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Matt McKellar, CFP^® and ICON Consulting were recently featured in a personal financial planning article on the front page of the Seattle Times' Sunday Business section on personal finance titled:

"Financial makeover: Young teachers get a lesson in money management
A financial plan gives hope to a young couple struggling with debt."

The Times was doing a "Financial Makeover" series and was looking to feature a financial planner with the CERTIFIED FINANCIAL PLANNER^TM designation.  They profiled one of ICON's Founders (Matt McKellar, ChFC, CFP^®) during the initial stages of a financial planning and wealth management relationship with a local resident. For the full article, please visit here.
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Matt McKellar, CFP^® and David Moretsky, CFP^® have once again been named to Seattle Magazine's list of "Five Star Wealth Managers: Best in Client Satisfaction" for the 2011. Seattle Magazine formed a partnership with Crescendo Business Services, an independent research firm, to identify the “best in client satisfaction” wealth managers serving the Seattle area. The resulting list of 2011 FIVE STAR Wealth Managers is an elite group, representing less than 4 percent of the wealth managers in the Seattle area.  Thanks to our clients for nominating us, once again!  For the full details of ICON's listing description, please visit here.

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Matt McKellar, CFP^® and ICON Consulting were recently featured in a personal financial planning article on the front page of the Seattle Times' Sunday Business section on personal finance titled:

"Financial makeover: Laid-off accountant counting on new plan.
A financial planner helps a 65-year-old woman who wasn't ready to retire answer tough questions about her future."

The Times was doing a "Financial Makeover" series and was looking to feature a financial planner with the CERTIFIED FINANCIAL PLANNER^TM designation.  They profiled one of ICON's Founders (Matt McKellar, ChFC, CFP^®) during the initial stages of a financial planning and wealth management relationship with a local resident. For the full article, please visit here.  To visit the article on the Seattle Times Site, visit here.
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Matt McKellar, CFP^® and David Moretsky, CFP^® have once again been named to Seattle Magazine's list of "Five Star Wealth Managers: Best in Client Satisfaction" for the April 2010 edition. Seattle magazine formed a partnership with Crescendo Business Services, an independent research firm, to identify the “best in client satisfaction” wealth managers serving the Seattle area. The resulting list of 2010 FIVE STAR Wealth Managers is an elite group, representing less than 4 percent of the wealth managers in the Seattle area.  Thanks to our clients for nominating us, once again!  For the full details of ICON's listing description, please visit here.
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David Moretsky, CFP^® and ICON Consulting were recently featured in a personal financial planning article on the front page of the Seattle Times' Sunday Business section on personal finance titled

"Financial makeover: Family faces tough time with hope and a plan - A Bellevue family is struck by serious illnesses, old debts and the possible end to their only job." 

The Times was doing a "Financial Makeover" series and was looking to feature a financial planner with the CERTIFIED FINANCIAL PLANNER^TM designation.  They profiled one of ICON's Founders (David Moretsky, ChFC, CFP^®) during the initial stages of a financial planning and wealth management relationship with a local couple. For the full article, please visit here.  To visit the article on the Seattle Times Site, visit here.

