnings.
Where do Instacart shoppers shop?
There are many different stores that you may shop at as an Instacart shopper. These stores may include major grocery retailers, as well as specialty shops, depending on your area.
Stores where you might shop at through Instacart include Walmart, Walgreens, Aldi, Kroger, Publix, Petco, and more.
Instacart Shopper Requirements and Sign Up
Background Check
To become an Instacart shopper, you first need to pass a background check. The background check for Instacart means that you will need to give them some personal information and consenting to a check before being allowed to be a shopper.
This is so that they can protect Instacart customers, as you will be personally going to people’s homes.
Car and Insurance Requirements
To deliver groceries for Instacart, you will need to have a reliable car and meet any insurance requirements. This is because you will be delivering groceries, of course.
This also means that you will want to maintain your vehicle and make sure that it is in good working condition. After all, you do need to drive and deliver groceries, so you do not want your car breaking down on you.
Also, don’t forget to factor in the expenses that go along with driving, such as gas and regular maintenance, as part of what you are actually earning from Instacart. These expenses can add up quickly.
Cell phone and the Instacart App
To shop for Instacart, you will need a phone so that you can accept orders and see what you are supposed to be shopping for.
You will need a smartphone with either Android or iOS to access the Shopper app (iPhone 5 or Android 4.4 or newer).
You’ll also want to make sure that your phone meets the minimum requirements and has reliable cell service, as the Instacart app is what you need so that you can receive orders, choose your work hours, and more.
Instacart does not provide you a phone, you would be using your own phone.
How To Sign Up As An Instacart Shopper
To become an Instacart Driver/Shopper, you will need to:
Sign up for Instacart here: Go to the Instacart website or download the Shopper app to begin the registration process. You will have to answer some easy questions and confirm your cell phone number.
Submit application: Complete the form with relevant information and submit it for review. A local Instacart team will review your application, and if approved, you’ll receive an email with more instructions.
Onboarding process: Depending on your chosen role, you may be required to attend an in-person onboarding session where you’ll learn about Instacart’s policies and procedures. These are typically around 90 minutes long.
Once you’ve completed these steps, you’ll be ready to start accepting orders and making money as an Instacart shopper.
Earnings and Payments
Pay Structure and Hourly Rate
As an Instacart shopper, your pay varies depending on the type of order and the size of the grocery batch. The company guarantees at least $7 to $10 for each full-service batch, where you pick, load, and deliver the order of groceries. On average, Instacart shoppers can earn between $11 and $20 per hour.
However, the actual hourly rate may fluctuate based on factors such as location and demand.
You can earn more by shopping when it is busiest. This is usually on the weekends and on holidays.
Tipping and Bonuses
In addition to the base pay, you can also earn tips from customers. Instacart allows customers to tip their shoppers, so providing excellent service can result in more generous gratuities.
There are also opportunities to earn additional bonuses through referral programs, promotional periods, and peak hours.
Keep in mind that while tips and bonuses can boost your overall earnings, they may not always be consistent or guaranteed.
Direct Deposit and Debit Card
Instacart shoppers receive payment via direct deposit or the optional Instant Cashout feature, which transfers earnings to a debit card for a $0.50 fee.
You receive payments weekly between Wednesday and Friday for services you provided the week before (from Monday to Sunday).
Shopping and Delivery Process
Grocery Shopping
Once you receive an order through Instacart, you will go to the designated store and find the items on the customer’s shopping list.
This means that you will be personally picking out the fruits and vegetables (please make sure to pick out good ones that are fresh), checking expiration dates on items, and more.
You will be personally going through the store and putting things into a shopping cart or basket.
Also, while shopping for a customer, you may also have to make replacements in case a requested product is not available (this does happen!). If there are any changes, then you will want to contact the customer through the app and confirm any substitutions with them.
Picking Up and Delivering Orders
After completing the in-store shopping, you will need to deliver the groceries to the customer’s doorstep.
Sometimes, the customer does have specific delivery instructions, such as placing the items at the doorstep or handing them over personally.
Pros and Cons of Being an Instacart Shopper
Advantages of being an Instacart shopper
As an Instacart shopper, there are several positives of this side hustle. This may include:
Flexible hours: You can choose when you want to work and decide on your own schedule.
No minimum hours required: You can work as little hours as you want. It’s all up to you.
Quick payment: Instacart pays its shoppers weekly or they also have an instant cash out feature.
Disadvantages of being an Instacart shopper
While there are benefits to being an Instacart shopper, it’s important to consider the negatives such as:
Driver expenses: As an Instacart shopper, you will have expenses such as gas, vehicle maintenance, and insurance. So, if you are making $20 an hour, you will want to make sure that you are still making money after all of the car expenses that you will have.
May need additional insurance: Depending on your car insurance, you may need additional coverage to work as an Instacart shopper.
Orders aren’t guaranteed: Just because you’re signed in and available to work doesn’t guarantee that you’ll receive orders.
Hidden costs: Using your personal vehicle can lead to additional costs, including depreciation and potential repairs. Keep this in mind when calculating your overall earnings from Instacart.
As you can see, there are many pros and cons of becoming an Instacart shopper. Some of these may not mean much to you, whereas others may make or break this side hustle gig for you.
You will want to determine if it is something you want to do as everyone’s situation is different.
Instacart Shopper Alternatives
If you are interested in becoming an Instacart shopper, then there are a few other side hustles that you may be interested in as well.
Some alternatives to Instacart include:
Shipt: This company also allows you to work as a personal shopper and offers flexible hours. Stores on Shipt include Costo, CVS, Harris Teeter, Sephora, Target, Winn Dixie, and more.
UberEats: If you are looking for something where you would not be personally shopping for groceries, then you may be interested in UberEats. With UberEats, you can deliver restaurant meals, groceries, and drinks.
Postmates: Another food delivery service, Postmates gives you the flexibility to deliver not only restaurant meals but also groceries and retail items.
DoorDash: This website focuses on restaurant meal deliveries. So, you would not be shopping for any groceries, just picking up and delivering meals.
As you can see, there are many alternatives to Instacart.
Tips for Increasing Your Earnings and Efficiency
Instacart Shopping Strategies
When working as an Instacart shopper, it’s important to choose batches/orders carefully. This will help to increase the amount you are earning and to make sure that you are picking the most profitable orders.
One factor worth considering is the distance to deliver the order- picking closer orders will save you time and fuel expenses. Another factor is the number of items in the batch. Larger orders may take more time but can result in higher earnings. Also, it’s important to be in an area with high demand to find more batches and have less competition.
Additionally, you should:
Familiarize yourself with the store layout to reduce shopping time.
Group items by category or aisles to complete batches more efficiently.
Time Management
As an Instacart shopper, you have the flexibility to create your own schedule. That means you can choose the most convenient time for you to work.
However, you’ll make more money if you work during peak hours. Typically, the busiest times tend to be weekends and early evenings when people finish work.
Consider the following tips to improve your time management:
Organize your day by taking into account peak hours and the time required to complete each batch.
Choose deliveries that are close together.
Save time by shopping at stores that you frequently visit, so that you know where items are located.
By applying these shopping strategies and time management practices, you can take advantage of the flexibility Instacart offers while maximizing your earnings and efficiency.
Frequently Asked Questions
Does the Instacart shopper pay for the food upfront?
As an Instacart shopper, you will be given an Instacart payment card to pay for the groceries. You do not pay for anything out of your own pocket. The amount on the Instacart card is usually similar to the amount on the order that you are shopping for.
How much can I earn as an Instacart shopper?
Pay is based on a combination of factors such as the number of items, weight, and distance. Instacart guarantees a minimum of $5 for delivery-only batches and $7 for shop and deliver batches.
Average pay is typically between $11-$20 per hour.
How do Instacart Shoppers earn money?
Instacart shoppers earn money through a combination of base pay, tips from customers, and potential bonuses or incentives.
The earnings depend on factors like order size, distance, and the number of batches completed.