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Matt McKellar, CFP^® has once again been named to Seattle Magazine's 2009 list of "Five Star Wealth Managers: Best in Client Satisfaction" for the April edition. Seattle magazine formed a partnership with Crescendo Business Services, an independent research firm, to identify the “best in client satisfaction” wealth managers serving the Seattle area. In September, Crescendo surveyed, by mail and phone 40,000 high-net-worth residents in the Seattle area and subscribers of Seattle magazine. An additional 6,900 surveys were sent to leaders of financial service industry companies. On the surveys, recipients were asked to select only wealth managers whom they knew through personal experience, and to evaluate them based upon nine criteria: customer service, integrity, knowledge/expertise, communication, value for fee charged, meeting of financial objectives, post-sale-service, quality of recommendations and overall satisfaction.  Both positive and negative evaluations were included in the scoring, and only wealth managers with five years of experience in the financial services industry were considered. Next, each wealth manager was reviewed for regulatory actions, civil judicial actions and customer complaints as reported by FINRA (the Financial Industry Regulatory Authority) and other regulatory agencies.  Then, before finalizing the list, wealth managers were reviewed by a blue-ribbon panel comprised of knowledgeable individuals from within the financial services industry.  The resulting list of 2009 FIVE STAR Wealth Managers is an elite group, representing less than 4 percent of the wealth managers in the Seattle area.  Thanks to our clients for nominating us, once again!
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  ICON's Co-Founder, Matt McKellar, CFP^® and ICON Consulting were recently featured in the November issue of Seattle Business Monthly, as receipients of the Five Star Wealth Manager award.  For additional information, please visit their publication online at:  www.seattlebusinessmonthly.com.
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In case you missed the article in Fortune Small Business, Bellevue was ranked as the #1 place in the United States to live and launch a business.  We chose to start ICON in Bellevue for a variety of reasons, many of which are listed in the article.  It has been an excellent community for ICON and our clients, and we plan on remaining here for years to come.  Here is an excerpt from the piece:


Are job worries tempting you to start your own company? We canvassed the country to find towns with the best mix of business advantages and lifestyle appeal.  The No. 1 champion: Bellevue, WA.  Like many of the places on our list, Bellevue is a city in transition: no longer a bedroom community, but not yet a crowded, expensive metropolitan hub. Bellevue has grown with unusual grace in recent years. Huge corporations exist symbiotically with startups, a booming downtown abuts healthy residential neighborhoods, and the rising skyline is tempered by an abundance of parks, as well as lakeside and mountain views. Flash retailers such as Neiman Marcus draw regional shoppers, but Bellevue's excellent healthcare and schools are key attractions for relocating families. While local businesses must pay the statewide Business and Occupations tax on their gross receipts, there's no corporate income tax. Businesses with less than $135,000 in taxable revenues (the highest threshold in the area) don't have to pay the B&O tax. Easy airport access and a highly skilled workforce make Bellevue an attractive option for startups looking to break big.

For the full article, please visit here
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ICON's Co-Founder, Matt McKellar, CFP^®  has been chosen to receive the "2008 Five Star Wealth Manager: Best in Client Satisfaction” award that will be featured in Seattle Magazine.  The award is given to Seattle area financial planners who have been evaluated on nine different levels of service.  He will be listed in the Bellevue "Financial Planner" or "Financial Planning" section of the piece, and it will run in Seattle Magazine's April 2008 issue highlighting the area's "Best Wealth Managers".  For more information, view the publication at www.SeattleMagazine.com.
 

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 Matt McKellar, CFP^® and ICON Consulting were recently featured in a personal financial planning article on the front page of the Seattle Times' Sunday Business section on personal finance titled "Can you have your cake and retire too?"  The Times was doing a "Financial Makeover" series and was looking to feature a financial planner with the CERTIFIED FINANCIAL PLANNER^TM designation.  They profiled one of ICON's Founders (Matt McKellar, CFP^®) during the initial stages of a financial planning and wealth management relationship with a local couple.  Here are a few excerpts from the interview series:



"Saving is important to this young couple, but they also dream of traveling to South America next year.  Smart planning can help them enjoy life now while providing for the future.  ‘Lauren likes to travel, and I like to do things that make her happy’ . . . Would it be wiser to invest that amount in a retirement plan, put the money toward home renovation projects, or save it in case they decide to have children?"

"Certified financial planner Matt McKellar analyzed what he called (their) financial DNA.  McKellar, who is President and Co-Founder of ICON Consulting in Bellevue, said Joe and Lauren are underfunding their retirement savings . . . 'Planning is a process of trying to bring the future into the present so we can do something about it,' McKellar said.  'They are doing great with short and midrange financial goals.  Now they need to focus on long-term investments."

"The biggest asset they have right now is their ability to earn a paycheck,' McKellar said.  'If that goes away for an extended period of time, all their hard work saving money is undone and they might never recover."

"Both were surprised McKellar was supportive of their Argentina plans . . . 'He kept telling us life doesn't start at 55 or 60 and we've worked hard for our money so we should take a vacation and have fun,' Joe added.  'That was unexpected.  I'm kind of getting excited about going."

For the full article in PDF reprint format, please click here.  For an archived link to the Seattle Times website, you will want to click here.
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Matt McKellar, CFP^® and ICON Consulting were also featured in a related article in the Seattle Times about personal financial planning titled "Love, marriage and baking: 1 account or 2?"  Here are a few excerpts from the piece:

"I shouldn't have to ask for permission to get my hair done,' she said.  (They) are like a growing number of couples who keep their finances separate . . . Are separate savings and checking accounts a good idea?  Matt McKellar, President of ICON Consulting in Bellevue and a member of the Financial Planning Association, recommends a joint account."  

"From what I've seen through working with hundreds of families, it's more efficient to run all income and expenses from one account,' McKellar said.  'The most common problem with separate accounts is that one partner doesn't know what the other is spending or saving.'  Another advantage is many banks and brokerages offer better interest rates for higher balances, which are easier to maintain through a joint account."

For the full article, please click here.  Also, featured on Bride.net.  For an archived link to the Seattle Times website, you will want to click here.
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WiserAdvisor announces that Matt McKellar, CFP^®of ICON Consulting has been awarded admittance as a member of its directory of financial advisors.  Financial advisors are granted admission into WiserAdvisor based on their credentials and qualifications. All members offer their services to investors with a fee rather than solely with commissions, allowing them to assist investors with a variety of different investment options. All members are also properly registered with the SEC, FINRA or other regulatory organizations. Because of the strict standards that a financial professional must meet in order to become a member, WiserAdvisor only admits a select few high-quality financial advisors and financial planners. More than 600,000 professionals can provide insurance and financial advice. Less than 1% have been granted membership into WiserAdvisor. 

 
For additional information, please visit here for a demo of ICON's offerings.  For inquiries, questions, or to schedule a complimentary review, please click here.

Tell a friend, click here
 

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Matt McKellar, CFP^® and ICON Consulting were recently featured in Newsweek's 2011 installment of "The Interview Issue".  Matt was profiled as "Seattle's Wealth Manager - An Interview With Award Winner Matt McKellar, President & Co-Founder of ICON Consulting in Bellevue, Washington."

For a reprint of the article, please click here
For an excerpt from the article, please click here

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Money Makeover

Financial makeover: Laid-off accountant counting on new plan
A financial planner helps a 65-year-old woman who wasn't ready to retire answer tough questions about her future.

By Michelle Archer

Behind every unemployment statistic is a story, and M. Sloan's is all too common.

After putting in 20 years with a Seattle-area manufacturing company and working her way up to a senior accountant position with a salary of $60,000, Sloan was let go last September as part of a reduction in force.

The company gave her 16 weeks of severance pay. She put that money in the bank and began using her weekly $566 unemployment check for living expenses, all the while searching for a new job.

"There is nothing out there for a 65-year-old accountant right now," said Sloan, who has years of experience, but no college degree. "There's so much competition with people with degrees that I'm getting no responses."

Sloan is planning to take a tax-preparation course to make herself more marketable.

Financially responsible

Fortunately, Sloan had always lived within her means. The $130,000 mortgage balance for the home she's lived in for 16 years, which Sloan estimates is worth about $350,000, represents her only debt.

She tries not to use credit cards, but if she does, she says she always pays the balance in full each month. If she was cost-conscious before, Sloan, who is single, says she's drastically cut her budget since she was laid off.

Another positive is the relief of not working 10- and 12-hour days, which has given her more time to plan — and eat — better meals to control her diabetes, to take long walks and to learn bridge at the local community center.

"I did not know I was so burnt out," Sloan said, adding that her children — a son nearby and a daughter in Bellingham — have since told her they'd been worried about the effects of her workload.