As you can see, there are many different things that go into your page for this side gig.
Are there any vehicle requirements to become an Instacart Shopper?
Instacart allows shoppers to use a car or a bicycle for deliveries. Car shoppers must have a valid driver’s license, insurance, and a reliable vehicle.
Bicycles must meet certain requirements for carrying groceries.
What are the pros and cons of working for Instacart?
Pros:
Easy to get started as an Instacart shopper
Flexible schedule and you can choose your own shifts
Opportunity to earn tips
Exercise while working (walking and lifting groceries)
Cons:
Variable income
Wear and tear on your vehicle
Responsibility for gas and other driving expenses
What are common Instacart shoppers complaints? What is the downside of Instacart?
Some common complaints from Instacart shoppers include:
Inconsistent earnings
Difficulty in getting desired working hours or batches
No compensation for vehicle maintenance or gas expenses
What benefits are offered from Instacart?
Instacart shoppers, being independent contractors, do not receive traditional employee benefits like health insurance, paid vacations, or retirement plans.
However, they can benefit from flexible schedules, potential for tips, and control over how much they want to work each day and each week.
Does Instacart pay for gas?
No, Instacart does not cover gas expenses or any other vehicle-related costs for shoppers. These expenses are the responsibility of the Instacart shopper.
Can I choose my working hours as an Instacart Shopper?
Yes, one of the advantages of being an Instacart Shopper is the flexibility to choose your own working hours. You can log in to the app and accept or decline orders based on your availability.
How to make $500 a week with Instacart?
To make $500 a week with Instacart, you may need to strategize by working during peak hours, increasing your speed and efficiency, and delivering to higher-income areas for better tips.
It will require dedication, effective time management, and continued efforts to maintain good customer ratings.
What’s an in-store shopper?
Occasionally, Instacart hires for in-store shoppers. This is a position where you would be shopping for groceries, but not delivering them. The downside of this is that you will not get tips.
Is it better to do Instacart or DoorDash?
Instacart and DoorDash are a little different.
With Instacart, you are shopping for and delivering groceries.
With DoorDash, you are primarily delivering meals from restaurants.
So, the amount of time you spend on each order will be a little different, as is the skillset, and earnings.
Is it better to do Instacart or UberEats?
Similar with DoorDash, choosing between Instacart and UberEats will depend on what you want to do.
While Instacart focuses on groceries, UberEats specializes in restaurant food delivery. Consider pay rates, potential tips, the type of work, and your local market demand when making a decision.
Can I work for other delivery platforms while being an Instacart Shopper?
Yes, you can work for Instacart and other delivery platforms all at the same time. But, you will want to make sure to stay organized.
Is it worth it being a shopper for Instacart?
This is a personal question, as everyone is different. Some people love being an Instacart shopper, whereas for others, it’s not a good fit for them.
The ability to have flexible hours and earning potential can be attractive, but you still need to think about the car costs you will have as you will have to drive in your own vehicle.
Analyze your needs and research other Instacart shopper reviews to determine if it’s a good fit for you.
Instacart Shopper Review Summary
As an Instacart shopper, you can make extra money by delivering groceries.
With flexible work hours and typical average pay around $11 to $20 an hour, Instacart can be a good source of income for you.
Actual earnings can vary due to things such as tips, the number of orders, and the distance traveled for deliveries.
A positive of working as an Instacart shopper is the ability to make your own schedule. You can choose how many hours you want to work each day and each week, and there is no minimum amount of hours that you must work.
But, there are negatives to Instacart as well. As an Instacart shopper, there may be extra costs that you may not have thought of, such as gas and vehicle maintenance costs, and you might need to purchase extra insurance to cover your activities on the platform. These extra car costs can add up quickly if you are not careful.
Navigating the gig economy can be tricky, but Instacart may be a good way to make extra money for your situation.
You can click here to sign up to be an Instacart Shopper.
Are you interested in becoming an Instacart Shopper? What other questions would you like me to answer in this Instacart Shopper Review?