Still, her finances have been weighing heavily on her. When the stock market plunged, Sloan shifted her 401(k) away from equities, essentially locking in a balance of around $100,000.

With about $20,000 in liquid assets and her unemployment benefits scheduled to run out in early September, Sloan is grappling with major decisions.

Sloan said she could begin taking her full Social Security benefit in June, calculating she would receive about $1,800 a month.

Or she recently discovered that her lower income made her eligible for an ex-spouse Social Security benefit of $795 a month. Which, if any, should she take?

Despite a stellar credit score, she was rejected for the federal Home Affordable Modification Program (HAMP), which she said would have lowered her $1,134 monthly mortgage payment to about $800.

"Eventually, I will need to use my savings to make the (mortgage) payments," Sloan said.

Uncertain whether she can afford to stay in her home long term, Sloan considered putting it on the market this spring. But then what? A manufactured home or 55+ condo in the Bellingham area near her daughter would cost about the same as the equity she has in her current home, she figured.

And if she did buy something, should she pay for it upfront or try to finance part of it? Or should she rent in the Seattle area and stay closer to her son and her three siblings?

With so many questions and no easy answers, Sloan volunteered for a financial makeover with Matt McKellar, the president and co-founder of Icon Consulting in Bellevue and a member of the Financial Planning Association — Puget Sound Chapter.

McKellar, whose firm specializes in retirement-income distribution strategies and analysis, said that based on Sloan's initial financial details, he found himself starting to worry for her.

"She did everything she could possibly do to raise her kids and be financially stable," McKellar said of Sloan. "She saved for her own retirement. She bought a home and built equity and made the right types of decisions. She was fiscally responsible."

But McKellar said Sloan couldn't control the fact that both the economy and her company had a downshift.

Good habits not enough

"The reality of the situation is that her good financial habits just couldn't create enough extra resources to allow her to live comfortably without an income at this stage of her life," McKellar said.

In order to determine what financial choices Sloan should make and when, McKellar created a base financial plan for her, assuming she would live to 90, would continue to be unemployed and would take her full Social Security benefit beginning in June, when she turns 66. To be conservative, he used a current home value of $290,000 and assumed she would not have a part- or full-time job.

Then he ran almost a dozen scenarios, changing variables such as the timing of getting Social Security benefits, when to use her retirement account and keeping or selling her home.

"It is important to note here that most people are unaware of the impact of timing their Social Security decisions," McKellar said. "It can mean ... hundreds of thousands of dollars of additional plan resources for them," McKellar said.

"It comes down to the plan specifics, but I have seen situations where each of the three decisions (early, normal and late) created the optimal plan."

In Sloan's case, to McKellar's pleasant surprise, delaying her full Social Security benefit until she's 70 — and receiving the lower ex-spouse benefit until then — means an increase in her net present value of about $100,000, according to McKellar's calculations, and makes staying in her home more doable. This is because her benefit at that time will be about $2,400 a month vs. $1,800 should she take the full benefit in June.

If she does defer her full benefit, Sloan will need to live off more of her current resources to bridge the gap for the next four years, McKellar wrote in her plan. But this will be a net positive to Sloan because the rate of return she could have earned on those resources pales in comparison to the returns internally generated by the Social Security system.

A better position

"It will take her a few years to reach the break-even point on this decision (approximately 10), but for every month she lives past age 76, she will be in a better position financially," McKellar wrote.

This would also give her more wiggle room to stay in her home longer. Besides being able to enjoy her garden and the effort she's put into the house over the years, keeping it has a number of positives.

For one, her mortgage will remain the same — or lower, if she becomes eligible for government mortgage-relief programs — whereas her rent costs could increase over time.

There are tax benefits of owning a home, and next year, she will likely meet the income requirements for property-tax relief from King County.

Also, she won't be faced with the costs of selling her home, such as documentation fees and real-estate commissions.

Finally, keeping her home means she also hangs on to the equity she's built up, which she could potentially tap into via a home-equity line of credit or a reverse mortgage.

McKellar also suggested programs Sloan may qualify for with her lower income, including a discount on utilities and a Medicare and Social Security program in which individuals can be eligible for up to 75 percent reimbursement of their out-of-pocket medical and prescription costs that are not covered by Medicare.

For her part, Sloan says McKellar drove home the point with her that what she does now is the most important part of her retirement program.

"If I make a mistake now, with my limited assets, that can make or break me," Sloan said.

McKellar will be spending more time with Sloan, working on what he calls staging her retirement assets in seven-year increments.

As a rule of thumb, he said assets needed in the first seven years of retirement can't have any risk and should just keep pace with inflation.

Second-stage assets for years eight through 14, McKellar says, should be made up of investments that outpace inflation by a bit, like fixed-rate contracts and a laddered bond portfolio.

The third stage can be a little more aggressive and include stocks, futures and commodities.

Sloan said she has received great advice from McKellar, and something else she didn't expect — hope.

"I was amazed, absolutely amazed, that it actually can work, because I felt really, really frightened," Sloan said.

"And by seeing how it can be worked, as long as I stick to a budget and do what we've described, there is a lot of hope. There's hope that I can leave something for my kids and I didn't think would happen."

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NEWSWEEK:

Seattle’s Wealth Manager - An interview with Award Winner Matt McKellar, CFP®

President & Co-Founder of ICON Consulting in Bellevue, Washington
  
How did you get your start in this industry?
My first exposure to this industry came at a very young age through my family. My father was involved in putting together some fairly advanced business planning strategies through his practice. At that time in my life, my dad could do anything and everything, so I can still remember being surprised when I learned that he needed a team of people to help educate and advise him with his financial planning and wealth management.

Why didn’t you take over your father’s practice?
I can’t tell you how many times I heard that while I was growing up, but dentistry was never a profession that interested me. Sorry dad. Fortunately for me, as my father became more involved in financial planning through his business, I was able to get a first hand view of the benefits and impact of good financial advice and direction. He fueled my interests in the financial planning industry by helping me understand what was being put in place and how those strategies were helping our family from a tax planning and wealth accumulation standpoint.

What was the turning point that set you on the path to the work you are doing today?
In addition to my family’s influence, I remember reading a section in the newspaper around the age of twelve that was written by a Certified Financial Planner. I don’t recall the content of the article, but I do remember asking my dad what exactly a Certified Financial Planner was. He explained to me that it was someone who made their living by helping people make good decisions with their money. It was the first time I remember thinking about finance as a
potential career path.

What was your first job in the financial industry?
Actually, I grew up in a small town, and a friend of our family ran a bank that had an internal investment management division. I worked there as an intern while I was in high school. I then completed my degree in Business Administration and Finance at the University of Washington’s Foster School of Business. During my college years, I had the opportunity to work for several Seattle area firms which gave me a well rounded perspective and prepared me for my entry into the industry.

How did you transition to working with your own clients and building your practice
Fortunately, I was able to partner with a Bellevue based financial planning and wealth management firm that invested heavily in the education and professional development of recent college graduates. Their education and mentorship program gave me the opportunity to earn my CERTIFIED FINANCIAL PLANNER™ (CFP®) and Chartered Financial Consultant (ChFC) designations while at the same time allowing me to put my formal education to practical use with my clients. It was a great fit for me because it accelerated the rate at which I was able to expand my practice and my knowledge. I acquired the majority of my eleven professional designations and licenses during my tenure there, and it was a great starting point for my career.

What can you tell our Newsweek readers about your firm, ICON Consulting?
Being around business my whole life, it was a dream of mine to someday open the doors to my own firm. As my practice and team grew and as the industry started going through some dramatic changes, I knew it was time to launch a firm that would give our clients access to the entire new world of independent financial partners, strategies, and platforms. We built a fee based financial planning and wealth management firm with a flexible structure that allows us to offer custom